We live in a world where financial needs and desires are almost never-ending. While most people manage to meet their daily needs with their salaries and earnings, there is always that odd occasion and unforeseen need which requires additional money. Such a quick boost of money is required to tide over situations such as medical expenses, or a planned yet costly event like marriage, higher education or home repairs and so on.There are many advantages to obtaining loans from legal moneylenders.But it is crucial to consider factors before going ahead with process.
One might not have ample cash in hand or savings that can be cashed to meet the needs. In such a scenario, a legal loan in Singapore becomes the much-needed support system for the people. There are numerous legal moneylenders in Singapore who help in meeting such needs. By taking fast loans Singapore citizens are able to overcome financial challenges such as the one posed by the COVID-19 pandemic in recent times.
Let’s go ahead and take a look at what benefits taking a legal loan in Singapore from the licensed money lenders can offer you:
Governed by the laws of Singapore – While taking fast loans Singapore citizens are often worried about falling into the trap of the loan sharks. If due to financial urgency, one ends up taking a loan from an unregulated money lender or loan shark then it can cause a lot of trouble. To avoid such a scenario, legal moneylenders regulated by Singapore law are your best bet. They are reputed and have to maintain trustworthiness among the public. The Ministry of Law of Singapore maintains a regularly updated list of legal moneylenders in Singapore. Before taking a loan, you must check this list and ensure that you are taking a legal loan in Singapore. This can help you avoid all unnecessary complications and hardship later.
Regulated maximum interest rates – Since interest is the additional cost that you have to pay for each loan taken, you need to focus on taking a loan from only the licensed money lenders so that you don’t fall into the trap of the loan sharks and end up paying the exorbitant rate of interest and other hidden costs. As per the law of Singapore, licensed moneylenders are allowed to charge a maximum of 4% interest per month, no matter what kind of loan it is. There is also a cap of 4% on various other costs such as the penalty for late repayment of loans which can be really crippling in the case of loan sharks. Thus, the borrowers are always well-informed about how much they have to pay back and thus, they can plan and get fast loans in Singapore to meet their needs.
Only fixed types of fees chargeable – A loan shark may fleece you by charging any kind of fees at very high rates. However, licensed money lenders are regulated by laws. They offer much greater transparency as far as the additional fees on loans are concerned. For instance, they can only impose a late payment fee not exceeding $60 in a month and a handling fee up to a maximum of 10% of the loan amount. Further, they can charge legal costs of court proceedings only if the proceedings have to be carried out for loan recovery.
Further, all additional costs combined can’t exceed the loan’s principal amount. Thus, the borrowers are able to make better-informed decisions and they can take a legal loan in Singapore from the legal moneylenders that offer the best deals.
Flexibility – Although a bank would be the first thing that comes to mind when you want to take a legal loan in Singapore, there is also the challenge of very stringent and time-consuming processes with them. Hence, if you are not able to fulfill those requirements or are pressed for time, then you are better off looking at a loan from licensed money lenders. Issues like part-time employment or a poor credit rating might make banks reject your loan requests, but you can still take a loan from legal moneylenders.
A licensed money lender would often approve the loan within 24 hours of the time when you apply for the loan. The legal moneylenders understand the urgency of a situation like the need for a legal loan to deal with a medical emergency and so on. Hence, they are often willing to be flexible and offer you different types of fast loans Singapore authorities allow.
Thus, if you’re looking for a legal loan from licensed money lenders in Singapore, and don’t have the luxury of waiting days for the approval, go online and contact the best legal moneylenders to get the cash you need.