If you are looking for loans, it would be beneficial for you to consider getting a loan from a licensed money lender in Singapore.
People who have borrowed money from unauthorised lenders have faced terrible consequences such as cases of harassment and much more. You can escape such difficulties by getting all the money you need from credible and reputable sources of finance. In this article, we look at some of the top reasons why taking a loan from a licensed money lender is the choice you should consider.
Unauthorised money lenders mostly ask for relatively higher interest rates because they usually are not being regulated by an authority. On the other hand, authorised lenders are guided and controlled by various bodies that dictates issues regarding interest rates charged by lenders, the minimum and maximum fees lenders can ask for and limits borrowed by individuals applying for loans. Nevertheless, different licensed lenders still charge different rates and fees, so you need to compare widely before applying for a loan. Also, do not forget to read all the terms and conditions before signing any agreements because such documents may contain terms that are unfavourable for you.
Unlike illegal moneylenders, certified financiers protect their borrowers from any form of harassment. There are strict government laws regulating money lenders in different countries, ensuring that both lenders and borrowers are protected. Any party that fails to abide by the set laws stand to face serious problems with the authorities and could end up paying monetary fines or having their license revoked. A professional lender can also offer advice to borrowers on how to make successful repayments while managing your money.
Some moneylenders without a legal license may take advantage of you and use your login details to access your other personal details. If your private information gets into wrong hands, it can be misused. A legal money lender protects your information from being used without your knowledge because they know it is illegal and that it can land them in trouble with the law enforcers. It is, therefore, advisable to ensure that your lender is licensed to ensure that your private data is protected from illegal use.
You can usually get your loan processed quickly and easily with legal money lenders. For instance, people earning about $30,000 or more can easily get their loan applications approved quickly. Additionally, your credit history or information is not as important as compared to if you try to borrow from banks. In contrast, it might take a very long time to get the money into your bank account when you take a loan with unlicensed lenders.
You should consider consulting with a lawyer to help you find the best lender. The lawyer will assist you with the paperwork and understanding of the terms and conditions of various lenders. While these are only a few benefits to borrowing money from legal money lenders, there are more pros than cons.