Advantages in Getting a Loan from a Licensed Moneylender in Singapore

If you are hesitant or do not want to avail a loan from a bank, then licensed moneylenders are a great alternative. Licensed moneylenders can have advantages that some banks may not be able to offer. These advantages include:

1. Faster approval time

Most licensed moneylenders can approve a borrower’s loan in less than 24 hours if the borrower has submitted the required documents and is proven to be eligible for the applied loan. This characteristic of moneylenders is advantageous for borrowers who need immediate financial help, especially for medical and accident expenses.

2. Only need certain types of paperwork.

Most licensed moneylenders only need basic documents that prove the identity of the borrower applying and the borrower’s capacity to pay. Such documents are the borrower’s recent payslips, certificate of employment, NRIC card, proof of billing address, and among others.

3. Limits on interest rates

Regardless of the borrower’s income and whether the loan is secured or not, licensed moneylenders in Singapore can charge an interest rate that should not exceed 4% per month. Also, for interest on late repayments, moneylenders can charge an interest rate not exceeding 4% per month for each month of late repayment.

4. Having standard fees

Licensed moneylenders can only charge these types of fees:

· Late repayment fees not exceeding S$60 for each month the loan was not repaid on time

· An administrative fee not exceeding 10% of the principal amount of the granted loan

· Court-ordered legal costs and fees for a successful claim by the moneylender when recovering a loan

5. Can offer you a loan package tailored to your needs

Moneylenders can offer different types of loans that can be tailored to suit your current financial situation. This convenience can be advantageous for you if you are in a difficult financial spot.

6. Does not check your credit history or score

Do you have a bad credit history? Well, do not worry as most licensed moneylenders are not concerned with the borrower’s credit history and score. Rather, most licensed moneylenders will take a look at your income and your capacity to pay.

7. Flexible payment terms

Moneylenders can offer a flexible loan package and repayment plan that will not put the borrower on a financial strain.

8. Legitimate financial service

Licensed moneylenders are expected to follow the regulations and laws regarding moneylending practice. When choosing to avail for a loan from a moneylender, make sure that the moneylender has a license by checking if the moneylender is on Singapore’s Registry of Moneylenders and by reading the guide for borrowers when obtaining a loan from a licensed moneylender. You can find the guide on the website of Singapore’s Ministry of Law.

Are you looking for a highly-recommended moneylender in Singapore?

If you are looking for a top-rated moneylender in Singapore, then choose Fortune Credit. The moneylender can offer you flexible repayment terms that will not put a financial strain on you.