Those who do not know the meaning of a licensed moneylender should not imagine about the loan does not matter which type of loan it is. It’s just like playing sports without knowing the basic rules.
A licensed lender in Singapore referred to those section of a moneylender who is legalised by the government authority to continue financing others who are under financial crisis or to those who needs urgent cash by hook or crook.
Needless to say, they can also help small business and sometimes even international organisation to get the required fund on the go.
The bank loan and loans from a moneylender shares similarity in their process of mortgaging, but not completely. There are some features of a licensed lender which is drastically distinct from any other cash providers.
Do you know what those features are? Let us get into it.
Features of licensed moneylender
It is not a mind puzzling the fact that a bank is giving their loan facility with high rates of interest. And more on, multinational banks whose headquarters are located in highly developed countries can set the initial interest around 21 to 30 per cent, which is more than enough to ruin your pockets and sell out your one kidney for paying them back.
Almost all the lenders who are licensed come under government control. But that does not mean they are getting monthly wages from the administration itself; they are not an employee of any public scheme.
When we talk about a legal lender in Singapore, it means that those mortgages will not cross the boundaries of interest rates layered down by the ministry of law.
Moreover, unlike a loan shark, the possibility of getting money from legal mortgagers is very less. After all, their income source is genuine. If your lender is not making approves immediately, then he is probably a legal one, and you don’t have to worry about his legality.
But it must be accepted that not all licensed is going to give you the best loan according to your demand. So, you are going to find a good deal?
Find the ideal loan offer from a licensed moneylender flexible repayment loan in Singapore.
Before looking at the best loan offer, you should get into your knowledge that what is the ideal loan offered by any of the moneylenders, does not matter which type. What is the best loan offer one can get?
- Loan interest
Usually, many of us will refer to a good loan by looking at the rate of loan interest. Imagine just wasting all your bank money as well as selling items that hold market value just to pay back your interest debt. It is never going to end until you pay all your loan amount.
So, a lowest rate personal loan Singapore is always the best type of loan. Many financial advisors and experts also refer to a good loan with a lower interest rate.
Well, this method of examination is quite sensible but will never work every time. You just can’t believe that a good loan means a low interest rate.
- Repayment dates
There are many other aspects and terms related to the due date.
One such important term is repayment date on time. Most of the lenders in courtiers like Singapore are popular because of their repayments dates repayment date is the time when a loanee has to repay the amount borrowed from the mortgager. It does not even matter which type of lender or loaner it is. If you have borrowed the money, then you have to pay them by hook or crook.
However, if a lender is ready to give you a huge amount, and sets the repayments date of more than 7 to 8 months, consider yourself a fortunate borrower and go for it.
Apart from this, suppose your demand is a few thousands dollar, and if they set the repayment date of more than a year, then you must definitely consider looking at such types of lenders. Although, it is quite difficult to get such lenders.
Above all, everyone loves their money, and nobody wants to take the risk of lending their money to others for more than a month.
- No requirement of collateral
This is not the only way to find the ideal deal. Yes, there are certainly other aspects to it.
A most common way to determine whether the loan offer is best or not is by looking at the mortgager’s demand for collateral.
If you are not aware of what does collateral means in the sector of providing and taking loans, then it’s just like catching a fish without a fishing rod. Collateral is a professional term used to determine the property or assets given as the mortgage.
In a more simplified term, those who are taking loans have to first present collateral of their assets which has a good value equivalent to that of the loan amount.
By this, the lender can ensure that if a borrower escapes from paying back their loan in future, then they can sell their collateral and gain the same amount which the borrower was supposed to pay.
Anyways, you don’t have to risk your property if the moneylender from the licensed moneylender list is providing you loans without taking up a collateral
So, are you still searching for where to get a personal loan fast even if you are a bad debtor?
If you are one of those whose name is reregistered in the category of bed debtor, then it is nearly impossible for you to get loans from any of the moneylenders. However, you can collaborate with your loan partner and get this issue solved easily.
But hang on a second. There is a catch here. A licensed moneylender in Singapore will hardly give you this feature of co-signing with your loan partner. Although if someone is still up providing you with their money, even if you are a bad debtor, then be sure to never miss this golden opportunity.
By using these techniques, you now have the key to find the ideal loan offer from a licensed moneylender.