There are just some moments in life when unplanned expenses may crop up, and you will need to have emergency funds ready. Unfortunately, this is not always the case with some people. Personally, you may have your savings account, but sometimes you will still need an access to quick funds whenever there are immediate expenses that needs to be settled. Whether it is your child’s tuition fee, credit card bills, or other expenses, it helps to have a way to borrow money at a lower interest rate to pay for these.
Benefits that Moneylenders in Singapore Offer
Moneylending companies provide numerous benefits to people living in Singapore who encounter tough financial situations. Some of the advantages you can expect include the following:
1. Fast Approval
A licensed moneylender does not require borrowers to go through several hoops before they can get the money they need. In fact, there are moneylenders in Singapore that offer a two-step process including the filling out of the online application form and the submission of required documents. Afterward, the borrower can expect to receive a notification from the moneylender within a day or two. This takes the stress out in taking out a regular bank loan that takes a longer waiting period.
2. Competitive Rates
Most moneylenders in Singapore offer lower interest rates that aids to the repayment of the loaned amount. For people who are having a hard time managing their finances, this can be a huge life saver since they no longer need to worry about paying a high interests on top of the principal sum. You should find a licensed moneylender that offers highly competitive rates to meet your budget.
3. Flexible Repayment Plan
What terrifies us the most about taking out a loan is the repayment schedule. We usually get anxious about not being able to repay the loan on time, which leads to penalties and unnecessary additional fees. Fortunately, the licensed moneylenders here in Singapore provides a flexible repayment scheme that minimises the stress level that borrowers go through.
Some Limitations to Consider
While there are several benefits that come with taking out a loan from a licensed moneylender, there are still some issues to consider. For instance, you need to be aware of your capability to repay the loan since failing to settle the amount on the date stated in the loan contract can result to penalties. This is a huge concern to those who pay late since instead of just paying the principal amount and the interest rate, a penalty is added on top of these.
You should also check the moneylender’s credentials and background. Never rely on a moneylender that is not licensed or unrecognised by the Registry of Moneylenders in Singapore. Always check reviews and feedback from other clients to make sure you are dealing with a trustworthy moneylender.
It always helps to know that when any emergencies strike, you can rely on a moneylender for financial assistance. Make it a point to choose a licensed moneylender in Singapore and check the contract details to avoid any inconvenience along the way.