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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.

Author: Carina.W

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