Does the Payday Loan Work?

It can be rather stressful when you have to budget your finances into small piles of family expenses. Oftentimes, the apportioning is not sufficient. Every now and then, certain conditions and unforeseen expenses can occur. These will include a reunion, medical emergencies, or your kid’s school trip.

Borrowing from the banks might subject you to a process that could eventually not yield anything. In particular when your account does not look that good. This reality alone can make many borrowers anxious, however, on the bright side, there is a solution to your money issues.

Licensed moneylenders have a loan which is designed to assist you during such times. It is known as the payday loan.

When To Use It

In essence, this loan type is appropriate for individuals who need short-term funding. They also are in a position to repay the amount using their next paycheck. Most Singaporeans get payday loans mostly when they do not meet the lending criteria set by banks. More so for regular bank loans. Due to this practice, most borrowers seek other financial institutions that offer short-term aid.

If all the moneylenders in Singapore were to be like the banks that thoroughly examine the borrower’s paying capability. Then the only group of people who can be able to take out loan money from the moneylenders would be the rich. These rich only makes up 1% of the country’s population based on the Occupy movement.

An additional feature of this short-term loan that has contributed to the increase of its popularity is the interests. The rates are normally lower compared to those on other loans owing to the short period of repayment.

Even so, you need to keep in mind that the payday loan is to use as a short-term loan. Thus it is advisable that you only consider taking payday loans when it is necessary. At the same time, you are aware of your limitations. Most people have ended up being bankrupt. Or even going to jail due to borrowing way beyond their ability to repay. Avoid getting into such a predicament.

You need to use this loan type only for contingencies. Meaning it is not suitable for managing household bills and covering usual living costs. When you use the payday loan for some of these costs. You risk incurring penalties on your payday and even on your other monthly bills.

Many times than you will want to consider, you might find yourselves facing a shortage of funds. This might happen to anyone even when they are careful financial planning and budgeting. There are times when the need for some extra cash seems unavoidable. More so when you are faced with unexpected expenditures.

It is not every time that you will patiently wait in line to be interviewed strictly about your funds by a bank officer. It is in these circumstances when you could consider using payday loans.

Processing Time

The payday processing time is faster than that of the conventional bank loans. Additionally, minimal documentation is needed. The payday loan has requirements are less strict for individuals who have bad credit records. Furthermore, Singaporeans with low income are eligible for this loan.

Why It Works

The payday loan is an unsecured, small type of loan which helps you meet financial needs. These are needs that require your urgent attention. This loan type is fast. Due to the loans nature of attracting interest, it is ideal for short-term borrowing. The reason being long-term borrowing will tend to make it expensive. This will only make it more of a burden than a help to a borrower. From its name, the borrower is to pay the loan during the next payday. Normally, your income and your employment status are verified to guarantee your ability to pay.

Owing to the recent technological progress of issuing payday loans. Potential borrowers can fill out an online application which confirms their identity. Following this, your funds are then transferred by direct deposit to your bank account. Payment for the payday loan plus the interest incurred is withdrawn electronically from your next pay.

As you are deciding on the suitable loan for your needs. It is wise that keep this in mind: always find out first everything there is to know regarding the lending services offered.

Benefits Of Taking Payday Loans

The one difference between payday loans and the traditional loans is their running period. Payday loans are meant for a short term which can be under a month. You will also need to pay back the loan quickly. Given that you keep up by paying prior to the set due date. This loan type will help you make do during those times you are low on cash.

Zero Credit Checks

The traditional bank loans normally take longer to get approved. The reason behind this is they run thorough background checks on your finances. At present, to get the unsecured loans you will have to undergo rigorous financial checks. The good thing with a payday loan, moneylenders will not put you through such stress.

Fast Access To Quick Cash

Usually, in less than 24 hours, you will be able to access the loan cash. The loan process is faster compared to the conventional bank process. Bank process might take several days to process then disburse the cash.

Loan issued by Legal Moneylenders

It is advisable that you always work with the licensed moneylenders. They are different from an illegal lender and follow strict money lending rules. The legal moneylenders are also licensed by IPTO.

In Summary

The payday loan can still affect the amount you may borrow from banks. This is only in instances when you wish to take out a bigger loan. An example of the bigger loan is a home loan. Thus it is best that you only use payday loans as an alternative. It can be your last option when you desperately need cash. When you have to take out payday loans. Always ensure to only do this because you really require the funds. Importantly, make sure to pay it back at the set time.

5 Ways To Raise Capital For Your Business

The process of raising capital for starting a new business can look like an intimidating task. However, this will not be intense when you use some basic business practices.

To start off, discuss this with a professional business attorney and not the family lawyer. When it pertains ways that equity capital may be raised, there are many laws involved. Especially when you are raising the funds from the public.

Also, these laws keep changing often. You, therefore, will need someone familiar with these laws. The individuals should also know how to ensure that the business contracts are done to protect your business as well as you. More so where the fine print is concerned.

For someone with a viable idea which will get good returns for the investors. You will need to come up with a compelling business plan. Then the likelihood is high that you will find some investors to work with you.

When you are considering to get outside help or equity capital to finance your business. You will need to do a few things first, which will make your company more appealing to potential investors. Use these easy tips, and you will soon be raising the funds you need.

Angel Investors and Venture Capital

Before you go looking for venture capital, take a closer look at your business from the viewpoint of an outsider. Try and answer some questions such as: whether your business has a steady track record (Many venture capitalists do not invest in newly established companies). find out if your business has the potential to become very big in a span of 5-7 years. (People will invest in the business since they are seeking for returns on their investments — the bigger the better.)

Find out whether your company owns a good portion of its market. Or whether it will stand to acquire a huge share in the coming 12- 18 months. (Different from common belief, your business does not need to be engaged in high tech for it to draw in venture capital).

When you are able to come up with a positive answer from the above questions. Then the next step would be to locate a venture capital organization. Their goals and ideas need to be in alignment with yours.

The next step will be to consider your “influence circle” to see whether you know a person who will introduce you personally to someone from the venture capital institution. (investments are made in people, as well as in companies.)

Offering Company Stocks To The Public

Even when the Singaporean security laws have made things easy for companies to offer their stocks to the public. This is as a means of raising needed funds, it still is probably the riskiest choice.

This option is usually not recommended for rather new and very small companies. Due to the many legal issues concerned, it is important that you consult beforehand with an informed attorney. You need to realize that lots of strain that comes with operating a public company.

Also, keep in mind that there is a significant loss of control and autonomy. Before you make this choice, you need to be utterly certain that this would be the best decision for your company.

Using Credit Cards Or Your Savings

Most entrepreneurs use this option as a way to raise required business capital. But ahead of choosing this option, you can talk to a financial advisor. Doing this will help you take into account the long-term effects of using life insurance, your savings, credit cards or personal loan. This is particularly when it happens that the business venture goes wrong. Also when it does not yield the planned return on investment (ROI).

When you eventually opting to use credit cards to fund your business project. Take your time to shop around as you will be able to find a card that comes with the best rates of interest. This is a card that will give you the most benefit for your money.

You can also talk to your moneylender for a personal loan deal. When choosing a moneylender for a loan, ensure that they are licensed and legal.

Current or Potential Employees

Amazingly, this is one very common way of raising equity funding (especially for new establishments). In this method, you will invite the current or your potential employees giving them the chance to become investors.

In using this method, you will not only get a very committed personnel. But most equity employees will be willing to take below-market wages at the beginning (more so when you set the pace). This method has other advantages, but it also has its pitfalls too. Also, before you choose this method, consult a business attorney.

Make sure you have policies in place which address potential problems. For instance, what you can do when an employee’s output is substandard. Or when a worker quits and sets to compete with you once they have learned all of your business secrets.

Establishing a risk management strategy and looking at all eventualities is the move for this method.

Getting Funding From Relatives

Though this may look like begging, and probably is a difficult task for you to humble yourself. It may come as a surprise, but according to a new survey, nearly 30% of business people said that they were able to raise part or all their capital through their family members. So when this is the course of action you choose.

Ensure that you work with an attorney to draw up a business contract. Also as you approach family members, discuss with them concerning their investment just as you would with any other investor. Give them details of the amount they stand to make. Avoid talking about how much their help is needed. Then ensure that you uphold your part in the agreement.

Regardless of the decision, you make when seeking equity capital. Through planning ahead, following your attorney’s advise and doing your research. You will increase your chances of raising the amount you need. At the same time, you will make your relationship with the investors a beneficial one.

4 Ways To Obtain Quick Cash In Singapore

Life has its ups and downs and there are times when you might require some extra funds. These can be for compensating sudden expenses or even cover some financial emergency. This can be existing credit card bills.

Or medical condition that requires immediate attention. In such challenging times when an individual might be reluctant to look for help from relatives or friends. Legal moneylenders are a fitting solution in helping you clear up your financial situation.

To avoid lengthy approval processes at the bank. You can use the following methods of acquiring quick cash from licensed moneylenders:

Payday Loan

When faced with an unexpected emergency situation. Getting the payday loan will work best for you since it will be approved and availed to you within several hours. This loan is also referred to as cash advance loan. This type of loan is ideal especially when you find yourself in a financial fix. Yet you are required to meet short-term requirements.

Instant Cash Loan

With a flexible repayment schedule and instant approval. The instant cash type of loan is the efficient solution when you need some extra funds for handling an emergency. The rates of interest on both personal loans and instant cash loans are set at 4 percent a month or 48 percent per year. So there is no difference.

Personal Loan

This is mostly an unsecured type of loan. The personal loans do not demand that you pledge your assets such as your house or car. Due to their low rates, the personal loan is often preferred when making huge purchases. It can also be used for debt consolidation.

Foreigner Loan

Based on the name, this loan type is open for foreigners in Singapore. The foreigner loan will be useful for you to cater for relocation expenses (like utility, rent, medical). This is as you settle in, more so in a country like Singapore that has a high living cost.

Quick cash loan will offer you the financial assistance you need to handle any pressing concern. Therefore, you can consult with your preferred moneylender for advice on the best move to make. Working with a licensed moneylender will offer you an efficient solution which will meet your needs.

Helpful Tips For Getting Fast Cash Loans By Licensed Lenders

Have necessary documents with you before applying

As you make your application for a loan you will need some form of identification. Any type of ID, Singpass, and some other valid documentation that shows who you. Even then make sure it the accepted forms of identification.

Also, check that you present proof of employment such as your work pass card. You need to also submit 3 most recent payslips from past months. With this, your moneylender can proceed to process and offer you the loan. Provided that the lender is able to determine that lending to you involved a low risk.

To top it you need to have a steady income source. The licensed moneylenders can trust that you will repay the debt on time because you have a job.

Sign Only a Complete Contract

If you accept the conditions detailed in the loan agreement. Then make sure to only affix your signature on a complete contract. Also, make sure that your lender gives you a copy of the signed loan contract.

In the money lending conditions, it is important for you to do this. Failing to acquire a copy of the loan contract can only mean one thing. The loan taken out can be considered to be a fraudulent act. As a caution, do not sign any contract that seems to be incomplete. The contract should clearly detail the conditions of the personal loan. The repayment period of your loan should also be included as well as interests that your loan is attracting.

Should it happen that such information is omitted, make sure that you ask for it from the moneylender. Alternatively, you can choose to deal with a different moneylender.

Ask About Requirements For Collateral

Prior to taking on any loan, make a point to ask about the collateral requirements. When a loan requires collateral, it then means that you may borrow the loan. But, if you do not repay the loan, your moneylender can claim the asset/property you had presented as security. This security could be fancy jewelry or your car. You could opt to put up your home depending on the amount you wish to take out.

Know Ways Of Identifying Illegal Moneylenders

This has to be the first thing to do way ahead of applying for a quick cash personal loan. Make sure that you always check if the moneylender you choose holds a valid license. If your lender of choice is not registered, then it is best for you to pick another moneylender. A lender who is not certified is a red flag for a possible scam.

Whenever you are making a personal loan request, confirm that all your documents are given back to you. Also, remember to pick your identification papers from your lender. This is because they have no other reason to keep your private documents. When your lender wants to retain them, be cautious careful, it is likely he is not genuine. Thus it is advisable for you to look for another moneylender.

Avoid Lenders Who Might Try To Threaten

You might come across some moneylenders who will try to frighten you. Some will even treat their borrowers in a harsh way. Always, avoid dealing with moneylender’s who do such things because you merit to be treated fairly and with respect.

Summing Up

The cash loan is best for times when you urgently need to manage some financial challenges for a short period. But, the loan amount should be within your current salary. Meaning you will easily repay your loan in the next month. Always take an amount that you can repay with ease, thus you will avoid the debt spiraling out of control. Some loan options for you to consider for quick cash are payday loans, personal loans, foreigner loans and instant cash loans.

Beware Of These 6 Payday Loan Scams In Singapore

Many Singaporeans find themselves seeking to borrow some money from at certain times t in their lives. The cash may be for financing a car or home, medical emergency or even for furthering your education. It is at this point that taking out a personal loan comes in handy. However, this is not always the case for some people, since they do not have access to this possibility because of a poor credit score.

It so happens that on some occasions, some individuals are desperate to find some urgent money and are not able to do this through legal money lending institutions that usually have very stringent regulations. They instead end up borrowing from other sources. Even under such circumstances before you choose to take out a loan from alternative sources, there are a few loan types that you need to be wary of. Knowing this will help you avoid getting yourself into much bigger debts than before.

A Lot Of Unsolicited Contact

In most occasions, these types of lenders will often send numerous emails and even make calls to you every once in a while. On the other hand, the legal moneylenders never turn to such attempts as a way for them to source for possible customers. This is because the legal moneylenders don’t want to bother you without cause. It is therefore advisable that you disregard these spams or even report these types of lenders to the appropriate authorities.

Predatory Lenders – Loan Sharks

It is suggested that you be aware of this group of moneylenders, normally identified as “Ah Long” to Singaporeans. In many instances, loan sharks use deceptive, unfair, or fraudulent practices to lure borrowers who are desperately in need of quick cash. It so happens that loans sharks often target individuals who are not qualified to access loans from the legal sources which include banks. These individuals are not able to access loans because of their bad credit score.

As a way of finding a way to get in touch with potential borrowers, loan sharks usually use advertisements. They often will advertise insistently using ads on online platforms and even on public transport. The loan sharks normally try being friendly to you during your first meeting. However as soon as you agree to borrow from them, they drastically change their behaviour. From then on, they start harassing you demanding the repayment. And because loan sharks don’t adhere to the law, they many will end up charging you very high-interest rates that might leave you in even bigger debts in the end. The best suggestion at this point is that you do not deal with them.

Asking for Upfront Fees

Normally upfront fee scams will require that you give an upfront application payment before you can be issued a loan. These types of lenders will rationalize the fees by insinuating that it’s a compulsory processing fee charged on all their borrowers. They may even categorize it as security required because of your bad credit. After that, they will go ahead and ask you to provide them with your account details or even ask that you transfer funds online to them and in return, they promise to give you the loan.

As soon as you make the transfer, this lender will run off with your cash. Therefore, do not be surprised when they cut off the whole contact with you thus they don’t answer to your responses. Do keep this in mind – legal moneylenders do not ask borrowers for payments before giving you a loan.

Online Guarantees On Personal Loans

These types of loans are also called as the bad credit loans. These loans are normally intended as a short-term type of loans. And they are very convenient to access, which makes them rather attractive to most people in Singapore. Beware of any guarantees that give you a loan prior to evaluating your credit score, income, or other personal details as they possibly could be a scam. Also be cautious since some online companies are just trying to get access to your private information for dishonest purposes. To help you identify those companies that are legitimate, you probably need to keep in mind some of the basic signs:

  • The lenders need to have a customer service line
  • They should also have physical address for their business
  • There needs to be a physical store in addition to their online platform

The easiest way to make certain that you are working with a legal lending company is that you do your research. This way you will be able to find out additional information regarding the lending company from dependable sources.

Scare Tactics

The intimidation and harassment might come before you get the loan, and once after you have borrowed from these types of moneylenders. Licensed moneylenders will never pressurize you into taking their offer since they understand that it’s eventually a decision that only you can make.

Even after you’ve received the loan, these types of lenders may even resort to intimidating you by mentioning your relative’s names, whom they could harm should you fail to repay the loan. They might also threaten you with taking legal action against you for unpaid loans. These kinds of moneylenders are generally bold and often take advantage borrowers by creating fear in them using their scare strategies, which makes most borrowers vulnerable thus easy to exploit.

Phony “Legal” Moneylenders

These alleged “licensed” moneylenders pretend to be legal parties through the use of legitimate registration numbers given by the Singaporean Monetary Authority (MAS). They also post advertisements by using the legal business names of other lending companies. They usually will appear to you by means of random emails as well as social media posts.

For these reasons, before you opt to borrow from such moneylenders, make sure you validate the company details to confirm that they are truly who they say they are (you could use hotline and website). In general, the actual companies are hardly aware of these imposters who go around scamming potential borrowers.

10 Myths Of Licensed Moneylenders In Singapore Preventing You From Taking Your Loan

Many Singaporeans are uncomfortable with taking loans. Unfortunately, there are many things you require a personal loan or payday loan for. And the quickest way to get a loan is to visit a licensed moneylender.

Moneylenders are another group of people that have a bad reputation in Singapore. There are so many half-truths and complete lies surrounding them. Many Singaporeans would rather try their luck at a bank than go to a moneylender. This article is going to dispel 10 common myths associated with moneylenders in Singapore. These myths may be part of what is stopping you from getting a loan.

Know these things today and go to a licensed moneylender for your personal loan or payday loan without worries.

Myth #1 – There is only One Type of Loan to get from a Moneylender

This is not true. There are actually two types of loans that you can get from a licensed moneylender. These are secured loans and unsecured loans. Secured loans are those loans that you must have collateral to get them. Collateral is a valuable asset that you give to the lender to hold while you borrow money. If you cannot repay the loan, the lender keeps the asset. An unsecured loan is one that you can get without collateral. If you default on your repayments, the lender will take you to court, per the contract you and they signed.

Myth #2 – Secured Loans are Better than Unsecured Loans

These loans have their advantages and disadvantages.

  • A secured loan comes with comparatively low interest rates since there is a low financial risk for the lender
  • Because you have collateral, you can borrow large amounts with longer loan tenure

The disadvantages outweigh the advantages, though.

  • There is a specific criterion for what you can use as collateral
  • A secured loan takes a long time to process and approve. It can take up to 30 days
  • Defaulting on your loan repayments gives the lender the right to confiscate your assets and sell them to pay that loan.

 

Myth #3 – Unsecured Loans are Better than Secured Loans

The pros of an unsecured loan are:

  • Unsecured loans take a short time to process and approve. You can apply and receive your loan in hours
  • You can get an unsecured loan even if your credit score is poor
  • You don’t need to secure your assets for this loan

And the cons are:

  • Since unsecured loans are riskier, they attract higher interest rates
  • The amount you can borrow is limited and is determined by your monthly/annual income
  • The loan tenure is short, and repayment plans are strict

 

Myth #4 – All Moneylenders in Singapore are ‘Ah Longs’

This is also not true. Moneylenders are actually a legalized lending institution. They have an association, and their activities are governed by the Ministry of Law. All moneylenders are required to be licensed, and they must pass certain tests before they can get that license. There are unlicensed moneylenders, the real ‘ah longs’ who deceive people and make their lives miserable. But not all moneylenders are loan sharks.

Myth #5 – You Can’t Tell the Difference between a Licensed and Unlicensed Moneylender

There are many differences between licensed and unlicensed moneylenders. Some of the most telling cues are:

  • A licensed moneylender will never keep your documents
  • A licensed moneylender will never ask for your ATM card
  • A licensed moneylender will have a license number, and their business name will be in the Registry

An unlicensed moneylender will do the opposite of these things

Myth #6 – There is No Way to Spot an Unlicensed Moneylender

You can tell if someone is a fake moneylender if they:

  • Send you an SMS, offering you loan – licensed moneylenders do not solicit for customers via SMS
  • Advertise on television – licensed moneylenders can only advertise in business directories and on their place of operation
  • Ask for your SingPass password – that is just wrong
  • Generally, behave in a fishy manner: they are rude, impatient, etc.

Myth #7 – It Is Difficult to Get a Trustworthy Moneylender

There is a Registry, containing the names and license numbers of over 170 licensed money lenders in Singapore. This information is available to the public. When you are looking for a moneylender, you can look them up in the Registry. When you go to their place of business, ask to see their certificate. The certificate will contain the license number. There are many reliable moneylenders in Singapore. You just have to create the time to see them. It is not at all difficult.

Myth #8 – It is Difficult to Select the Best Moneylenders in Singapore

These myths just keep getting better. Finding the best moneylender in Singapore s easy, as long as you know where to look. Check out our moneylender reviews online. Ask people who have had experience with moneylenders. Compare their interest rates. You will know who the best moneylenders are in no time.

Myth #9 – There are Too Many Options to Choose From

This should not be a limitation. This is actually a good thing. It all depends on you and your needs. Compare the services and terms and conditions of a few moneylenders. Look at their interest rates and their fees. Pick the one that works for you, and send in your loan application.

Myth #10 – Actually, There is No Need for a Loan

This is probably the biggest myth of all. Unless you are one of the very few who can live well in Singapore on their salary alone, you need a loan. There are bills to pay, medical care, tuition, groceries, rent, car payments… the list goes on. Once in a while, you may need a loan to settle some of these obligations. It could be a personal loan or a payday loan. It could be from a bank or a moneylender. Your monthly salary won’t be enough sometimes unless you earn hundreds of thousands every month. Getting a loan is actually beneficial. So get one if you must.

 

 

 

Should You Consider Going To A Pawnshop Or Moneylender For Money?

Sometimes, life catches up with you. You wake up one morning with nowhere to turn to for immediate financial assistance. You need instant cash for something totally unexpected. You can’t borrow from family and friends. You can’t go to a bank because the loans there can’t be approved the instant you need them. Luckily, there are other options for you. If you are in dire need of a personal loan or payday loan, you can go to a pawnshop or a moneylender.

If you didn’t know it before, you should know it now. Pawnbrokers are a licensed financial entity in Singapore. The Ministry of Law states that there are over 220 pawnbrokers, licensed, in Singapore today. Pawnbrokers are a good source of instant cash. As long as you have something valuable for them to hold as security, you can get a loan from them.

Moneylending is also a legal option for you to get a personal loan or a payday loan. Moneylenders are typically associated with loan sharks or’ ah longs’. This is not entirely fair or true. There are over 170 licensed and registered moneylenders in Singapore. You can get secured and unsecured loans from them. They also approve and disburse cash loans instantly.

What You Need To Know About Borrowing Money From A Pawnbroker Or A Moneylender

  • Low Interest Rates

There is a lot of competition among pawnshops in Singapore. There are also a lot of licensed pawnbrokers in Singapore. As such, you can get competitive interest rates from them. Some of the most popular pawnshops in Singapore include Value Max and Maxi Cash. You can get loans from as little as 1% interest per month, and sometimes 1.5%.

Moneylenders in Singapore have interest rates that are fixed by the Ministry of Law. No moneylender is to charge interest higher than 4% per month on unsecured loans. So you can find moneylenders who charge even less than that. Plus, the fees they charge you are very little.

  • Giving Your Valuables for Loans

Just as banks require collateral, pawnshops require valuables. Expensive jewellery is the most common thing to use. To get a loan from a pawnbroker, you will have to take, for instance, some earrings with you. The pawnbroker will assess the value of those earrings, and give you a loan based on that value. So, if they evaluate your earrings to be worth S$20,000, that is the loan amount you will get. You have a period of 6 months to repay your loan. This 6-month period resets every time your payment is a partial one. Once you default on payments, the pawnbroker sells your earrings to get their money back.

Something to note about pawnbrokers: if they sell your earrings and get more than you owe them, they will give you the extra cash. For instance, you have an outstanding debt of S$15,000. The pawnbroker sells your earrings for S$20,000. The extra S$5,000 will go to you. Usually, you would get more selling those earrings elsewhere. But that is what happens when you go to a pawnshop for business.

Moneylenders can give you unsecured loans. Unsecured loans are those that you can get without any collateral or exchange of valuables. However, the amount you can borrow is limited by your income. You can only borrow as much as your income allows. So, if you earn S$30,000 a year, you can borrow up to 4 months’ salary. If you earn S$120,000 a year, you can borrow any amount you want. Also, with secured loans, you can borrow any amount you want.

Moneylenders also tailor a repayment plan to fit your ability to pay back the loan. Even if you have a bad credit score, moneylenders are willing to work with you so that you can get a loan. If you default on your loan repayments, the moneylender will take you to court.

  • Loan Approval And Disbursement

Pawnbrokers differ from moneylenders and banks in one major way. They do not require any form of documentation to give you a loan. All they need is an item of value from you, and you get your cash once the value of that item has been ascertained. If you want an instant cash option, pawnbrokers are the place to go.

While moneylenders require some documentation, their loan process is faster than that of banks. You can contact a licensed moneylender via their website, and after a phone call, you can get your cash. Loan approval and disbursement can happen in less than an hour with moneylenders.

Since their activities are strictly monitored by the government, they need to see some documentation. You also need to read their terms and conditions. They need to know that you understand everything before they can give you a loan. Any moneylender who doesn’t do this is most likely a fake moneylender. 

Getting A Loan From Pawnshops

Personal loans are considered to be unsecured loans. As such, banks will give you a personal loan without collateral. Pawnshops must have collateral for every loan you want, regardless of the type of loan. If you have bad credit, or none of the necessary documents to borrow from a bank, then pawnbrokers are your best bet. Just be willing to give up your heirloom necklace, and be certain that you can repay in 6 months to get it back.

Getting a Personal Loan/Payday Loan from Moneylenders

A moneylender will always give a personal loan for an unsecured loan. You can also get a payday loan as an unsecured loan. While the interest rate is fixed at 4% per month, you can compare rates and settle for one that has less. Even if you have bad credit, licensed moneylenders are willing to help you get a loan. They do require documentation, but their loan approval process is faster than banks. In less than two hours you can get your cash and settle your financial problems. Just make sure that you visit a licensed moneylender if you want to get a loan.