Without you knowing, a money crisis could bang anytime on your door. It might be for a vacation, wedding, business, or personal reasons. On the other hand, you might be bankrupt in the middle of a situation and you, therefore, need some money to complete the rest of the upcoming months.
In such a situation, the majority of people fight to assemble loans or rather borrow money so that they can manage their financial crisis. In case you come across some financial emergency and you urgently need a loan, then licensed moneylenders could be the greatest option for you. One of the most ideal money lenders is the Online credit Pte Ltd.
Singaporeans have lots of options when it comes to borrowing fast loans. In Singapore, licensed moneylenders can give you a quick loan with affordable interest rates.
Below are some of the reasons why you should borrow a loan from a licensed moneylender.
1) It saves you from Unnecessary Harassment
Have you ever had the worst experience with some debt collectors? Great appreciation to licensed moneylenders, since you no don’t have to worry about the abusive, violent, and rude debt recollection experiences. Moneylenders who are licensed should carry out activities with the highest demeanor and professionalism.
For example, the licensed moneylender is not allowed to send out abuses and any form of harassment on money debtors when they collect back their payments. In case you are not able to pay your loan on time, what you need to do is to contact the company that gave you the loan and they will help you to regulate your repayment plan. Alternatively, you can opt for debt consolidation through a reputable company.
2) Unlike traditional loaning options, their processes are faster
In the past, it used to be hard to get a personal loan and you would undergo difficult processes. A loaning process could include seeking guarantors, signing an unending list of documents, and giving an appropriate asset as a guarantee.
Licensed moneylenders in Singapore have made the process of borrowing loans in Singapore very easy. The examination process, particularly the verification of documents is very smooth and fast; therefore, you can get that immediate cash in one day!
3) Licensed moneylenders have a physical business address
In Singapore, if you are in doubt of a certain moneylender, it is ideal to pay a visit to their main offices for further clarifications. Legal loan companies have to counterbalance contracts face to face.
When you go to the physical business address, you will be briefed on everything and get a clearer picture of the loan you are getting. The face-to-face presence also assures the credibility of all moneylenders, thus setting them separately from loan sharks.
4) The Registry of Moneylenders regulates them
Another benefit of borrowing a loan from a legal credit company is that they do not work independently. The Registry of moneylenders Act helps protect borrowers and moneylenders. Therefore, you are guaranteed the government’s defense in case anything goes in the wrong direction.
It doesn’t matter where you work, your monthly income status, or most importantly if you are an ex-pat or a Singaporean. Therefore, any treatment that is not fair from any licensed moneylender will be dealt with in a court of law.
5) Licensed Moneylenders Can’t go Contrary to the loan Terms
The regulatory organization in Singapore governs credit companies, hence licensed moneylenders conduct their businesses with ultimate honesty. It implies that it is not legal for them to interfere with any loan contract in case the ink gets dried.
Similarly, the government of Singapore has located a cap of maximum interest rate, which they are supposed to charge you. This rate is to change depending on the exact individual issues, should therefore not exceed 12% per annum or 4% per month.
6) No Spam Messages
Licensed moneylenders in Singapore have no permission to send an SMS to a person that has taken a personal loan from them without any authorization. On the other hand, unlicensed moneylender usually sends spam messages to their customers. Most people find these spam messages so annoying. So, you can also avoid these spam messages by finding a licensed moneylender.
For those individuals who are not able to acquire loans from any bank in Singapore, then moneylenders are the only alternative access to quick loans. After receiving all the necessary documents that are required, the dependable moneylenders will make sure that the loan you had applied for is approved within a short period. Such kind of institutions ensures that quick cash is given to the borrower so that it may help you solve any financial problems.
Before getting the loan from any licensed moneylender, you should ensure that you have read carefully about different laws that govern moneylending. Law Ministry’s website is where you can find such information. Even though it is slightly safe to borrow loans from any legal moneylender, be cautious because you will still need to pay back.