What to expect for the interest and other fee charge by moneylender?

While it is true that licensed moneylenders are fast in respond to your loan application and more lenient when it comes to requirements and credentials compared to banks, there is still one important aspect to consider and that is the interest. Since licensed moneylenders accept loan applications from high-risked profiles (low income, bad credit rating, foreigner, etc.), their interest rates tend to be higher than banks. Obviously licensed moneylenders trying to balance higher cost in their operation and high risk customer profile which might lead to higher bad debt. Being exposed to many high-risked profile customers is one of the reasons why interests are higher and far different in value from those in banks. This is just their way to survive the market. Having a low interest will only lead to losses and no value in continue the lending business.

While lending industry is concern. All of the licensed moneylenders’ interest and other fees are regulated by the Ministry of Moneylender. The interests that they charged follows the guidelines from the ministry so there is no need to worry about any illegal or ridiculous fees. The most convenient advantage of lending from money lender in Singapore is that loan are easy to apply and instant cash ready as when you need it. So if you’re experiencing a financial crisis, you might face frustration and need cash in the shortest time, you can ease your worry by going through the licensed moneylenders to apply for a loan. It is faster and easier and instant on the spot.
Don’t hesitate and give it a try! You might find yourself having a brand new perspective for the licensed moneylenders in Singapore.

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