Finding a Licensed Money Lender

Posted by on May 8, 2017 in Money Matters | Comments Off on Finding a Licensed Money Lender

Borrowing from a licensed money lender is often the preferred choice of many when they are looking for a loan however, in many countries, finding a licensed money lender is not always so easy to do and so people end up going to an unlicensed one or “Loan Shark” instead. A loan shark is never good to go to for a loan as they are notorious for charging excessively high interest rates whereas licensed lenders are usually limited by law on what interest rates they can charge and that limit is almost certainly going to be lower than an unlicensed money lender’s. The trouble often is though, finding a licensed money lender but in Singapore things are a little different. Any money lender in Singapore, if they are licensed, will appear all on one website and so you can quickly and easily find one near you or at least the one you would like to approach for your loan, thereby avoiding the loan sharks. Of course though, banks are the traditional source for loans but unfortunately they are very strict, not just in who they will allow to get a loan but also in their procedures which means that getting a loan from a bank, if you are successful, may take longer than you would like as you may need the money in a hurry. Regardless of where we live in the world or how well we are doing financially, most of us at one time or another will find ourselves in need of a loan and as for most of us getting a loan is not an everyday occurrence, we are not always aware of the difficulties we can face when applying for one. It is here where the experience of a licensed money lender can help us. Obviously the banks are also experienced in loans but they have little if any lee way they can give, having to strictly apply any and all required procedures, regardless of how urgent the loan may be. A licensed lender on the other hand is usually far more receptive to urgent needs and understanding the need for urgency will often assist by approving the loan in the minimum of time with as little hassle as possible. Yes a licensed lender’s interest rates may be higher than a bank’s but often not much higher providing the agreed payment plan is adhered to and so in order to facilitate a loan in time to fulfill your urgent need, is often worth the little extra. A loan shark on the other hand should be avoided whenever possible, regardless of how urgently you need the money as although they may grant you the loan in a very short time, you will almost certainly regret the high interest rates that they will charge you and you will also realize how un-flexible they can be if you need to arrange a different repayment plan. Even though they may not be listed on one website like they are in Singapore, there will be a licensed money lender near you somewhere so look out for them if you need a loan in a hurry.

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