Traditional loan methods are now obsolete. When deciding whether or not to lend you money, banks consider your financial situation and credit history. Singaporeans have many options when it comes to borrowing money quickly. Consider getting a personal loan from a Singapore licensed moneylender for a low-interest short-term loan.
Licensed moneylenders provide a range of loan options based on your needs. Consider these frequently asked questions before getting a loan.
Who are Licensed Moneylenders?
A licensed moneylender is a private payday loan company in Singapore that is authorised by law to lend money to people who need it quickly. They are regulated by Singapore’s Ministry of Law and are registered with the country’s government. You don’t have to worry about them acting like the shady loan sharks you’ve heard about. The moneylenders are usually financed by private companies to create loan packages.
How to Apply for a Loan with Licensed Moneylenders?
Sending in a loan application couldn’t be easier. For example, licensed money lenders like Monetium Credit have an online application form that you can fill out. Your online application will be reviewed by most licensed moneylenders within a single business day.
A licensed money lender from Singapore will assess your finances and credit score based on your needs and the loan’s purpose. Banks are tougher on credit than payday lenders. You can still get a loan from moneylenders despite your bad credit.
What Loans Can Licensed Moneylenders Provide?
Singapore’s money lenders follow the country’s laws regarding loan amounts and interest rates. The amount a lender can lend depends on the type of loan they are licensed to make.
If you need a large sum of money, you should go to a bank. A licensed moneylender from Singapore is better for payday loans and medical emergencies. After submitting all required paperwork, you may receive your funds within hours.
Factors affecting licensed moneylender interest rates include: But you’ll get better rates and faster loan approvals.
If you are interested in an urgent cash loan in Singapore because you’re stuck in debt, worry not for Monetium Credit is always there to help. Contact them today!