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.