Licensed money lenders Singapore are amongst the most trusted sources to borrow money from you that is able to avoid possible threats of legal repercussions. Their licenses are governed under the laws pertaining to financial agreements in Singapore. These are many positive points available with licensed money lenders rather than unlicensed individuals or other institutions. The process is quite simple as compared to applying for loans from non-licensed money lenders in other countries, you will have to take care of some very simple formalities that are quite the same as those which you would have to undertake when applying to banks in your country.
Choose From Among the Licensed Money Lenders in Singapore
As a legal citizen of Singapore, you would be able to apply for a loan from any of the licensed money lenders in Singapore, however non-Singaporeans will have to approach an agent who is a resident of Singapore for this purpose. You will also have to bear in mind that the interest rates applicable to you will be different depending on your income and the amount that you borrow. Even though many people find it difficult to deal with the differences in rates that are applicable between the various licensed money lenders in Singapore, it is possible to find the best and cheapest rates by making use of comparison sites on the internet.
To apply for a loan from any of the licensed money lenders in Singapore, the borrower will have to fill in a loan application form with relevant details such as personal details, credit history, salary and family details. The processing of the loan application will start only after the borrower has provided all the necessary information required by the lender. Once all the processing is complete, the money will be directly deposited into the borrower’s bank account usually within one working day. There are no hassle when it comes to payments as the lender will just be sending the payment straight to the borrower’s account. So if you find yourself in need of a large amount of money to pay for your medical bills or any other emergency expenses in the middle of the month, you should apply for a loan from one of the licensed money lenders in Singapore which will give you instant access to finances.