Pros and Cons of Getting Money from Licensed Money Lender in Singapore

Posted by winds on July 12th, 2018

Licensed money lenders in Singapore are financial institutions or individual who give different kinds of loans to the borrower and charging them a particular interest rate. They assume a vital role in assisting individuals through their money related crisis. Outlined below are the pros are cons of getting money from this licensed money lender in Singapore. 

Pros of acquiring loans from money lenders.

1.They offer you loans regardless of your credit score. 

You just need a steady salary to qualify for most of the loans provided by money lenders Singapore. Most money lenders offering advances in light of pay-checks don't require credit checks. Regardless of whether you are a Guard or a CEO, similar gauges apply when it comes to acquiring loans from money lenders.

2.Quick loans.

Another pro of using money lenders is the speed in which the cash can be conveyed. If you stroll into a money lending institution and you have the necessary credentials required for the type of loan you want to secure, you could get your cash that same day. If went for an on-line money lending agency, you could have your cash electronically sent to your account within a day.

3.Consistent at providing loans. 

When you build up a relationship with licensed money lenders Singapore and they realize that you will reimburse your credit on time, they will normally be interested in giving you advances at whatever point it is required. This gives you an outlet for quick loan access in case of future emergencies.

Cons of taking out a Loan from licensed money lenders Singapore.

1. High Interest Rates 

If you imagined that credit card premium rates are high then reconsider. Advances from money lenders Singapore, for example payday advances pull in about a similar interest charge as credit cards however in this case, the time span is substantially shorter i.e. it can be on weekly basis rather than an annual scale. 

2. They get you into a vicious debt cycle 

If you are not careful enough, securing advances from money lenders in Singapore can spoil future. You may have paid off your past loan yet once mid-month arrives you end up borrowing more money to clear off your bills. If you do this on monthly basis you can completely ruin your financial future since you will be creating a cycle of debts every other month.


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Joined: August 29th, 2017
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