Without a doubt, financial emergencies are the most unpredictable form of crises that we often experience every once in a while. In most cases, it is usually hard to preempt it because it cuts through many aspects of our day to day lives. For instance, if you get a medical emergency, you’ll need a sum of cash to cater for the expenses; Or if your car breaks down, you’ll definitely need some financial backing to get it fixed. Basically, financial need is inevitable, and that’s why it is always good to be prepared for anything.
A Legal Money Lender Singapore is a person who’s legally permitted to offer you loans during your time of need. But, it is always important to make sure you deal with the rights person.
Below are a few reasons why you need to hire the services of a legal money lender in Singapore.
- Gives you the assurance that you are dealing with a professional and government certified lender
Getting and paying a loan can be a tricky endeavor especially if you are dealing with an off-book money lender. These lenders are usually free of legal restrictions and may end up exploiting you in the whole process. A legitimate lender is constrained by the law which means they cannot tweak the terms of the loan to their advantage. This guarantees you a fair and well-vetted money lending process in Singapore.
- Subsidized Interest Rates
Since a licensed money lender is confined to the laws of the land, their interest rates are usually regulated to ensure that the loanee gets financial assistance ate the most suitable rates. On the other hand, dealing with an off-book lender means that they have the power to dictate the amount of interest – which are mostly crafted in their favor.
- Better Repayment Schedule
When looking for a money lender in Singapore, it’s always important to also consider their loan repayment policies. Due to legal guidelines, licensed lenders usually offer their loanees a reasonable repayment schedule tailored to make it as easy as possible for you to repay the loan. Taking a loan from an unlicensed lender means that they’ll be at liberty to decide when they want you to repay the loan and, in most cases, it is in the shortest time possible.
The reasons listed above are just a few of the many rationalizations why you should always go for licensed moneylenders in Singapore. They are the only ones equipped to offer you convenient and reasonable financial backing when you are in need.
