Take The Support Of Moneylenders In Singapore

Moneylenders are people who lend money to you personally, against fixed rates of interest, for a particular period of time. These are usually personal loans and are short term debts. Their rates, terms and policies are different from other large financial institutions and, so are their interest rates. All the moneylenders in Singapore fall under the head of one association that frames all rules and regulations for their dealings. The advantages of choosing moneylenders above any other body are that taking loans are faster and absolutely hassle free. They do not ask you for as many details as the other large companies do, neither do they require you to present specific passes and documents. There are a number of non- registered money lenders in the industry too.

Advantage for all

Taking loans from moneylenders is a very easy solution for all your financial needs. The moneylenders in singapore lend money to people who do not have bank access or have a bad record of falling into bad debts too. These moneylenders require just some information about you and certain documents such as pay slips and salary slips for their guaranty. They are very different from banks and financial institutions which take time in processing your documents and then pay you the money. The money lenders do not require you to do advance application. They lend you money very quick and also demand the refund in a short period of time.

Computers for all

With the development in technology in each sector of life, the moneylenders are also not lagging behind. If you can apply for bank loans online, you can do so even for loans from moneylenders. This facility is available in almost all developed countries. The moneylenders in Singapore have developed a special software for themselves and this helps them in online transactions. You can click on their website and go through the formalities. They will verify your documents and you shall receive the money within a few hours.

The term ‘moneylender’ is often misinterpreted and, misunderstood as well. They are definitely not people who lend you money and then force you to payback at very high rates of interests. The Money lenders in Singapore are very genuine and run ethical business agencies. They also have fixed rates of interest that differ with the amount as well as type of loan. It can also be seen that their interest rates are often lesser than what banks and large financial institutions charge. Loans from moneylenders may be secured or unsecured, depending on your need and their regulations. They are very strict about these rules and you must also follow them once you get into a contract with them.

The matter of guaranty

In cases of unsecured loans, the amount is usually quite small and so are the interest rates. In these cases, the Money lenders in Singapore do not need you to put your assets at stake. What they will require are just a few pay slips and salary stubs as proofs of your regular earnings. When you approach them for a comparatively large amount of loan, they will ask you for a mortgage. It means you will have to handover the ownership documents as a guaranty of repayment of your loan. They will not take over your property, but you will not be able to sell it without their consent till you are done with the repayment. In case you cannot repay the amount and, you sell the property, your loan amount only shall be deducted from the sale value and rest you can keep to yourself.

More legal knowledge

You are at an advantage when you deal with a money lender. If you find any loopholes later in the contract of Money lenders in Singapore, after you have signed it, you can immediately sue them legally. If you realize the agent is not dealing honestly, you can keep the immoral contract as a proof and move the court against him. In that case, the money lender shall be entitled to punishment and, the money you have borrowed shall become yours as an amount of compensation.