The Advantages of Contacting a Licensed Money Lender in Singapore

The Advantages of Contacting a Licensed Money Lender in Singapore

We all want to invest in our children's future, purchase goods that will help us in our day-to-day living, and find ways to earn extra income. However, most of the time, our plans are limited by the funds we have. Would you like to benefit from a financial influx that can set your goals in motion?

In that case, an excellent idea would be to seek the professional services of a licensed money lender in Singapore. Why go for private money lenders? To put it simply, they are more convenient. 

Private lenders usually offer a faster approval process for the financial packages they provide, and their range of loans is more varied than that of traditional banking institutions. Need quick cash with no questions asked? Do you require flexibility in your financial package?

If that's the case, the best solution available is to use the services of private money lenders. Private lenders are less stringent with their loan requirements; in some cases, they can offer financial packages even to borrowers with an unfavorable credit score, and the terms of their services can be customizable according to your needs.

What Loans Can Be Offered by a Licensed Money Lender? 

For most Singaporeans, loans have become a daily necessity and are a tool to continue our activities without financial constraints. Do you have big ambitions that can only be achieved through a consistent monetary inflow?

If so, you will need access to the financial packages offered by a licensed money lender. What loan will such an expert provide? For one thing, the money lenders you call will offer personal unsecured loans, which can be used for everything from car purchases to managing financial emergencies.

Personal loans are the most popular type of financial instrument used by Singaporeans, and their repayment terms are significantly more advantageous than payday loans. Payday credits are short-term financial instruments with high interest rates that are usually repaid on the next paycheck. These types of loans are not sound long-term investments. However, in the short term, they can be a momentary solution to get out of difficult situations.

The expert you call could also offer you SME loans if you want to expand your professional activities, real-estate credits, renovation loans, or debt consolidation credits. The latter is significant because although Singapore is one of the safest and most developed countries in the world, the percentage of people with multiple unmanageable loans is on the rise. DBT loans can be a way to merge your outstanding debt into a single financial package, which will eventually be more straightforward to repay.

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What Does the Application Process Look Like? 

First, you will need to find a lender who offers financial packages that are advantageous to your situation and who is open to your inquiries. The good thing about Singaporean private lenders is that most of them use online platforms for the financing packages they offer. So, comparing them is straightforward.

Once you have found a lender that suits your requirements, you'll have to submit an official credit application in which to specify which loan you want to get. Afterward, you'll need to fill out a form with your personal information. 

Depending on the credit you are applying for, the lender may ask for additional documents to verify your eligibility and perform a risk assessment to determine your overall creditworthiness. If everything goes well and you meet the minimum credit requirements imposed by the Monetary Authority of our state, your application should receive a response in less than 24 hours.

Have you accepted the proposed financial offer? If so, the money you need will be disbursed on the spot. However, it should be noted that you will need a local account and that the waiting time for the approval of your application can be extended depending on the financial package you are interested in.

What Documents Will You Need? 

First, the reputable and licensed money lender in Singapore you apply to will require proof of your residency and income sources. In most cases, your NRIC or Work Pass is sufficient, while your salaried status can be determined through pay slips, bank statements, or employment letters. Are you self-employed? If so, you will most likely be asked for an Income Tax Notice of Assessments.

The lender you call will need proof of residence, in which case a Rental Agreement is usually enough, and he will check your available loan quota through the Moneylender Credit Bureau. It would be best if you did not show up with outstanding unpaid loans. Plus, your credit score should be above 1700-1800. However, exceptions can be made. 

Are you paying other loans at the same time? If so, you may be asked for previous loan statements, and if you apply for business credit, the private money lenders will ask for a future profit assessment. As a general rule, applying for a loan in SG is straightforward, and the loan conditions and documentation required for approval are accessible.

However, things can get a bit more complicated if you are a foreigner, as in this case, based on the annual gross income, there are different caps to the monetary amounts that can be offered to expats. 

A Solution Preferred by Everyone

Why use the services of private money lenders instead of national banking institutions? Practicality. Private lenders are flexible with their credit terms, and very often, the process of applying for their financial packages is significantly more straightforward. Private lenders are less stringent, the repayment terms of their loans can, in some cases, be negotiated, and they offer financial packages that are not provided in the product offerings of traditional banks. Do you need a short-term payday loan? If so, the only solution available to you is to use the services of private lenders.

In our country, the risks associated with financial services, whether they come from private or national institutions, are non-existent. The Ministry of Law supervises the activity of money lenders, and the rules they must follow are defined by the Moneylenders Act. Not least, the majority of them use online platforms, so they are much more convenient than traditional banks, which typically require your physical presence for the loan approval process.