There comes a time when the money you currently have is not enough, and you need to look for more to supplement it. The main reasons why people apply for loans is to get out of a financial rut or invest in a better return. Bad decisions also force people to look for loans to fill the gaps left or cushion themselves for the impacts they might have on their finances. Securing the exact amount you need from banks and other financial institutions in Singapore has proven to be a hard nut to crack for many. The requirements are impossible to meet. This forces many out of the picture, and they end up seeking for alternatives. The best alternative is approaching a moneylender. Below are the reasons why:
1) Legal and Licensed
Go for a money lender in Singapore who is not only legitimate but also licensed to conduct his or her business. A lawfully recognized business is enough proof about their undertaking. Their actions are also controlled and failure to adhere to the provisions given, allows you to seek legal redress. This can put their license to practice in jeopardy and even get them prosecuted. To avoid this, they conduct their activities within the law. However, without the right information and desperation kicking in, many people in need of money end up dealing with loan sharks disguised as moneylenders. The sharks charge high interests and have unfair terms. This pushes them further into debt and ends up losing the little they were trying to salvage. A license controls how they conduct their business, and this protects you from losses.
The firms have minimal requirements making them a better alternative compared to other lending institutions. They also consider people with poor credit scores, which is a hindrance to many looking for loans. Their onsite financial consultants also share advice on better financial moves, and this helps you improve your ways. Their online platforms that allow direct and quick communication helps individuals make up their minds quickly.
Additionally, you do not have to present yourself in person to make the application. An online application form and supporting documents might be all you need to have your loan request approved. This makes it easy to enjoy discounts and economies of scale when occasions present themselves.
The loans have very low-interest rates making them accessible for all. They also have an extended repayment duration, which helps reduce the amount paid as premiums. This eases your burden and enables you to focus on what is important. You can also negotiate the payment terms and have them tailor-made to fit your current situation.
Additionally, the loans do not carry hidden costs. The transactions are transparent; this reduces doubts. In case your financial position improves, and you want to terminate the plan, they review your request without additional charges.
4) Debt Consolidation
Your financial situation might have pushed you to collect every loan out there. The accumulated loans lead to high-interest rates and high premiums that become unaffordable with time. A few missed repayment dates affect your credit score and accrue heavy penalties too. Since you risk losing it all, moneylenders can step in and repay all your debts. The loan you are left with is something that you can efficiently service without the pressure the rest brought your way.