Advantages of a licensed creditor.

The golden rule of money lending is that: never settle for a money lender without a legal license not even in the most severe financial emergencies, and not even as an option of last resort. It is very much important to do your in-depth research before opting for your preferred moneylender. Never make the mistake of falling into the trap of unprohibited money lenders (a.k.a loan sharks) or you might just end up sorrowing the bad outcomes along the way. While a loan shark might cultivate their supply of funds by dishonest means and get away with it, a legal money lender operates strictly under the Moneylender’s Act. Illegal money lending sources may run the risk of getting in trouble with the authorities if they illegally practice their business or fail to comply with expected norms. In order to avoid any adverse consequences, it is better to rely on reliable sources so that it would not be risky for the borrowers in any situation. Check out good at money lending in jurong east for more information in this regard.

Given below are several advantages of opting for a legal money lender:

1) No Harassments

Partnering with a legal money lender means you will not face unnecessary issues related to legality. Legal money lenders run their businesses as per the rules and guidelines set by the government with reasonable interest rates that yield market rates.

2) Set Rates and Agreements Guaranteed

With a legal money lender, you can agree upon various terms like the amount, interest rates, and contract terms which will be honored with no questions.

3) No Shady Business

Legal money lenders generally operate with a physical office that you can visit as well as a fixed telephone line that is smoothly contactable. Instead of depending solely on text messages and calls to communicate as most illegal money lenders do, a legal money lender will carry out all business transactions like contract signing in their offices only.

4) Efficiency

When taking out a loan from a legal money lender, your shady credit record should be the least of your worries. The efficient nature of borrowing from a legal money lender means you do not have to bother about monotonous and lengthy approval processes. Once the required documents have been submitted and your application has been approved, the cash is yours for your requirements.

How to find credible moneylenders online

Have you ever faced a financial crisis or needed money for urgent work? You would probably consider a bank loan as the solution to your problem; however, you might be denied for any one of reasons:

  • A low credit score
  • Your work and income history
  • Your Fixed obligation income ratio (FOIR)

So what do you do next? The solution to your problem is a licensed lender. They provide personal loans, foreign loans, payday loans, and even business loans that can be repaid over a specified period of time. These are a saving grace for us in emergency situations, and the best part is that they are authorized to make loans.

If you are looking for a credible moneylender then you must visit us. They are good at money lending in Toa Payoh.

How to apply for a loan with authorized lenders?

The process of submitting a loan application is quite simple. For example, SKM Credit, a licensed moneylender, has an online form on its website that you can fill out. Most probably they will review your application online within a day.

Based on your needs and the purpose of the loan, authorized lenders will check your finances and credit score. Lenders are softer on your credit score than a bank. This means that even if your credit score is lower than average, there is a high probability of getting a loan from the lenders.

These are some ways given below from which you can find whether a licensed moneylender is credible or not?

Hassle-free application – If you’re someone who hates the traditional monotonous route to borrowing, it may be time to look for the lenders with the best licenses. Remember that licensed lenders like SKM Credit have less red tape. They have a simple document verification process.

Trustworthy – You can borrow money from licensed lenders just like you borrow from your friends. If you need money fast, lenders can loan it to you as fast as your friends would. Your lender must be trustworthy.

Reliability – By choosing a licensed lender, you ensure that they are working within the laws of Singapore and do not have the opportunity to harass you.

Interest Rate – Licensed lenders must calculate and disclose the effective interest rate on the loan to you before the loan is made. Currently, the maximum interest rate lenders can charge is 4% per month. This limit applies regardless of the borrower’s income and whether the loan is secured or unsecured.