A financial emergency is a stressful situation for everybody. When you are in urgent need of money, sometimes even your friend and family may not be able to help you out. When you need some quick cash immediately, applying for a loan at the bank is not an option. Banks can take up to months to process your application, and even if it is approved, it is a lengthy process of security checks and paperwork before you can actually get your hands on the money.
In such situations, a licensed money lender is a way to go. A licensed money lender is completely legal and safe so long as they are registered under Singapore’s Registry of Money Lenders. With a licensed moneylender Singapore, you can get your hands on some cash when you need it. They process applications much quickly because they understand the urgency of your situation. They are here to help you the best way that they can.
What Kinds Of Loans Do Licensed Moneylenders Offer?
A licensed money lender can offer you a variety of loans to ensure that you can take care of your immediate expenses without worry. Unlike bank loans, you do not have to wait a long while before you can get the money that you require to settle your expenses.
The following are the types of loans that a licensed money lender in Singapore offers to their clients:
Salary Loan or Pay Day Loan: A salary loan or a payday loan, as the name suggests, is to be paid when you receive your next salary. Most of the time, these types of loans are availed when you are in urgent need of some cash but have not received your salary on time, did not budget yourself well enough in the previous month, or because unexpected payments arose. A payday loan is usually an unsecured loan, which means that when you are signing up for this loan, you do not have to put up any collateral. However, it must be noted that these types of loans often have a higher interest rate, and you must ensure that when the due date arrives, you will have enough money to pay off the loan as the moneylender can charge you a penalty fee if you are late. While the amount of money that can be borrowed using the salary loan is limited, it is just enough when you need to take care of urgent bills. When you are taking out a salary loan, just like any other loan, it is important that you read the terms and conditions carefully. A salary loan can be paid off all at once or in installments depending on the agreement between you and the licensed money lender.
Personal Loan: Often, salary loans, and personal loans are confused with each other. While a personal loan may be used for the same purpose as a salary loan, personal loans do not need to be paid off in one installment. The schedule of repayment depends on the agreement between you and the licensed money lender. Additionally, the personal loan is not repaid by deducting your salary only. However, just like the salary loan, a personal loan is also unsecured, but this may vary depending on the moneylender. When you are taking out a personal loan ensure that you read the terms and conditions carefully, While a personal loan can be of a greater amount than a salary loan, you must ensure that you will be able to repay it within the stipulated time as the moneylender is liable to charge you a penalty fee in case of failure of payment.
Business Loans: Whether you are a small business owner or looking to fund a start-up and need a little bit of capital to help you get started. Licensed money lenders offer business loans for this reason. As the name suggests, these loans are approved to help you purchase machinery or equipment to help advance your business or help you meet ends. When you are taking out a business loan, it is imperative that you calculate the amount that you need for your business rather than taking out more than you need. If you take out more than you need, it may be difficult for you to pay off your loan later on. Generally, business loans are unsecured loans. However, this will depend on your money lender. The schedule of payment, too, depends on your money lender’s existing policy.
Are You Looking For A Licensed Money Lender Located In Singapore?
If you are looking for a licensed moneylender Singapore, then you have come to the right place. With so many options in the market, it can be hard to know which one is the right choice for you. Crawfort is Singapore’s best money lender. They make the process of taking out loans, faster, safer, and easier. All your confidential information is encrypted to ensure that it remains confidential. They ensure that you have the money that you need in your hands as soon as possible, and do not delay the approval process. With this licensed money lender, you get all of the above-mentioned loans, so whatever your needs may be, they are here to meet them.
Finding a reliable licensed money lender can be hard, and trusting them can be harder, but when you see the reviews left by previous clients, you will be assured that you are committing to the right moneylender. With this licensed money lender, your money emergency will be resolved quickly and easily. Additionally, from applying for the loan to the repayment process, every step has been completely digitized to ensure that you do not need to be physically present in the office to get your loan approved. Thus, Crawfort has helped make every step of the process of taking a loan much easier for their clients. If you have not had to take the aid of a licensed money lender before, then they are the best choice for you.