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Advantages Of Personal Loans From Licensed Money Lenders
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Getting a personal loan in Singapore can either be through a bank, a licensed money lender or relative or friend. If your friend or relative cannot give you a personal loan, would it be advisable to get a personal loan from a licensed money lender or a bank? Are you in need of a personal loan with a fast approval? Sometimes we find ourselves in a situation that the only solution is to get a loan. Which financial institution would best give you the loan you need? Let’s take a look at the advantages of getting a loan from a licensed money lender in Singapore.
A personal loan is an unsecured loan which can be the answer to your money problems. In Singapore, there are money lenders who can approve and release loan amounts up to 4x your salary. Upon approval they can release the amount within the hour of approval.
Easy approval. Banks are stricter in terms of loan approvals but licensed money lenders tend to be more lenient in terms of loan approval. Why? Because they have to compete with other licensed money lenders and banks. After all, money lending is a business. In Singapore, there are quite a good number of licensed money lenders which make the competition good for the lenders.
Minimal paper work. There is less paper work needed. There is not much tedious filing process that you need to do. Especially if you are a foreigner in Singapore, banks will require more documents and more proof of income. For licensed money lenders, there is less proof of income needed for a loan to be approved.
Fast loan release. Some financial institutions can release the loan as soon as the loan is approved. The fastest loan release for a bank is next day release. The fastest loan release for a licensed money lender is on the day that your loan was approved. It can even be release an hour after the loan is approved.
Reasonable interest rates. Since there is quite a competition in the financial lending industry, money lenders give competitive rates which mean low interest rates. This is advantageous for the lender. You can choose from different money lenders in Singapore.
Flexible operating hours. Licensed money lenders have extended operating hours compared to banks. Even if banks are already closed there are still a number of money lenders which can attend to your needs.
Getting a personal loan from a licensed money lender is easier, faster and advantageous to Singaporeans, permanent residents and foreigners alike in Singapore.
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