The Need for Authorised Money Lenders in Singapore.

The Need for Authorised Money Lenders in Singapore.

On the up come of a difficult financial situation in life, most Singaporeans often consult the money lenders for financial assistance. These businesses offer financial services to individuals who face such financial emergency situations where their bank savings may not be enough to meet such unexpected financial needs. However, one needs to consult an authorised money lender Singapore for the following reasons.

Consulting authorised money lenders enables one to be aware of the prevailing interest rates, the maximum loan limits and the scheduled repayment. This eliminates guesses on how much you can borrow and the interest on top of the principal as one is notified ahead of the amount that he or she qualifies and the expected monthly repayment. In addition, there is a faster approval time for the loan application unlike in the case of unlicensed money lenders. Some situations are so urgent that you cannot wait any longer for your salary to hit your bank account to settle immediate expenses.

There is a physical office you can visit for business purposes. This is important especially for signing the contract once the loan application has been approved, and this requires going to the lender’s office. In Singapore, only licensed and authorised money lenders have an office and a registered landline that you can contact. You can get the amount that you need without the lengthy and extensive paper work, unlike in commercial banks. This is because licensed money lenders offer unsecured loans and there is no need to carry out tedious checks and credit score reviews. There is also a written agreement that that has everything about your loan, and this avoids a case where the lender demands you to pay an amount not stipulated in the contract.

It’s therefore a smart move to confirm the legitimacy of money lenders by checking their licenses to ensure that they are running legal businesses and that they abide to the laws set by the authorities.