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    Benefits of a Licensed Money Lender

    Benefits of a Licensed Money Lender

    If you’re borrowing money to finance a fruitful project, consider a licensed moneylender. A convenient loan process is key because sometimes the loan is required urgently. A bank is a safe financial institution, but the process is tedious due to paperwork and other essential documents. Therefore, people should opt for an authorized moneylender who’ll catalyze the application and disbursement process. The right moneylender won’t focus on matters, such as credit score, total debt servicing ratio, employment history, or income history. Ang Mo Kio Central money lender offers services, such as payday loans, business loans, foreigner loans, and personal loans. If you require cash to fund an emergency project or you’re about to start a business after identifying market gaps, opt for an authorized money lender in Ang Mo Kio, Singapore. Below is comprehensive information about the merits of choosing an authorized money lender in Ang Mo Kio.

    1. No Credit Checks

    Recently, the right moneylender won’t concentrate on your credit score, but your ability to repay the loan. Your ability to repay the loan will depend on your level of income. A financial institution won’t give a loan to someone with a poor credit score. Therefore, it’s important to choose a legal moneylender over a financial institution, especially if you’re credit score is wanting. Having a great credit score might be an added advantage. Your credit score defines your reputation in terms of loan repayment.

    1. No Income Restrictions

    Regardless of your level of income, you’ll be eligible to access a loan from a reputable moneylender. Banks and other licensed financial institutions will only give loans to people with an excellent income level. Therefore, many individuals won’t be eligible to access the loan. A money lender will lend you an amount of money that you have the ability to repay depending on the contract.

    1. Quick Transaction

    A loan applicant should submit the required paperwork in time. After loan approval, the requested amount will be deposited in your bank account or you’ll be given cash on hand. Same-day loans are fundamental, especially if you’re funding an emergency situation in your business or investment project. A reliable moneylender will ensure the application process is simple and convenient for all clients. A convenient process is vital because it will play a major part in enhancing traffic.

    1. Less Documentation

    Many individuals won’t apply for a loan because of the tedious process and the bulky documents required in the application process. A legal moneylender requires basic documents that are readily available. For instance, some money lenders will ask for items, such as income tax statements, CPF statements, and NRIC cards.

    1. Capped Interest Rates

    Licensed moneylenders will charge interest rates as per the set rules. In addition, the moneylender will ensure you’re aware of the rate of interest rate before approving the application. The capped interest rate applies whether the loan is secured or unsecured.

    1. Effortless Application

    Applying for a loan from a licensed moneylender is an easy and convenient process. Financial urgency is the main reason why the best money lenders will ensure the process is simple and straightforward. An effortless application is a cost-efficient option. In some cases, you can apply for a loan from online platforms.

    Conclusion

    There are many benefits why Singaporeans should consider borrowing money from a reputable and licensed money lender.

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