Why Do You Need Licensed Money Lender In Singapore?

Introduction

There is no denying the fact that we will occasionally need the services of a money lender. The fact that many people are yet to settle with is that you should always opt for a licensed money lender and reasons abound for that.

From experience to the legitimacy of their existence, there are very many reasons why these money lenders are your go-to places whenever you are strapped for cash. The following are some of the reasons why you would need a licensed money lender in Singapore.

The Keyword Is ’Licensed’’

The mere fact that these moneylenders are licensed should be incentive enough to prefer them over their unlicensed counterparts. The possession of a license means the business is legally established, hence recognised by the relevant Singaporean government agencies.

It also means they operate within certain parameters and that the terms offered by them will be quite reflective of what the market and industry dictates. For instance, the interest rates offered by these moneylenders, though may vary slightly from one moneylender to another, are all at par with the country’s financial and economic position

They Are Experienced

Moneylenders are not just people or organisations you go to when you are in dire need of a loan. They are also experts in the broader financial industry and they could offer some solid tips in addition to just lending you money.

For instance, a moneylender will offer consultancy services to you and inform you on some of the best practices that will see you manage your loan appropriately. This will ensure the loan is put into no other use other than the purpose for which it was requested. The good thing is, such kind of expertise can only be found in a licensed moneylender in Singapore

They Have Different Types Of Loans

We do not all approach moneylenders requesting for one type of loan because we all have different financial emergencies. While some go for the instant payday loans, there are others that go for S.M.E business loans, foreigner loans et cetera. A licensed moneylender will have a structured loan system because they understand that their clients have varied needs.

A moneylender offers all of the above-listed loans, plus many others such as instant personal loans. All you have to do is contact them with the nature of your emergency and they will know what loan will match your current situation.

Conclusion

There are more reasons to opt for a moneylender and we cannot exhaust them in one article. However, the above are some of the main ones.