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.