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Who Is A Money Lender? What Are The Advantages Of Borrowing Loan From The Money Lender?

In earlier days, people take the loan is a liability. But now it is no more liability. Rather a loan helps people to deal in their tough times when they are in need of money. Are you too need of cash? But do not have much, so you can easily take a loan. Still, many people try to avoid loans, but in some cases, you cannot avoid this. When we are talking about a loan, the first thing that comes in our mind is a bank or any other financial institution. If you are going to apply for the loan from any of these two, you have to follow a lengthy procedure that many people do not follow. So from where you can take a loan?? From a money lender. Yes, this is the best option for those people who do want to avoid banking hassles. 

Who is a money lender?

A money lender is a person to lend a small amount of money to the borrower. Their interest rate is a bit high than the financial institution or banking sector. People who do not have a bank or many people have a bad credit history. They are not eligible to apply for the loan in the bank. So they are left with one option, i.e., a money lender. You can take a small amount of loan from the moneylender and can avoid all the hassles or background verification. It is advisable that you always take a loan from licensed moneylenders.

Documents you need to take the loan

Do you stay in Singapore and looking for money lenders in Singapore? You will get plenty of money lenders there but always choose a licensed holder. They are a genuine one. A personal loan is considered an unsecured loan. The moneylender will check the financial stability before lending you money. So what you have to do is decide what type of loan you want to take. The next check would be whether you are eligible or not and, last but not least, how much money you want to take as a loan. Once you have finalized all these, you have to produce the below-mentioned documents:

  • NRIC
  • Your income and employment proof
  • What is your current credit score
  • Your residential proof.
  • Bank statement, employment letter, tenancy agreement

Many lenders will not ask about the documents. But to be safe, get all the documents ready. Contact the Crawfort Singapore for licensed moneylenders. At present, the country has approx 154 moneylenders who are licensed holder. They will lend you money very fast. Unlike banks or other financial institutions, they won’t delay for completing the verification process. So if you are in need of extra cash immediately, this is the best option for you. 

What type of loan do you need?

Before applying for the personal loan, check your financial status. Why do you need the loan and what type of loan you will need? Once you are clear with this, you can apply for the loan easily.

  • Why do you need money? Is it for small eme6or for a serious one? If your case is not that strong or petty case, then obviously you will need a small amount of money. Most people take this small loan for home renovation, paying off credit card debts, etc. always remember that the Singapore money lenders will lend you money after checking your annual income. 
  • Now when you have decided to take the type of loan now, it is time to check the terms of the repayment. Moneylenders follow both the variable and fixed repayment terms. Before that, you should research first which repayment term will suit you. 
  • Now when you are done with all these, it’s time to apply in CBS (Credit bureau of Singapore). CBS will charge a minimum amount of fees, i.e., $ 6, and within a few days, they will offer you the credit report.

Benefits of taking a loan from the money lender

There are plenty of money lenders in Singapore. So, let’s have a look at why borrowing money from money lenders are profitable,

  • Stay chill and don’t have to face any harassment: Are you planning to take loans? As a borrower, I always prefer to take a loan from a money lender. But ensure he or she is a licensed holder. These money lenders can provide you loan easily, and all the procedure is hassle-free. But when you are taking a loan from a bank, you need to feel the form and provide all the documents and wait for the verification process to start. It is a bit lengthy process. People get restless during this waiting time. If you need money urgently, you won’t get unless the verification completed. But when you take a loan from the money lenders, you can easily avoid all these hassles. A few documents he or she will ask to provide to check your annual income and provide you with the money. The rate of interest is also affordable. 
  • Rate of interest is reasonable: Always take a loan from the CRAWFORT Singapore. The only reason is here you won’t get any fake lenders. Because in the money lending market, there are many lenders that are available who are fake. If you do not know, they lend you money and charge a huge rate of interest and also follow the illegal repay scheme. So be aware of those fraud lenders. So always try to take a loan from the CRAWFORT.
  • Trustworthy: when you are borrowing money from the licensed money lenders in Singapore; you are absolutely safe and secure. Neither you have to follow strict rules or regulations, nor have you to wait much. You can get your loan within a few days. You will get liquid cash once your loan application is approved. It just matters of a few days.

Conclusion

The prime benefit of taking a loan from the licensed moneylenders is the process is maintained by the ministry of law. So there is no question of fraud. But if you do not take a loan from the licensed money lenders for sure, you will have to pay a high-interest rate, which is not acceptable.