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.
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.