Licensed Money Lender Personal Loan Tiong Bahru
Advantages of Taking a Personal Loan with Money Lender
A personal loan Singapore can be useful if you intend to engage in fun activities. That’s because there are no restrictions on what you can do with the money. But you need to ensure you take that personal loan from a licensed money lender. There are numerous advantages to doing so. And they include the following:
1. The loans they offer can be large but manageable
Moneylenders tend to offer personal loans that are up to six times of your monthly income. This amount is large enough to enable you to pay for large personal projects or multiple fun activities. But it’s also a manageable amount that you can pay off after a reasonable period without your debt spiraling out of control. So, the amounts are in accordance with the limits set by the Ministry of Law.
2. The loans they offer are not punitive
Licensed money lenders charge interest like other lenders when giving loans. However, they adhere to the guidelines set by the Ministry of Law. That means that they cannot charge you more than 4% interest per month. This enables you to access personal loans that are affordable and fairly priced.
3. The loans have flexible repayment terms
Personal loans from licensed moneylenders usually have flexible repayment terms. You can discuss with the moneylenders the possibility of stretching out the repayment duration if something comes up and you need more time to pay off what you owe. And you don’t have to worry about being threatened or assaulted. On the other hand, if you get more money than you anticipated, you can pay off your debts without penalties. You may even receive a discount for doing so.
Steps of Applying for a Personal Loan
- You must follow the procedure that your preferred moneylender has set out when applying for a loan. Here’s a summary of what you will be expected to do:
- Initiate contact with your lender of choice. You can do this via the online form that is provided on the business website or phone. Be sure to provide all the required details.
- The lender’s representatives will call you back if they have pre-approved your loan. They will help you set up an appointment.
- You will need to go to the moneylender’s physical office with all your required documents. After verification, the terms of the loan will be explained to you. You should take part in getting your loan customized to your satisfaction.
- If you agree to the terms, you will have to sign the loan agreement. You will then get the personal loan you requested for.
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