Who needs to borrow and how to find the best licensed moneylenders in singapore

There are times when you need a loan but you aren’t eligible to borrow from banks, and you don’t have someone in your family to depend on.

In these times of serious need, you won’t mind getting a loan even if it means paying higher interest rates, so money lenders in Singapore can be really helpful in these circumstances. In most cases, the entire procedure of applying for a loan to collection of funds will take a day or two at most. Money lenders are also great for under banked or unbanked communities.

Following are just some likely scenarios where a small loan from money lenders can be of great help.

Personal Loans the most common loans known as unsecured loans are advanced on the basis of the borrower’s credit-history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term.

Payday loans are meant for people who are short of cash and they have some important or emergency expense that cannot wait for the payday (now that sounds like a very familiar scenario).

You have an interesting business idea and you can’t wait to get a move on. But unfortunately, banks will seldom fund a small startup and there is certain criterion to get the government funding. In this case, you can try getting business loan from money lenders.

You are facing difficulties in completing your education because of the expenses. You can reach out to money lenders and get an education loan for you or your children.

You are a foreigner, and you are in need of instant cash due to some emergency. Many money lenders will grant a foreigner loan

There’s a medical emergency or a medical bill that you need to pay on urgent basis. To make sure you or your family member receives the medical care in time, you can get in touch with some local money lenders for a medical loan.

You are looking to renovate your home or office, or you have some urgent repair work on hand. Again, most of these money lenders will provide renovation loans.

Or it can be any other time when you are in need of instant cash. Private money lenders will grant small loans even if you don’t qualify for bank loans, and the procedure is really fast and hassle free. However, you need to spend some time on selecting the best available option because there can be a sizable difference in interest rates and other services.

Searching for the best money lenders:

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Here’s what you need to do when you are looking to lend from money lenders in Singapore.

Regardless of how urgent is the need, do not make a reckless decision? It doesn’t take much time in comparing a couple of available options. You can also search online and go through the reviews or rating websites to find recommendations.

The first thing is to lookout for is a list of licensed money lenders in your neighborhood. The neighborhood is not really a necessity, but it’s better to deal with someone who has been operating in your locality for quite some time, so you can ask for references and talk to people who have dealt with them.

Once you have short listed a couple of options, the next step is to visit their website and see if they are providing a loan for a situation that is similar to yours. Most money lenders will offer small personal loans, payday loans, medical loans, or foreigner loans. Even if a similar loan is not listed, you can always call and confirm.

Most of these money lenders have online application forms at their website, all you need is to fill it out and submit, and you will get a call from their representative (at times within hours of submitting an application). The loan application forms are simple. You will have to enter your name, the desired amount, your NRIC or FIN, contact number, and monthly income. You can also visit their office in person, with all the necessary documents.

Before signing on the contract, make sure you have gone through the important terms and conditions, like the interest rate, repayment terms, or borrowing limit. Ask them about additional charges or fees that you will incur. The licensed money lenders will not be irked by your questions, and they will try their best to satisfy.

It’s important to make sure that you are dealing directly with a licensed money lender, not some broker or middleman. Money lenders normally have quite relaxed terms and conditions, so there’s nothing much that a broker or middle man can do for you, except charging some additional fee.

Even worse, there might be some con artists, or some licensed money lenders involved in illegal practices, so it’s important to know your fundamental rights. There are plenty of established, well reputed money lenders in Singapore, so there’s no reason to deal with a shoddy character.