Borrowing from a Singapore-licensed legal money lender is essential. Requesting for a loan from a certified moneylender comes with a slew of advantages. Applying for a loan from illegal businesses comes with a slew of issues, notably harassment and relatively high rates of interest. Consider IP Credit, a certified money lender, good at money lending in Toa Payoh Central, for affordable interest rates for loans.
Never settle for a money lender who does not have a legal license, even if it seems like the last option in a severe financial crisis. Before deciding on a desired money lender, it’s critical to complete your homework. Here are some of the benefits of getting a licensed money lender in Singapore.
During the loan’s maturity period, shady money lenders would hound a client. In Singapore, a licensed moneylender must adhere to the government’s tight restrictions for the business. Violations of these restrictions can result in a jail sentence, license revocation, and monetary penalties. As a result, the competent moneylender will make certain that your rights are safeguarded throughout the procedure. Professional moneylenders in Singapore will counsel you on how to correctly handle your finances so that you may meet your payback obligations.
Your blemished credit score should be the last thing on your mind while applying for a licensed money lender loan. You won’t have to worry about long and drawn-out regulatory approvals if you borrow from a legal money lender because of their efficiency. The money is yours to keep once you have completed all of the relevant documentation and your request has been accepted. Your loan application will be reviewed and processed immediately by licensed moneylenders. In some situations, you may be able to acquire a loan within an hour of being at their office.
Low Interest Rates
Unlicensed moneylenders will charge you extraordinary interest rates. Shady money lenders usually set their own interest rates. This is not the best way to secure a loan because you will wind up spending a lot of money in the long term. Licensed moneylenders, on the other hand, are registered moneylenders. As a result, they will adhere to the stated interest rate. The guidelines are followed by licenced and trustworthy moneylenders because breaking it has serious implications. The interest rates charged by licensed moneylenders are quite low. IP Credit has one of Singapore’s most affordable interest rates.