Why Search for a Licensed Moneylender Online?
Your financial well-being is the main element that can influence your family’s personal and professional growth.
However, for reasons beyond our control, our economic assets may be insufficient for the scope of our ambitions. Do your children wish to continue their studies at a private foreign university?
Would you like to go on holiday with friends and family? Does your house need renovation, or are you interested in changing your car?
In that case, a solution to your predicaments could be looking for a licensed money lender online who can offer you the financial packages you need.
Why search for reliable money lenders in Singapore? It’s all about convenience. Unlike traditional banks, private moneylenders do most of their business online, and this means that their financial services are available anytime, regardless of the time of day or geographical location.
Do you work long hours, and does this not allow you to visit the physical location of a traditional banking institution? In that case, a private lender might be of help.
The loan application you submit can be completed directly from the comfort of your own home, and a response will be received, usually in less than 48 hours.
Of course, there are types of financial packages, such as business loans, which may require a longer waiting period and whose approval rate is lower.
However, in general, the economic packages offered by a licensed money lender online are characterized by speed, transparency, privacy, and accessibility.
The loans of private lenders usually require more lenient eligibility criteria; their activity falls under the scope of the Ministry of Law, and the Registry of Moneylenders limits the maximum interest rates they can charge for the financial services offered.
When Should You Consider the Services of Reliable Money Lenders?
Singapore is a developed country where opportunities for professional and personal development are abundant.
However, at the same time, it is also one of the most expensive nations in the world, which is why the number of private moneylenders operating here is at an all-time high.
Currently, SG is home to 150 licensed private lenders whom the Ministry of Law authorizes to operate in our country. And this number, although currently frozen, shows prospects of increasing in the near future.
Why are more and more people looking for a licensed money lender online? The growing financial needs of our citizens.
Are you facing emergency expenses that have drained your emergency fund? Have you found an investment opportunity you want to take advantage of?
Do you want to invest in your children’s education, or do you want to combine your existing loans into a single debt consolidation loan? In this case, the services of a licensed money lender online may be ideal for your financial needs.
From personal loans to mortgages, business credits, or payday loans, the financial services offered by the reliable money lenders active in our country are versatile and, in recent years, have become a staple of the everyday living of Singaporean citizens.
What Types of Loans Can You Get?
Firstly, if you need a sizeable amount to use for various purposes, then you could apply for a personal loan.
These types of financial instruments can be used for anything from covering monthly expenses to business investments or renovations and vacations.
Personal loans are flexible, are often unsecured, boast a favorable interest rate, and their repayment period is typically between one and two years.
Would you like to join the growing number of Singaporeans looking to buy a home? Are you fed up with the ever-increasing rent that cover a good part of your daily income?
Then, you could consider a mortgage offered by a licensed money lender online. Home loans are extended-term financial instruments that can come with variable interest rates or fixed APR’s at a predetermined amount.
Home loans are the only suitable way to buy a home in the current economic climate. However, most of the time, these financial packages require collaterals.
Not least, if you are already managing multiple loans at once, you could consider a debt consolidation financial package.
These types of loans involve combining several loans into a single package, which will streamline your monthly payments, all for more advantageous financial terms.
Debt consolidation loans are beneficial because they can have a positive effect on your credit score. Moreover, the interest rate of the new loan may be lower than that of the old one, and the repayment process is greatly simplified.
What Are the General Requirements for a Loan in Singapore?
Are you looking to contact the services of reliable money lenders in Singapore? In that case, you will need to fit into a predetermined set of requirements.
First of all, to get an unsecured loan in Singapore, you will need to be a permanent resident of our country, be at least 20 years old, and be employed at your current place of work for more than six months.
It is possible to get a loan if you are self-employed, but the documents you need to upload will be different.
On top of that, the licensed money lender online you apply to will need proof of your identity, and here, your NRIC will be sufficient, bank statements showing your financial assets for the last three months, residency proof, and a document showing your credit score.
The latter is critical, as most lenders will offer less attractive credit terms if your credit score is below 1800.
Not least, the moneylender to whom you apply is likely to ask for a copy of your employment contract and a statement of your CPF account.
The Most Convenient Tool for Quick Capital Gains
Using the professional services of a licensed online money lender is the best way to obtain the capital you need for your personal and professional ambitions. Singapore is a diverse country where growth opportunities are at every turn.
However, these opportunities are often closely linked to the capital you have at your disposal.
An unsecured short-term loan can be a way for you to account for emergency expenses, invest in the education of your children, consolidate your debts, invest in the businesses of your friends, or finance other purchases that have the potential to change the quality of your life.
From personal loans suitable for car purchases and vacations to payday loans ideal for covering monthly expenses, the finance packages that are offered by private lenders active in our country are impressive, and very often, their eligibility conditions are more lenient than in the case of national banks.
The financial services of private lenders are transparent and supervised by the Registry of Moneylenders, their activity is limited, the interests of borrowers are protected, and the ease with which their financial offerings can be accessed makes them the preferred option for the majority of Singaporean full-time workers.
