Like any other developed country, there are multiple options to borrow money in Singapore. You can ask your close friends or family members to lend you some money for a short period of time. You can also go to a private bank or approach an instant loan approval in singapore to help you out when faced with a financial crisis.

Whether you select your private bank or a licensed money lender to lend you the much-needed financial help, both of them operate on the same basic principles:

• Both of them charge some interest on the amount of money loaned
• Both of them charge penalties for late payments and defaults

These are the only two similarities between the two popular methods of getting a loan in Singapore. However, when we talk about the differences between the two, there is a long list. To find out which is better for you, you need to first familiarize yourself with the differences between a licensed money lender and a bank. Let us have a look at some of these differences:

The Amount of Money You Can Borrow
One of the major differences between a licensed money lender and a commercial bank is the amount of money you can borrow. Since commercial banks offer other financial products such as savings accounts, fixed deposit accounts and many other monetary services, they hold a big cash portfolio. On the other hand, not all private licensed money lenders in Singapore offer such services and therefore may not have a big capital portfolio. The lending capacity of commercial banks in Singapore is therefore often more than that of private licensed money lenders. Therefore, when in need of a big loan, you should consider visiting a commercial bank or a licensed money lender that is well established.

The Loan Approval Process
Another major difference between a commercial bank and licensed money lender in regard to loans is the time taken take to process your loan application and release the required money to you. Commercial banks take a lot of time in processing your loan application since they need to fulfil a lot of formalities. On the other hand, the loan application process is very simple and quick when you apply for a loan with a licensed money lender. Therefore, if you are in dire need of money and cannot wait for days or weeks, you can approach a licensed money lender Singapore.

The Credit History Checking Process
Banks check your credit history differently from licensed money lenders. Your credit history will be checked thoroughly when you apply for a loan with a commercial bank. The loan officer may check your employment record, your past payslips, your credit card payments, your utility bill payment history and a lot of other important financial transactions before approving your loan application. This is not the case with private money lenders in Singapore. Private licensed money lenders in Singapore do not dig that deep to approve your loan application. Hence, there is a higher chance of loan approval for you. The trade-off is that you may be charged a higher interest rate for your loan.

When faced with a financial crisis, many Singaporeans turn to licensed money lenders in Singapore for financial assistance. Although the money lending market in Singapore is well controlled and regulated, there are many loan sharks or unlicensed moneylenders that operate outside the law and often cheat needy people by offering attractive rates and packages. It is because of the ill-practices carried out by these money sharks that most of the needy people avoid going to licensed money lenders.

A look at fast cash loan in singapore will reveal that there are many myths that surround the licensed money lenders operating in Singapore. Let us have a look at some of these common myths and try to clear these misconceptions so that consumers can confidently approach licensed money lenders in case of financial emergencies.

Most Of The Licensed Money Lenders Are Loan Sharks
In reality, a majority of the licensed money lenders operating in Singapore abide by all the rules and regulations imposed by the government and make their policies as customer-friendly as possible. They try to facilitate their customers at every step of the loan application process and ensure that no one leaves the premises disappointed. The quick cash loan application process is typically very simple and there are no hard and fast rules to qualify for a loan. Next time you are faced with a real emergency, you can confidently approach a licensed money lender near you.

Licensed Money Lenders are Expensive
When you compare the interest rates offered by your bank to the rates offered by a licensed money lender, you will come to the conclusion that licensed money lenders may be more expensive. However, you need to keep in mind the level of risk that these licensed money lenders take to make some profit. Money lending is a serious business; you lend money to make money. There is no point in extending loan to a person and taking the risk when you are going to get back only the principal amount. People approach licensed money lenders for a quick cash loan when their initial loan application gets rejected by banks and other lending companies.

People with less than perfect credit or bad credit can also apply for a loan with a licensed money lender Singapore and can even get some relief. Under such circumstances, it is no surprise that many licensed money lenders in Singapore charge a little extra for taking all the risks. Most of them do not ask you to mortgage your assets against the loan amount and the loan approval process is very fast. Considering all the facilities offered by the licensed money lenders, customers usually do not mind paying a slightly higher interest rate.

Licensed Money Lenders Offer only Secured Loans
The misconception that licensed money lenders in Singapore offer only secured loans is again not true. You can apply for and obtain a personal loan, home loan, business loan, payday loan or any other form of a loan from a licensed money lender Singapore. These varied types of fast cash loan in Singapore are easily accessible and have proven helpful for a lot of people facing financial crises.

Your honeymoon is the next big event after your wedding and you are usually not left with enough time and money to plan your honeymoon once the wedding is over. In order to ensure a memorable honeymoon, you need to consult your better-half and start planning for it ahead of time. Honeymoons have become inseperable from every wedding in Singapore. It is a nice way to relax and start a new life, once you are done with the stressful planning for your wedding. Although you may be strapped for money to pay for your honeymoon trip, it should not stop you from dropping the idea altogether. There are ways you can still manage to finance your honeymoon without putting too much pressure on your wallet and have a good break from your hustle. Here is how you can make it work after your wedding is over:

Visit a Legal Money Lender For A Personal Loan

Once you are done choosing a honeymoon destination for yourselves and have a clear idea of your total expected expenditures, you can visit a legal money lender in Singapore and apply for a personal loan for the same amount. A legal moneylender in Singapore may treat the wedding loan as part of the personal loan and get you a quick cash loan without making you go through a lot of paperwork and other formalities. You will not be required to come up with collateral to get a personal loan and you can apply and qualify for a fast loan even if you have a less than perfect credit history. Since you are offered a lump-sum cash loan amount, you have a pretty good idea of your spending limits and therefore, you end up saving yourself from the temptation of incurring additional expenses on your honeymoon trip.

Use Your Credit Cards

Credit cards are notorious for tempting people to stretch their expenses to the last limit. Therefore, you need to be careful while using your credit cards to pay for your accommodations, travel and other honeymoon related expenses. The best way to stop the temptation is to carry only one credit card with your on your honeymoon trip. If you have a good credit history, you need to look and apply for credit cards that offer low-interest rates. You can apply for such a credit card and use it to pay for your honeymoon expenses. Once you are back from your honeymoon, you can think of ways to pay back the loaned amount.

Create And Promote A Honeymoon Registry

It is common in Singapore for wedding couples to receive red packets from their wedding guests. You can consider using the money from these red packets to fund your honeymoon trip! If there are people who insist on giving you a gift, you can ask them to chip into your honeymoon fund instead.

Here are some ways you can fund your honeymoon trip. Do not drop the idea of a honeymoon! With proper planning, going on a trip with your partner will be very possible.

Whether it is a business or a personal loan, people from around the world are scammed by unlicensed moneylenders every year into quick cash loans and experience severe repercussions. These lenders scam people into contracts that look attractive and are designed for people without much know-how of the process. To help you avoid such scammers, here are five signs that can help you identify if your money lender is scamming you.

History is History
A moneylender who may be potentially scamming you will not emphasize your history. Unless you apply for a very short-term cash loan, such as a payday loan that is payable within a week or so, you lender will always ask for credit history. Some online scammers will usually ask you to fill an online survey in order to “analyze your credit history”, while others will ask you to fix your credit score through their credit repair service. This is most definitely a red flag for a scam.

Unsecured presence
Most moneylenders who are authorized to do business online will have secured domains and websites. If your moneylender does business online and asks for online payments or other details but does not have a secure connection, it is possible that your money lender is scamming you. You can identify this by simply looking at the URL, which, in the case of a legitimate company, will begin with https://.

Excellent terms
A scamming lender will provide you with the most attractive deal possible, which will not only have a lower rate than the market but also offer better loan conditions. The reality may be that this fast loan is actually too good to be true. A good idea is to look around to get an idea of the general terms of such a loan. If your lender exceeds all these other offers, something may be off.

Upfront fees and collateral
This is a huge red flag for most scams. Fake lenders will emphasize on paying a hefty origination fee, or collateral in the form of gold, or other assets. Companies or legal money lenders who are able to get you a loan will not ask for hefty fees for processing, or such collateral that may be untraceable. Make sure that, in any case, this fee does not exceed 5% of the loan.

Tick-Tock
Usually, lenders will give you as much time as you want to make a decision on taking the loan. However, scammers or fake money lenders may offer you a “limited time” discount, and try to rush you into a decision. If your money lender puts you on the clock and forces you to make a decision in a very short time, chances are high that they might not be a legitimate business. Make sure you avoid all such businesses when obtaining a loan, as these moneylender traits are red flags for scammers.

Have you ever faced a financial crisis in life? If yes, the first thing that comes to your mind is taking a bank loan to resolve the financial crisis.

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