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Are Self Employed Allowed to Apply For Personal Loan From Licensed Moneylender?

If you decide to take a personal loan, but do not know where to go to get it, always choose a licensed moneylender in Singapore. By choosing a legal money lender, you can avoid harassment, which often happens with credit sharks or unlicensed moneylenders. Often people have this misconception about licensed money lenders thinking that they are affiliated with those illegal lenders also known as Loan Sharks. Licensed money lenders in Singapore are authorised by the government and they adhere to strict laws or be subject to significant fines or terminate their licenses. (Read up on: Are there still Reliable Money Lenders in Singapore?)

Licensed moneylenders have restrictions imposed on them when charging interest on personal loans. This means that you can be sure that you are not being deceived to pay ridiculously high-interest rates, and your loan will be more manageable for repayment. A personal loan is also called an unsecured loan. These loans are often used by borrowers for small purchases or unforeseen expenses that help borrowers with their financing. The moneylenders do not allow you to advertise or even send
you any text messages of any kind to advertise or try to take a personal loan unlike loan sharks. These loan sharks do not have a physical office that is why they are doing all these by sending text messages. If these illegal moneylenders violate the personal act of DNC and you can and must report them. These actions are in place to protect the general public from being lured into a personal loan when roaming chatter carrots if necessary.

Unexpected happens all the time, and you can urgently need cash, whether it’s a business loans with cash or when you need to urgently buy a purchase. The instant personal loan is a quick way to help you overcome. It is advisable to get an instant personal loan from money lenders who have hold authorised license.

Advantages of an instant personal loan?

This is easy. No complicated and lengthy procedures are required. All you need is a few simple steps and almost no problems. This is also almost immediately, as the name implies. This is in most cases safe, as long as the licensee issuing your loan gets a
license. If earlier you had bad credit, do not worry. Until you meet the requirements of a usurer to receive a personal loan, you can still borrow the amount of money subject to approval.

If you are using a personal loan for the first time, you should know the advantages of using it in other ways of meeting your financial needs. The licensed moneylender has a license to open a business, provides a minimum interest rate, and the entire application process is impossible. The documentation process is quick, and only original documents are required. The
payment is well planned with an expert considering the possibility of repaying the customer. Thus, when there are so many advantages associated with a professional personal loan.

 

 

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Money Misapprehension Singaporeans Have

There is absolutely nothing wrong about putting value on money. In fact, it is only practical that you start thinking more about your finances since this can help you achieve a more comfortable life and a secure future. By setting up your financial goals, you can begin working towards achieving it, which can give you a better shot at experiencing financial freedom earlier in life. But just because you have a particular financial objective, this does not mean not spending on anything. Of course, there are basic necessities in life that come with a price tag, and you will have to allot some money for these. At the same time, it all depends on your choices of where to source out your basic needs or some luxuries you want to reward yourself with.

The following misconceptions that Singaporeans have about money can be tough to deal with, and they can even impact your decisions in your day to day life. By debunking these myths, you can throw away those preconceived and rather faulty ideas about money, so you can attain your financial goals.

1. In Singapore, every shopping mall is so expensive

There is this concept that several people have about shopping malls in Singapore and how expensive these are. Thus, they fear the possibility of getting into serious debts because of shopping. But is this really true?

Quite honestly, it is true that shopping too frequently is never a smart and practical hobby. If you are a big spender and enjoy buying items even if you are aware of how unnecessary these are to your life, then there is no doubt that you may end up being in debt too often. Yet, if you need to buy essential items, there is no problem with doing so since there are various places in Singapore to get the best deals suitable to your budget.

There are endless opportunities for shopping aficionados that are widely available in Singapore. Various stores feature an array of good quality products at different price ranges. In fact, there are places that offer contemporary and traditional items, as well as local and foreign products. In Singapore, it is impossible not to find what you need – and it is all about searching for the place that can give you the most reasonable deals. Some people assume that shopping in this part of the world means going beyond their budget because of their choice of mall or store. If you go to Orchard Road for shopping, then it is likely for you to max out on your credit card bill. This is the place to go where you can find luxury and branded items that are in the 6-figure range at times, which is beyond the purchasing capability of the average working adult in the country.

So, the next time you need to go buy something at the store, and you feel uncertain whether you should head out or not because of your misconception about Singapore malls, then you know where to go. Flea markets and discount shops are perfect for every budget-conscious individual who just wants to save on their expenses while giving in to their desire to shop for quality products.

2. A significant amount for your emergency fund is a must

We all need to have an emergency fund – this is not even a big surprise to anyone. But some people are afraid of failing at it maybe because they aspired too high and wanted to start with a huge amount for the fund. Now that is where the problem starts since they may have high expectations when it comes to the amount of money they need to save and put into their emergency savings. Just because you have this fear, this should not stop you from wanting to set up your emergency fund. You can never tell how the future may turn out, and there are always some surprises that life throws out at us. These personal dilemmas that can significantly impact your finances include theft, illness, and unemployment. Just imagine how difficult it would be if suddenly you find yourself jobless, yet there are massive bills to pay. How can you possibly get through this problem in life?

This is why it is important to build a reasonable emergency fund that is good for a few months. Experts suggest that a reasonable amount would be 6 months worth of your income. If you have this amount saved, then you will be able to ease your worries in case unexpected situations arise in life. If you are unable to save in time, then what can you do? Alternatively, you can approach licensed money lenders in Singapore who are fully authorised by the MLAW. They offer the best payday loan that you can ever find in Singapore.

 

3. Your retirement is already well taken care of by your CPF savings

Sadly, there are some individuals who feel that they can rely on what the welfare system offers for their retirement. The CPF savings aim to help you get by in life, as long as it is within the minimum standard. But the thing is, are you really satisfied with this, or do you want to live more comfortably during your retirement years?

Unfortunately, the CPF savings will not suffice when it comes to sustaining your ideal lifestyle once you are in your retirement stage. This is merely a safety net – a basic one – that can be your cushion for supplying your essential needs such as food and shelter. But if your goal is to travel more, enjoy dining at fancy restaurants, or living in a nicer place during your old age, then you should not even consider your CPF savings as your retirement fund. This will never be sufficient for your high hopes for the future.

What you should do is to come up with a more realistic emergency fund, along with your retirement account. You have been working all your life, and the last thing you want is to maintain a status as an employee even when you are old and gray. As early as now, make better choices with your finances and consider debunking all of these misconceptions about money. Aim to be more well-informed about these things, so you can create a more favorable and more comfortable future for yourself and your loved ones.

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Smart and Swift Ways To Save Money Now

Everyone knows it necessary to spend less than we earn. And it is also important for us to save money. However, the truth is that a lot of people will spend more than the amount they can make. As a result, these people will be in debt especially your credit card bills. If you ever need some quick loans such as personal loan or payday loan, you can always approach licensed money lender in Singapore as your temporary means to solve your problems.  Even if you are now in debt, you should try to spend less if you are unable to save some money every month.

Of course, you may wonder how you can save more money. And here are some tips for you!

Cut Down On All The Unnecessary

You may consider cutting down your household expenses. One of the things you can consider is to reduce your electricity bill. You should make sure that you only use appliances which are energy efficient. Besides, you should not switch on the air conditioner when it is not needed. In fact, turning on a fan will be good enough in most cases. You will find that you can save a lot if you do not always switch the air conditioner on.

When you need to save money and don’t have much, to begin with, there are some unique shortcuts you can take to have the cash to set aside. People think that saving money is so daunting a prospect, but if you think outside the box and pay close attention to your goals, you can end up being able to save up for something big or just have more money every month. Invest in a good buzzer if you’re a guy, or you have children, and do it yourself. Get rid of cable TV. Watch movies, read or play games. There are cheap movie rentals out there and even subscriptions to get movies delivered to your door. Once you go without it for a few weeks, you shouldn’t miss it much. Consider buying less meat and getting your proteins from other sources.

Health Is Important

Along the same health lines, don’t pay for a gym membership that you aren’t even using. If you don’t have the motivation to do it at home and don’t have the motivation to get to the gym, why pay for it? Then, when you dedicate yourself to working out, you can save money by doing it at home. Decide what flicks are the best to catch on the big screen, and limit the number of movies you go to. As mentioned before, $1 movie rentals do exist.

Quit smoking! Now there’s a goal with multiple benefits. Not only are you saving money on the packs you are not buying, but you are also healthier and will save money in insurance costs. And since we are on that soapbox, cut down on your drinking of alcohol. It can get very pricey over time. If you always have something on hand, experiment with different brands to see if you can switch to a cheaper one. Have nights in. If you don’t make it habit to go out to restaurants, the theatre, or to clubs, then you can save quite a bit of money. If you stay as good as you can by eating better, getting more exercise and dropping bad habits, you will save money in health costs. Reduce your shopping trips. When you spend a day shopping, you are subject to impulse purchases and even usually buy food while you are out. You can save money by shopping with a list of the specific items you need to purchase instead of meandering the sales. If you have the type of family that can get by on one vehicle, then do so for awhile. That can save you a couple hundred per month!

Bring your lunch to work whenever you can. Say no to your magazine subscriptions; read what you can online instead.
Travel less. If you don’t travel very much anyway, plan your outings, so you get everything done in one or two trips a week instead.
Set down the latte! Have a treat now and then but most times, make your coffee. If you like the dessert kinds of coffee, buy some supplies and experiment yourself. None of this is to say that you can’t budget for a night out at the movies or a weekend vacation.

Learning to let go of things you know you can live without and cut back on the things you don’t want to live without, can save you more money than you might realize.Good luck, and get anyone you know on board with you that you can. Tell them your goal and get them on your side for support.

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A Solution to resolve your Wedding and Honeymoon Loans

After a lot of thinking, now you have decided to get married. Taking that judgment shows several different methods of starting, starting of new life, starting to want to be accountable and also refers starting to get annoyed about the wedding. Wedding planning is not very easy, and you want to begin to consider on wedding details. The dress, the place, the band, catering, the list of guests and some expenses like the flowers, photographers and the honeymoon. These things keep collectively in mind are definite the fantastic party. Face reality. These things refer more money.

Wedding loan in Singapore:

Marriage expenses can overpass the budget, a traditional wedding can go up to twelve thousand dollars, and it would be more if you prefer your wedding to be over than normal. You have three probabilities to deal with the wedding cost. You could avail your credit card, your savings or you could look for a wedding. A wedding loan may be the right choices to spend the wedding expenses, without using the credit card and without availing your savings. A better idea may be to avail portion of your savings to pay  off the wedding expenses and obtain a low interest wedding loan to cover the other costs.

Cash loan Singapore low interest:

Most of the lenders will provide you to look for about twenty five thousand dollars. Thus, this may differ, based on the lender, the credit points, and the repayment capability. Cash loan Singapore interest for a wedding is affordable than other types of loans. They are likely to get even with poor credit; you will also be able to obtain terms and repayment regulations based on your requirements and possibilities. These loans can be availed to finance for different types of wedding expenses, beginning with flowers, keeping reception and the wedding dress. Wedding and honeymoon loans are provided in secured and unsecured methods.

Fixed rates:

Considering a secured loan you will be needed to keep a collateral like a car, house or other items which can cover the wedding loan suppose if you fail in making the repayment, as a profit, these types of loans will be affordable. Unsecured loans for wedding expenses will not need collateral; however, they can get little higher rates. Interest rates for these loans are provided in two methods fixed and variable. Fixed rates will secure the loan payments; you will also be paying the similar sum of the amount at the time of the whole repayment.

Lowest interest wedding loan:

Variable interest rates will alter within the refund time, and this shows that you can begin paying a smaller sum than you will be paying the amount with fixed charges at the starting and some months after start paying a greater sum till you have completely paid the loan amount. A wedding is a special time for every person for that no stone is left unchanged to create it unforgettable. If there is a financial crisis, you can create it irrelevant by choosing for wedding loan Singapore. To do the marriage very glamor occasion that is a moment to enjoy can look for this loan.

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Lack of that car downpayment to drive that favourite car of yours?

As most Singaporean car owners should already know, in order to procure a car in Singapore, there is a minimum downpayment needed as a car is a high involvement product hence there should be a consideration for both parties and a car does not come cheap these days in Singapore. Being able to afford one would make you slightly above the middle class status.

Everyone wants to have their own transport instead of squeezing in the public transport such as the MRT or public buses. To be able to travel anywhere at any point of time as it is really convenient. But getting a car is a big commitment that cannot be taken lightly. Some of the considerations that new car owners should take would be the fuel consumption rate of the car, not only do you have to refill for it when the fuel is out, car insurance is involved to safeguard your car and yourself in worst case scenario if you were to get caught in an car accident, road tax and season parking fees are also some extra costs involved. Filtering in the monthly car loan it will be quite a hefty amount to pay monthly.

Owning a car of your own is a where you undertake a big responsibility to service all the loans and any other additional expenses that comes with it. Rationally, if your work does not require you to travel around frequently, it is not advisable for one to be getting a car if you are not earning a good amount of money where you will not compromise your living expenditure at the expense of your monthly salary. Hence you should seriously consider and think twice before getting yourself a car.

In order to take out a car loan from a bank, you have to have a good credit history or score as this would be an amount that the bank considers to be big. Do not get yourself into a situation where you will make late repayments for your other loans as this would be a factor that will affect your credit score negatively. A credit rating reflects how well you are with your finances. It is totally fine to owe credit card bills and loans, but you should take out loans and affix your signature on the things that you are comfortable to commit to rather than spending future money which has not arrive, this is not wise. Your credit score will prove how credible and trustworthy you are when it comes to taking out big loans such as housing loans or car loans.

That being said, banks also have a longer period if you decide to take out a loan to finance your car downpayment loan be it 30% or 40% downpayment is still at least a minimum of 5 figure amount where the bank would not take lightly. Several approvals have to be given and your credit score is the only passport to them. If they deem that it is a poor reflection of your credibility, your loan application would be rejected only weeks or months later. You would not be able to retrieve those time lost, waiting and not knowing if the loan will go through or not.

But you are able to also take out a car downpayment loan from reliable money lenders in Singapore. They would not take your credit rating into consideration as they believe that your past history does not depict what kind of a person you are right now at the present. Based on a couple of mandatory documents such as your latest 3 month’s payslip would be enough to vouch that you are able to make the repayment based on what period of time you wish to clear off the loan after which. Repayment periods are also being set by the borrower as these reliable money lenders in Singapore understands that everyone has their own constraints and would want the repayment to be done at your own comfort and pace. Their interest rates are comparable to the banks we see and sometimes even lower. You may consider taking out a car downpayment loan from them as an alternative.

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Are you in need of a Personal Loan for Low Income Singapore?

If you need a cash loan, you consider the Personal Loan for Low Income Singapore designed to meet your financial situation and available repayment options. It has been popular among the Singaporeans, foreign workers, and expatriates. Today, most money lenders try to focus on their customers’ satisfaction. They are happy to listen to your concerns and needs before obtaining it. To begin with, the people need to make sure where they can raise the money for their urgent things. There will be several short-term lending options to meet your financial needs no matter what your situation is. This loan can be used for the unexpected expenses, emergency situations, and bills.

What is more, the Low Income Personal Loan is tailored to tide over unexpected expenses. Each loan will be customized with flexible repayment plan. It is easy to obtain this loan, expecially when you don’t apply for too much money. Maybe, most banks will limit you to certain amount if the loan is unsecured. Nevertheless, a money lender doesn’t focus on this factor. It is great way to obtain funds to get the desired things. If you want to take out a loan without problems, it is important to look for a lender wisely.

There are a few tips that may be helpful to you. In your country, some banks will deliver you a Low Income Personal Loan with a minimum interest rates while others will give you a loan with low interest rates. This is why you need to do the comparison of their interest. It is imperative to pick one that fits your needs. Today, most lenders realize that most people who are too busy to go to their office, they can choose to think of selecting the loan online. This just takes them a few minutes to submit an application at home.

Before filling an application for the Personal Loan for Low Income Singapore, it is important to understand your loan eligibility as well else your application will get rejected. To complete your financial document is an important step that you need to do. In most cases, they will ask you to offer the additional documents such passport, visa and other things to get the loan. With a convenient and affordable fixed monthly installment plan, you can avoid getting into financial trouble. They will give you the best Personal loan solution as per your requirements, which can help avoid experiencing any problems during the repayment period.

Identifying licensed dealers

The Personal Loans Company is a Licensed Money Lender in Singapore. And you should transact with the licensed loan companies only. There is an easy way to locate the Licensed Money Lenders; search the website of the Ministry of Law, Singapore and you will get the detail list. If you receive an email or any SMS offering personal loans at an attractive rate then surely the company is a curb dealer; the licensed companies can’t advertise their product in this fashion. You must report it to the authority.

Personal loan

It is not obligatory on your part to take up any Personal Loan for Low Income Singapore. It is nothing but financial discipline. Personal loans are unsecured loans and attracts higher rate of interest, but personal loans are comparatively easy to get.

Do contact your preferred licensed moneylender to enquire further before making any decision as you do want to know more before taking out any form of loans. You may check this list of criteria to see if you are qualified to take out a loan.

Tips to sourcing out the Best Money Lender in Singapore

Always wanted to look for one of the Best Money Lender in Singapore? In terms of their Customer Service, their loan specialists, their waiting time, loan approval process, and the interest rates that they have to offer? These are a couple of things to look out for when you are qualifying a Money Lender in Singapore yourself.

Tell yourself that when it comes to Money Lending, there is no shortcuts to it. Doing your prior research and ensuring that the Moneylender that you are qualifying under your list fulfils the basic requirements, are they legalised? Meaning do they have the license to loan cash loans out to Singaporeans, you do not want any illegal “loan sharks” to be harassing you around your residence or your under your HDB block when it comes to repayments.

1) Enquire on the Waiting time and Customer Service

Waiting time is crucial as when we need to take out loan, it should be for an emergency use else why would we need to borrow money? If you are needed to wait for a long period of time, then it would be much safer for one to take out a loan with any local banks. Always check with a couple of Licensed Money Lender in Singapore, to see if they are able to offer you the loan that you need urgently under the shortest period of time that you are comfortable with.

Another essential aspect would be the Customer Service portion where the loan specialists that are there to serve you and your enquiries. These loan consultants play a very important role as they are suppose to guide and walk you through every detail, clause and term of a Loan Application that you are taking out. Making sure that you are crystal clear of what you are in for before affixing your signature onto that loan contract in black and white. If the loan consultants are not serious in explaining to you, or does not bother to even answer the simplest of the question that you have, then you will have to think twice before taking out a loan with that Moneylender. The Best Money Lender in Singapore will not allow their customers to wait too long as they know that this is a case of emergency.

2) Convenience and Loan Approval Process

Convenience is the key in our everyday lives now. Check to see the different modes of receiving your loan is possible. Either through Internet Banking, or to collect a cheque or cash down at the Moneylender’s office. If you have already furnished all required documents to the loan consultants, they should offer you the most convenient means of transferring you the loaned amount. The Loan Approval Process should not be too complicated and time consuming as well, because this will only heighten your stress levels and leave you hanging by a thread, not knowing if you will be granted a loan or to look for another Moneylender concurrently if there might be a chance that your application process might get rejected.

3) Interest Rates and Flexibility in the Repayment Schemes

Interest rates are one of the top most important factor when you take out a loan, if the money lender is imposing an unreasonable interest rate that is higher than most banks or the rest of the moneylenders, you have no obligation to take out a Personal Loan with them. Simply walk away and let them know that you are not comfortable to sign any contract and take out a loan with them. Repayment plans have to be worked out mutually and you have to play a part to make your prompt payment so as to avoid any late charges or snowballing the interest rate which might be quite hefty overall. Plan a date either monthly or weekly where you are comfortable to make your repayments to.

These couple of tips would eventually help you qualify more Reliable Money Lenders in Singapore.

Are there still Reliable Money Lenders in Singapore?

Can we still Rely on the Money Lenders in Singapore?

Often you have to confront with situations where you need to pay for any emergency expense such as hospital bills, unpaid electricity bills and so on. Some individuals might find these types of situations quite challenging given that they suffer from lack of sufficient funds. An ideal solution to fix their problems will be a source of emergency cash which can be easily provided by Reliable Money Lenders in Singapore. This money can prove to be a real life saver for these individuals in times of emergency.

A personal loan will enable you to cover all your unexpected expenses without any headache. In fact, you should not face many problems in taking out and also repaying these Personal Loans since the application procedure as well as the payment procedure is quite simple. On top of this, it is also possible to qualify for these types of loans even though you might have a poor credit rating.

How to come across a licensed and Reputed Money Lender in Singapore?

A question might luck in your mind, “Are there still Reliable Money Lenders in Singapore?” Although, there is no doubt about the fact that the majority of the lenders in the country are reliable, there are always a few exceptions. Therefore, it is imperative to ensure that these money lenders are quite reliable prior to starting filing for any loan application. Preferably, you should go for a Licensed Money Lender who can provide you with an opportunity to pay your bills plus other expenses instantly. Make it a point to check the list of the certified money lenders in the country which will allow you to comprehend whether the company is trustworthy and legitimate. You will be able to find a complete list of the lenders as well as institutions which operate legally in Singapore. This will help to assure you that you are dealing with genuine companies or businesses. Thus, this will prevent you to be scammed by any counterfeit company in the long run.

Besides checking out the list of certified money lenders, it will also be a smart idea to ask your friends and known persons for referrals. They might have worked with some Reliable Money Lenders in Singapore in the past and should be able to give you a fair idea about whether you should go for these lenders are not. In all probabilities, these lenders will also not disappoint you. Therefore, it is essential to verify the consistency of the quality of service offered by these lenders to their previous clients.

You can commence taking information about the application procedure and other requirements once you have come across a certified and reputed lender. Usually, these Reliable Money Lenders in Singapore require only a few things from their clients. There should not be any problem for your application to get approved so long as you’re employed, you are of legal age and you’re able to present evidence of your income, residential address and other essential documents. After taking out your loan, you will be able to pay off at least a significant portion of your expenses whether it is for utility bills, school fees, medical emergencies, minor home renovation and other important financial concerns which you might have.

Taking all the above factors into consideration, make it a point to take the advice of certified and reputed money lenders in Singapore who will definitely provide you with a top quality service for which they are known for many years.

Payday Loan- A Common Form Of Borrowing In Singapore

Payday loans can be defined as short term loans that are essentially based on the borrower’s personal check that are held on electronic access to the bank account of the borrower or for future deposit. Borrowers are required to write a personal check for the amount they borrowed in addition to receive cash and finance charge. In some instances, borrowers tend to sign over the electronic access to the bank accounts they own so as to receive and consequently repay the loan. Lenders withhold the checks until the following payday when the principal loan in addition to the finance charge are compulsory paid in a single lump sum. In order to pay the loan, borrowers are allowed to redeem the check so as to pay the loan using cash, permit the check to be deposited at a bank or simply pay the finance charge to forward the loan for the next pay period. It is a common form of borrowing in Singapore.

Requirements
Consumers require an open account that has a standing that is relatively good, identification and a reliable/steady source of income so as to qualify for the loan. Lenders often fail to conduct a comprehensive credit check or even make inquiries on whether a borrower can actually afford to repay it.

 

Pros
Payday loans have a number of advantages for borrowers in Singapore and all over the globe, the main ones include the following:

Fast approval and simple process
A major advantage of payday loans is that the whole process is quite simple and very quick. This is unlike the traditional loans we are accustomed to as the paperwork involved is less and the process is painless. All one has to do is to access an office, inform the lender the quantity required, submit the necessary documents and walk away with your cash in hand.

Privacy is secured
A majority of lenders dealing with payday loans will normally grant the requests of clients without further enquiries. The borrower will only be required to prove their ability to repay the loan and their employment status. Borrowers do not have to explain what they need the money for.

No credit checks
This is arguably the best part in the payday loan application. The applicant does not have to suffer embarrassment over their previous credit check performance. All that is required is the preparation of bank statements, pay stubs as well as a post-dated check. This is beats conventional loans that involved many hours or even days of paperwork and credit checks.

Instant cash
It takes as little as fifteen to twenty minutes to receive funds following a successful payday loan application. Successful application refers to gathering and submitting the required documents in good time. This reason makes the loan ideal for emergency cases.

No collateral required
Payday loans are unlike secured loans that needed collateral for people who have bad credit. The post-dated check is the only guarantee required in the application process. This makes the loan suitable as the applicant’s property will not risk repossession.

Conclusion
If you are planning to go for payday loan Singapore, you are now knowledgeable on the facts. It is perfectly fine to borrow money from a licensed money lender and what better way than taking a payday loan.

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Local bank Loans VS Legal Moneylender Loans

When emergency expenses come along, what can you possibly do to settle these if you do not have any access to extra funds? Should you head off to the bank to take out a loan, or is it more practical to contact a legal moneylender instead? Here, we feature a comparison between the two, so you can decide what to do when you need extra money for a difficult financial situation.

Local Bank Loans Pros and Cons

With so many banks in Singapore, you may think it should be easy finding one that could provide you with a loan to cover your needs. While this may be true for some, it may be worth looking into the reality you are dealing with when it comes to taking out bank loans.

Pros:

1. Dependable

If you are looking for credibility, then you can have the assurance that well-established banks in Singapore meet this criteria. When you go to a bank for a loan, you know that you are dealing with a trustworthy company for your financial concerns.

2. Legitimate

Borrowing money is a crucial decision to make. It is important that the institution where you are getting extra funds from is legitimate to operate its business. With a bank, you can never go wrong with this.

Cons:

The major drawback of taking out a regular bank loan is the long processing times. From the time you send in your application to the moment you submit the required paperwork, the entire process can take forever. If you need the money right away, it is not a practical move to go for a bank loan because of the lengthy demands for every borrower. Moreover, there is a risk of not being approved of a loan if you have a poor credit rating.

Legal Moneylender Pros and Cons:

If you want a shorter waiting time, lower interest rates, and an instant approval for your loan application, then you may consider borrowing money from a legal moneylender in Singapore. I personally recommend this option if you do not want to wait too long before you can get the amount of money you need. What’s more, if you have a low credit rating, an instant cash loan Singapore moneylenders offer should involve an easy and quick process.

Below are among the benefits that a licensed moneylender in Singapore can offer:

– Simple loan application steps

– Minimal paperwork required

– Open to people with low credit rating

– Lower interest rates

– Flexible repayment plan

– Instant approval

As long as you choose a licensed moneylender in the country, you are on the right track. With just a few steps involved in the entire process, you can get a low-interest fast cash loan Singapore licensed moneylenders offer minus the long wait. This can significantly reduce your stress level and get back on the right track with your finances set in place.

Be sure to choose the right moneylender for your needs. Consider the lender’s background, ratings from clients, rates and fees, and never hesitate to ask for clarifications whenever necessary.