The certified moneylenders are among financial institutions that grant loans. The loans they offer are then repaid over a set time. On a short notice, the moneylenders can be rather helpful. And they also offer several loan types. This includes payday loans as well as personal loans. Ask a licensed money lender singapore.
Approval of loans from any bank is among the most complex. And it is also a time-consuming procedure. At times it can take over 1-2 weeks. And you still end up disappointed for the loan approval. Even then, mostly the borrowers cannot fulfill the bank’s conditions and terms.
Thus, these borrowers become not entitled to the bank loans. When faced with such circumstances, licensed moneylenders are very helpful. And they are handy for those borrowers who urgently need some money. There are financial companies that provide instant loans. These loans come with flexible payments at low-interest rates.
You need to be certain that the moneylender you pick is licensed. And that the lender follows the rules as well as regulations. These stipulation shave been put in place to help protect both of them. That is the borrowers and the licensed lender as well. At times emergencies can occur that exceed your expectations. Hence, finding a dependable moneylender to assist you is a good idea. The licensed lender can help by offering you a personal Loan.
You, however, need to recognize that unlicensed moneylenders are loan sharks. These illegal lenders have no fears about swindling you. And they can even go to extent of cheating you of your home. And will even commit identity thefts, in the process ruining you.
Why I Should Borrow From Moneylenders
Legal moneylenders have a flexible loan authorization process. This will allow you to get the payday loan fast. This will be a lot faster when compared to getting a loan provided by the bank.
Most licensed moneylenders have minimum background checks. Thus they will request a few documents from you. These legal lenders have strict rates of interest charges. These rates are often set by the moneylenders’ regulatory bodies. For this reason, borrowing from moneylenders will make repayment easier. This will be convenient for you instead of borrowing from the other lending companies.
You will not need to run around looking for loans fitting your needs. The moneylenders will offer you different loan alternatives. And this is useful for cash-strapped Singaporeans to help meet their needs. This they do in a hassle-free manner. These legal lenders have intricate as well as dedicate consultations. The licensed moneylenders are able to make out your needs. Thus they can easily match you with the most suitable solution. In so doing this will be a very easy process and experience for you.
The moneylenders have their activities in alignment with the Moneylenders’ Registry. They also stick by regulations set by the Singaporean government. These regulations are on interest rates as well as repayment plans.
All these terms are charted by the Act of Moneylenders. And they also obey the law plus benefit all their clients. These lenders don’t have any hidden fees and have no surprise costs. All their fees are broken and calculated for you. In addition, the conditions and terms are made clear to you. And this they do before you can sign the contract and be granted the loan.
How Much I Can Borrow
Two loan types are available that you could choose. This is especially when borrowing money from a legal moneylender:
Secured Loans: these are loans you can get after offering the moneylender some security. This will make sure that you pay back the loan.
Unsecured Loans: these are loans you can get on based on your credit rating or credit history. Meaning you can access it without using any type of collateral.
While borrowing from the legal moneylenders. You could get any loan amount you would like. When you choose to use the secured loans.
When you use the unsecured loan, you will qualify for the below amounts:
- When your yearly salary is below S$20,000, you could take out a total of S$3000.
- When your yearly salary is above S$20,000 but under S$30,000, you could take out a total of 2 months’ your income
- When your yearly income is above S$30,000 but below S$120,000, you could take out a loan totalling 4 months’ your income.
- When your yearly salary is S$120,000, you could take out any loan amount you would like.
The Interest Rates Charged
Since 2015 October, licensed money lender singapore may charge a 4 percent rate. This is regardless of the loan amount borrowed. This 4 percent interest is charged for both unsecured and secured loans.
When you fail to make a payment in any month you incur a fee. The interest charged on the late payment is set at 4% as well. And it’s charged on the belated repayments.
What Fees Are Charged
The licensed moneylenders are allowed to set the following charges. And just these fees can be calculated on all loans they give:
- Once you have been awarded a loan. You will be charged an interest not exceeding 10% of your principal loan.
- Every month’s settlement that you fail to make you will incur a fee. You will be charged a charge of about S$60.
- A lender might file any successful claim for the recovery of payday loans. You will have to pay the legal fees. These charges will have been ordered by the law court.
Licensed moneylenders are among financial institutions that offer loans. The loans they offer are payable over a set time. On a short notice, these money lenders can help you. They also offer several loan types. This includes payday loans as well as personal loans. Most licensed moneylenders carry out minimum background checks.
The moneylenders will offer you different loan options. The licensed lender can help by offering you different types of loan. These lenders don’t have any hidden fees and have no surprise costs. All their fees are broken and calculated for you.