Licensed Moneylenders in Singapore
Getting a Loan from Money Lenders in Singapore
Do you need funds to sustain your daily needs, pay unpaid debts, invest or pay for an emergency? If that is the case, find right away the best legal moneylender in your area.
Licensed money lenders offer various services that would fit every borrower's needs. They too have flexible and affordable repayments which make it easier for borrowers to comply with their repayment schedule and avoid any penalties.
Only borrow from a trusted moneylender
When applying for a loan, the first thing that you should remember is being careful with the money lender you are transacting with. With all the schemes you can find in the country today, it is inevitable to find unlicensed moneylenders or the loan sharks and if you wanted to stay away from trouble, make sure to avoid these types of lenders.
To check whether the money lender you found is a safe and legal one, you can check the website of the Registry of Moneylenders where they have made an updated list of licensed money lenders in Singapore.
Reasons why you should get a loan from legal money lenders
As we can observe for the past years, there are already a lot of people who would opt to get a loan from the best moneylender. Why do you think they choose legal money lenders over other financial institutions like the bank? Here are some reasons why you should consider getting a loan from a legal money lender:
- Boost your credit score - If you have a bad credit score, getting a loan from a licensed money lender can help you restore a good credit score, but you have to make sure that you can pay the loan you are going to get and settle all the unpaid loans you have.
- Meet your daily needs - There are indeed times when we are short with money and don’t have funds anymore to meet your daily needs such as food, electricity, water and many more. Borrowing from a friend or even the bank will not be that easy particularly with the repayments which are more challenging compared to private moneylenders. With these hard times, the best option you can find is through getting a loan from a licensed money lender.
- Fast solution for emergencies - Even though how hard you try to be fit and healthy, we can’t avoid being sick sometimes or there are also cases where our family member or close friend is the one who’s sick, and they need medical funds immediately. In emergencies where we are not that financially prepared or our emergency funds are not enough, applying for a loan from a licensed moneylender is the easiest way for you to get the funds you need. Licensed money lenders don’t have a hassle application, and you can get your money within the day of your application which makes it even perfect for emergency cases.
- Easy access for low-income and unemployed borrowers - Singapore has been facing a constant flux of its bustling economy. Thus it is not new for some citizens to find themselves unemployed one day. There are several reasons why you should get a loan if you don’t have a job such as paying an old debt, address an emergency and many more.
If you are planning to get the loan from a bank or other financial institution while you are unemployed, you will have a higher chance of having a rejected application. Banks also make sure that the borrower has a job and can afford the repayment terms they have settled hence if you don’t have a job, you will find it incredibly hard to get urgent loan approval from the banks.
Although licensed moneylenders may also be strict when it comes to the loan applications that go through them, you still have a higher chance of getting loan approval from them. However, they tend to have a higher interest rate if you don’t have a job which is somehow fair since they are going to gamble with giving you money considering you are unemployed.
It doesn’t matter whether you are employed, unemployed, foreigner or a resident of the country, it is vital to investment on your future, and one of the best ways you can do that is through getting a loan.
There are already a lot of successful people who try to hoard money for their savings, but it is just not enough. In this case, you have to take a risk and invest in ventures and skills where you can easily boost both your personal and financial portfolio.
One way you can use the money you got from your loan as an investment is through pursuing further education. You can use the money to pay for your tuition fee so will have the chance to improve your skills, make a great resume content and impress the bosses. If you have a college degree, you will surely get a better path.
Apart from education, you can also improve yourself by investing in your physical aspect. If you know that you can afford major investments such as a car or real estate, don’t stop yourself from getting those and take it as a treat for all your hard work.
Cars and real estate need huge down payments thus a loan from a legal money lender is a big help for you to accumulate the down payment you need without touching your savings which you can still use later on in paying bulk repayments.
Types of loan you can get from licensed moneylenders
Licensed money lenders in Singapore offers different kinds of loans hence it won’t be hard for you to find the loan that would suit your financial needs. Here are the common types of loan you can find in an online moneylender directory:
- Personal loan - Although Singapore is one of the most fast-growing countries in the world today hence it is not a wonder that expenses in the country are also high which made it harder for citizens and foreigners to afford their daily needs nowadays. With this, loans have been known in the country particularly the personal loan which is mostly used compared to other loans available.
- Foreigner loan - Even if you are a foreigner, it is inevitable to encounter a financial crisis in Singapore especially if you are not prepared for high expenses in the country. Just like with citizens in Singapore, foreigners also have access to loans from money lenders but with additional requirements. Aside from needing cash, there are some other reasons why a foreigner can get a loan from lenders such as to improve the credit score, investment, paying some medical expenses and meeting daily needs like food and shelter.
- Payday loan - There are times where you cannot receive your salary on time, and you already have bills to pay for, or you don’t have enough money anymore for your daily needs, and so a payday loan from a legal moneylender will become a great help for you. In a payday loan, you are only allowed to get a small loan which is lesser than your monthly salary, and since it is called a payday loan, you are required to pay the amount of money you borrowed plus the interest on your next salary.
- Fast cash loan - Applying for a loan from banks would take you a few days before you can get the money that you need, but if you will choose a licensed money lender and take a fast cash loan from them, as long as you have the requirements they need, you can surely get the money immediately. Licensed money lenders don’t have long processing time compared to banks, and if you are worried about your credit history, moneylenders are also not that strict when it comes to their credit rating assessment which makes it easier for you to get loan approval from them.
A loan that could meet your financial needs
The main reason why you are going to apply for a loan is to sustain your financial needs thus the most significant question a borrower has when applying for a loan is how much the legal money lender can give them. It would depend on a few factors, and one of them is your annual income.
If you are going to apply for a secured loan, you don’t have to worry for the limit because moneylenders can give you bigger loans, but if you don’t have collateral, you have to follow the maximum amount of loan that your money lender can let you have.
For those who earn less than $10,000 a year, you can borrow $3,000 if you are a resident and $1,500 for foreigners residing in Singapore. If you earn more than $10,000 but lesser than $20,000, your loan amount is still at $3,000 if you are a resident but also $3,000 for foreigners, but if you earn higher than $20,000 annually, both residents and foreigners can borrow six times their monthly income.
Get started with a loan
Listed above are the reasons why a borrower would want a loan, but before you are going to jump into a licensed moneylender to get the loan you need, there are still some factors that you should consider before signing a contract with them such as the following:
- Do you need a loan? - Yes, a loan has many benefits but is it really necessary for you to get a loan and pay the interest rate that comes along with it? Before applying for a loan, make sure that you are mentally and financially ready for it. Apart from the licensed moneylenders, there are also some other agencies out there that could also help you in overcoming your financial problems such the asking for aid from government agencies and public programs.
- Do you know how a loan works? - In desperate times, there are moments where you would easily jump into offers that are being laid in front of you, but before everything else, it is crucial that you will make your understanding and studies on how a loan works. A loan is confusing and complicated sometimes especially if you are a first timer thus making sure that you can get all the necessary details of your loan is vital and would help you a lot in avoiding any problems with your loan in the future. Details that you should always remember is the loan’s repayment terms, interest rate, and the fees that come along with it. After you have signed a contract with the moneylender, always ask a copy of the contract from the moneylender and if you have concerns, don’t hesitate to ask the lender’s representative.
- Can you take the responsibility of having a loan? - Handling a loan is not that easy where you have to go through the repayments for months and even years for some hence before applying for a loan, see to it that you are willing to face the responsibility of having a loan. Whatever type of loan you are applying for, you are obliged to follow the rules and obligations that are stated in your contract that is why read your contract carefully and make sure that you can adhere to the obligations that come along with your loan because if not, you will just place yourself to a bigger financial stress.
- Can you afford the interest rate? - The interest rate is one of the most significant considerations you should think about when applying for a loan. Money lenders have different interest rates thus you have to find which one of them has the lowest one. A loan’s interest is one of the reasons why a borrower is having a hard time paying their loan that could also lead to outstanding loans and if you wanted to avoid experiencing this situation, make sure that you can afford the interest rate of your loan. Licensed moneylenders have an average interest rate of 4% a month, and with this number being given to you already, you can try to compute it at home by yourself so that you can determine whether you can afford it or not.
- How can you find the right moneylender for you? - Since there are a lot of licensed money lenders in the market today, it surely confusing which one to choose but as a wise borrower, it is a great move to shop around. Research as many licensed money lender reviews as you can find and gather the necessary information you need from them so you can compare each one of them.