For many people, moneylenders are the go-to place for instant money. They offer a fast and simple way to borrow money without having to deal with banks or credit card companies. With so much competition in the market, money lenders have had to find new ways of attracting customers. One way is through lower interest rates than most banks could offer.
A money lender Singapore is someone who lends money to people in a fast and efficient way. There has been a surge of money lenders in the past few years because more and more people are having trouble with debt due to credit card companies. To learn more about how you can apply for a loan from a moneylender, read on!
How to Apply for a Loan from Moneylenders?
The process of applying for a loan from moneylenders is easier than what you will have to go through when you take out a loan from a bank. The first step is to make an appointment with the moneylender and discuss your requirements. You can do this by calling them or sending a message through their website. Make sure you have all the necessary documents ready for when you go in. This includes proof of income, identification card, bank statements, etc.
Once you’ve contacted a moneylender, they will need you to fill up an application form with your details. This is usually sent through email or faxed to money lenders, but if not, it can be done over the phone as well. It’s an essential factor that you are honest about your financial situation and provide all of the necessary information they ask for, like proof of identity (e.g., driver’s license) and income (e.g., payslip).
Don’t forget to include personal references too! These may take a few days to process, depending on how busy moneylenders are at the moment, so give them enough time before contacting them again regarding status updates on your loan application/s.
Once they’ve assessed your circumstances and decided that it is suitable for a loan from them, they will inform you on how much money you are eligible to borrow and what interest rates apply to these loans, if any at all. Once everything has been sorted out, sign the relevant documents, and you are all set! The moneylender may also offer other additional services such as insurance, so be prepared for anything should things not work out smoothly between both parties.
What are the Requirements?
If you plan to apply for money from money lenders, you must first make sure that your documents are in order. Most moneylenders require a copy of the following:
- Personal identification card (IC)
- Passport or work permit if working
- The latest income statement and employment contract is ideal but not compulsory
Getting approved will depend on your credit score with most money lending companies. If they see that you have had multiple loans recently, chances are it would be rejected automatically. A good way to get around this is by providing solid proof of regular monthly expenses to show them how much money can be paid back at any one time.
How much can I Borrow from Moneylenders?
The amount moneylenders can loan you varies depending on the company because every money lender has different rules and regulations. Some money lenders will offer up to $5000, while others may allow as much as $300,000 or more!
Most money lending companies usually charge a flat rate of between two and five percent per month with no hidden charges whatsoever when it comes to interest rates. However, there are some exceptions out there who set their unique conditions, so do your research before making any decisions.
What are the Benefits of Moneylenders?
There are many benefits of moneylenders that people don’t usually think about. One is that money loan companies offer the best interest rates compared to other financial institutions such as banks and credit unions!
Moneylending is now a much easier process than before due to the influx in technology money lenders use like fax machines, email services, and websites for customers to apply at home without having to go through all those tedious forms you need when applying for loans from traditional businesses.
If this instance sounds too good to be true, well, money may not necessarily be what moneylenders are all about. They may offer you a loan with good money, but it comes at the cost of your time and sometimes even your life savings that might not be worth the trouble when everything is said and done! Another benefit is how flexible their repayment schedule can be depending on your income or budget; they will work it out with you, so there aren’t any worries later down the road!
Do take note that there are illegal moneylenders out there, so be wary of who you give money to because money may disappear faster than it came and leave you with nothing but a life full of regrets.