Why people turn to moneylender for loan?

Life is full of surprises. You might wake up one day and find yourself financially struggling. Don’t fret, though. No matter what kind of situation you are in, you can always rely on Legal lenders in saving the day. In Singapore, Legal lenders involve banks, financial institutions and moneylenders. They give loans in order for the customer to have cash within the shortest time possible. Also, the flexibility of the repayment method will allow you to experience a stress-free process with regards to your savings. But on the negative note, people who don’t have good credit ratings face difficulties in their loan applications in Singapore banks. The following are some of those problems:

a. Being blacklisted by other banks
b. Low income
c. Being a foreigner in Singapore
d. Bad credit rating
e. Not declaring salary with Central Provident Fund (CPF) contribution
f. Declaring only minimum CPF contribution so as to receive more cash
g. Having a part time job
h. Being a commission based worker
i. Being a daily wages worker

The mentioned difficulties are just some of the hindrances one faces in applying for loans in banks, and so oftentimes, their applications get rejected. One has to strictly meet the set credentials and requirements in order to be accepted. If one does get accepted to apply, it will take some time before the loans can be received.

Don’t lose hope yet! As mentioned, banks are not the only one giving loans. You can always turn to licensed moneylenders as an alternative to help you with your financial problems. You might think, “Why should I choose licensed moneylenders instead?” Let me then provide you some information about licensed moneylenders, dear reader. As the name suggests, licensed moneylenders are basically licensed by the government of Singapore as a small entity giving out loans to the working sector of the country. The advantage in a licensed moneylender is that although you have low income, bad credit score, or you are a foreigner, you can still and are eligible to apply for a loan with ease. You can also expect a fast response from them. As long as terms and conditions are already agreed upon, one can easily receive their loan in just a matter of minutes. Instant cash, indeed! A lot of people had already trusted the existence of licensed moneylenders and had tried for themselves getting loans and emergency cash from them. There is no need to be doubtful of licensed moneylenders because they had already developed and transformed themselves from being a small entity into becoming a more professional entity. They continue to provide excellent service by also giving low interest rates for their loans.

If you are still skeptical of licensed moneylenders, you can always turn to the Internet for more information. You can also go to their office yourself, and talk to them regarding their service to help you decide. Given the case that you are still uncomfortable with their offer, no one is forcing you and you can always decline their service.

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