Money lending businesses have become booming businesses, as many more people are opening companies to satisfy the growing market. With most of them springing up on a daily basis, most borrowers usually fail to investigate whether the company they are contracting is licensed by the ministry of law. With the benefits of using a licensed money lender in Singapore immense, here are some main ones:
Protection from exploitation
One of the biggest benefits of using a licensed money lender in Singapore is total protection from exploitation. With the licensed money lending companies using the Ministry of Law guidelines, interest rates are usually controlled. In addition when it comes to economic pressure, one does not have to worry about the interest rates suddenly increasing, as this area is also well covered in the contract signed before lending.
Available for all
Most money lending companies in Singapore have the tendency to only allow employees with a monthly paycheck and only citizens to borrow from their companies. However this is not the case with most licensed money lenders, as they take bigger risks. In this case if one offers collateral and a means of payment that is not as conventional with a guaranteed means of repayment, a loan can be offered. Be it a for starter business loan, education loan or emergency loan or even to a foreigner.
Carefully tailored loans
The fear of most borrowers is the inability of making payments, when the time arrives for the repayment to be done. With most having loan sharks harassing them for such reasons, many face hardships such as long repayment times at high interest rates or even repossession of their own items to cover the loans. With a licensed money lender in Singapore adequate advice is offered for all those in need of quick easy loans. This is done in detail to ensure that one is comfortable with the amounts they ask for. With restrictions put in place if the amount seems too big for the borrower to repay comfortably, smaller loans tailored in their favored are offered while still ensuring that customer satisfaction is achieved.