Money is the basic need of an individual; without money, it’s nearly impossible to live. To fulfill your dreams, to start a business, to manage day-to-day expenses when you’re unemployed, you need money. There may be some great and grand occasions or plans like marriage, a new house or flat, a new car, a baby. There are some incidents that don’t happen according to our plan, like the funds which we need for those incidents are completely unplanned, and those incidents occurred accidentally, like an accident, sudden house repairing, sudden vehicle repairing, etc.
In all these cases you need money, which is the main factor here, you turn up to your bank, and you learned that bank loan rates are very high. You could ask your friends for some help, but they are not going to help you many times. So you have to think of an alternative which is Licensed, Moneylenders. If you’re finding some Legal Money Lender in Singapore, then visit Crawfort.
In the market, you’ll also get some unlicensed moneylender those who are famous for the sky-high interest rates, and they have many techniques by which they will harass you in every step. These unlicensed money lenders don’t come under the laws. That’s why they can provide you any amount of money and can impose any interest rate as their wish. If you’re living in Singapore, then you already know that, or if you don’t know, you should know that borrowing money from an unlicensed moneylender is also a crime, and you’re breaking the law. So if you’re borrowing from an unlicensed moneylender, then you’re not only putting yourself in this risk, you’re risking your family too.
On the other hand, licensed money lenders can provide you the amount up to which they are allowed; they also have a reasonable interest rate. Licensed moneylenders have to take the same interest from everyone, and the amount of the loan is also predetermined by the government.
First, know your lender, whether he is licensed or not. There are many ways to know this, but the best way to gain knowledge about your lender is the Ministry of Law’s website, where you’ll get all the details of every licensed money lender. In Singapore, up to 2019, there are 156 licensed money lenders. Before you take the loan, always make sure that your lender is on that list or not, the list changes accordingly from time to time.
Loan sharks, or preferably known unlicensed money lenders, don’t care about the law and regulations a lot. As per the Moneylenders Act, rules, and regulations of Singapore, the interest rates are nearly fixed for the borrower. The Acts say, that no money lender can not threaten their borrower and borrower’s family or cannot insult or abuse or cannot execute any deeds which can hurt them mentally or physically. On the other hand, if any borrower borrows from an unlicensed moneylender, then he or she will be banned from any employment in the future in Singapore. So beware before you borrow money from an unlicensed moneylender. It can risk your life, your family, and your livelihood. Please do not respond to their messages, calls, text messages, and advertisements. A licensed money lender would never shame you in front of your known ones. The verified documents of the borrower remain with your licensed money lender, and you can stay without any tension that that information always remains confidential.
Mainly, licensed money lenders deal with fewer amounts of loans. You can ask for 100 bucks for your daily expenses from the licensed money lenders. They deal with small loans because if they, by default, lose a huge loan amount and can’t recover it from the borrower, then it will be a great loss to them. You can take loans according to your income. Hence you’ll get the loan amount depending on your income. Now you can think to take a loan from a bank, for instance, let us assume bank loan rates are less than the licensed money lenders asking, but in banks, it takes much to process all the documents and verify them. Finally, when you receive the money, it becomes too late to serve the purpose. Licensed money holder only verifies your income and your citizenship, that’s it, they don’t check your credit history. That much fast and easily you’ll get your money from a licensed money holder. Banks of Singapore issues personal loans to its citizens only if they have an annual income of more than $20,000 and for a foreigner if they have an annual income of more than $45,000.
Sometimes the loan rates are even higher as you’re getting all these facilities, it even crosses the bank loan rates and sometimes crosses credit card interest rates, and stands at 25 to 30%. So, you should be very sure that you have a good repayment plan for this loan, and you should be specific too. If your annual income is less than $20,000 then you shouldn’t opt for the loans from banks, it would be nearly impossible to repay the loan. However, licensed moneylenders are allowed to loan up to $3000.
Moneylenders at Crawfort are suitable for small, crucial payments, for instance, getting your car fixed, spendings for the hospital, or paying for a ticket of the plane. For large business loans or renovations, money lenders are not the best option to choose from.
If you’re not able to pay your debt on time, the money lenders will send you debt collectors who will pressure you to repay your debts by staying on the correct side of the law. You should repay your loan on time. They’re very helpful if you pay their money on time.
You must need the short amount of money in your time of distress at those times legal money lenders can help you. If you’re finding for Legal Money Lender in Singapore, then visit Crawfort.