When you feel strapped for cash and are not sure what to do, do you really need to start mortgaging your assets and pawning your jewellery? Not necessarily. Licensed moneylenders could be your answer. Many Singaporeans do not know that licensed moneylenders differ greatly from loansharks. They are hardly shady and are legalised and licensed by the Registrar of Moneylenders.
The smaller amount you need, the better are your chances of being able to borrow from a licensed moneylender.
In Singapore, moneylenders who are licensed to run the business of lending money to those in need are required to follow strict rules, regulations and the law of course. In instances when they are unable to recover a sum of money from debtors, they can hire accredited debt collectors to do that on their behalf.
Licensed moneylenders will not and should not harass debtors like loansharks do. They whould not use violence on your or vandalise your property. If you do encounter such incidents, make a police report.
There are many benefits to borrowing from licensed moneylenders. Firstly, they are able to provide you funds with such flexibility unlike that of most banks.
Secondly, you will be able to get almost instant approval when you apply for a personal loan. In fact, if you have the financial documents ready, you can get your loan approved in just about 30 minutes!
Last but definitely not least, most banks will not extend a loan to borrowers with bad credit history. However, for licensed moneylenders, they are generally more relaxed and because loan amounts are usually smaller, they are more likely to approve your loans without much trouble or deliberation.
If you are looking for a moneylender with the lowest interest rate and offers you flexibility and expertise, look for Quick Credit!