Archive for January 2022

Reasons Why You’d Go To a Moneylender

Financial needs can happen to you at any time, whether you know it or not. It could be about marriage, personal or business experiences. Or you run out of money in the middle of the month and you need some to cover the rest of the month.

In such cases, many find it difficult to borrow or borrow to overcome the financial crisis. If you are in a financial emergency and need a quick loan, a qualified lender is the best option for you. You must visit Sumo Credit Pte Ltd, they are good at money lending in ang mo kio.

Banks take a lot of time to process a loan. In addition, the bank checks your financial status and credit rating to calculate your chances of getting your money back.

If you are a Singapore citizen, you have many options for getting a quick loan. Lenders in Singapore can offer you fast loans at low-interest rates. Depending on the type of loan you need, prospective lenders may offer a package that suits your needs.

Here are some of the benefits of choosing a Moneylender:

No harassment

If you are dealing with a moneylender, you will have no problems. The Borrower conducts his business in accordance with the rules and regulations set by the government of Singapore and a reasonable interest rate conforms to the interest rate.

Fixed interest rate and guaranteed contract

On the part of the legitimate creditors, the terms of the agreement – financing, interest, and contractual conditions – will be respected without any doubt.

The loan from Moneylenders is legal

You might think that whether a loan taken from moneylenders is legal or not, then you must get tension-free because it is totally legal in Singapore. You just have to choose a legal moneylender who operates in physical facilities & you must go to their companies that are easily accessible. Instead of relying solely on text messages and phone calls to negotiate as many illegal moneylenders do, the right moneylender will do all the business such as signing contracts, etc in his office.

Efficiency

When getting loans from a moneylender, your dark credit score should be crucial. The good nature of loans for legal moneylenders means that you do not have to worry about strong, long-term agreements. Once the required documents have been completed and your application has been approved, your payment will be yours.

Interest Rate

If you are taking a loan from a licensed moneylender then you will not have to worry about the interest rates. Because their interest rate is affordable & you can repay them easily.

Signs that you need a Moneylender

When a person or an organization creates a business to lend money at interest to another person or to an organization, called Moneylender & this business is called Money Lending business. (Generally, Moneylenders are individuals).

Here you might get confused between bank & Moneylender. But these are two different entities even though both have the same functions. You can find people good at money lending in ang mo kio easily.

There are some Pros & Cons of borrowing money from Moneylenders:

Pros:

  • Less Documentation on borrowing money.
  • Even a person with less credit score or no credit score can borrow money.
  • Moneylenders generally accept Gold, Jewelry, or land as security. (But it can differ from Moneylender to Moneylender).

Cons:

  • The process of recovery is rigid & strict on non-repayment of loans.
  • The rate of interest is decided by the Moneylender & is normally very high than some Bank & other financial institutions.
  • There are many Moneylenders in the market who are not licensed.

These are signs that you need a moneylender:

Less Credit Score – If you need a Home loan, personal loan, business loan, or any type of loan but you are not getting your loan due to less credit score or no credit score, then you must visit a moneylender. Because moneylenders focus on your future property which you are developing, not on your past credit score.

Security – If you need a loan but either you don’t have land & building for security or you have land & building for security but you don’t want to collateral that land & building, then you must contact a moneylender. Because they accept Gold or any other Jewelry as security.

No Documented Income – There are many people whose income is not documented but need loans. For example,farmers, small businessmen, cash salaried people & many more. If these people apply for a loan in banks & financial institutions, then there is a very high chance that it might get rejected. But moneylenders lend these people monies at interest.

No additional charges – There are many charges deducted before approving a loan in banks such as processing fees, legal fees, technical fees, CERSAI charges (in case of a Home loan) & many more. They deduct 3 to 4 percent of your loan amount in charges. But there is no extra charge other than interest like banks & financial institutions. Therefore, if you want to avoid these charges then you must visit moneylenders.

Low-income – If your income is not high then you might face difficulties getting a loan from banks & other financial institutions. That’s why it is advised for low-income people that you must contact a moneylender, you would get an easy loan.

To summarize, if you are struggling for loans in banks & financial institutions due to any reason & still you are not getting your required amount of loan then there are many listed moneylenders whom you can meet & get your loan in an easy way.