Tue. May 18th, 2021

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10 Facts About Licensed Moneylenders

4 min read

Everyone has their own requirements, some are big and some are small. Now, in this expensive world to get yourself established and being prepared for any huge requirements is a very difficult thing.

Sometimes any instant task that arises and you require money, you can borrow money from the licensed money lenders. They also give money similar to the loan but the process is short and rapid. The process doesn’t require lengthy paperwork and documents.

Low rate of interest

The licensed money lender gives money for a loan at a very low rate of interest than the banks. They give money at low-interest personal loan and at the tenure of two to thirty-six months.

Resisting the high rate of interest

In banks, you will have to pay a comparatively high rate of interest than you pay to the banks. The unlicensed moneylender often demands a high rate of interest, to make people finish the repayment as early as possible.

So to avoid this high rate of interest, people prefer to borrow money from licensed money lenders. They also get a legal contract, in which everything is mentioned clearly.

Fast funding

A common bank may take a few weeks in processing the loan. Many times you don’t go pre-planned, sometimes you need urgent money and lenders help you to get money instantly. The money lenders give you money for buying properties and selling them easily. They lend you money quickly in a few days or hours if you have all the right documents.

Few paperwork to be signed for borrowing money

When you apply for loans in the bank, you need to do a hugely time-consuming process of signing documents and papers. It makes your loan approval time slow and boring too. The money lenders help you to get instant money, with singing fewer papers and getting your money on time to do your work faster. They try to do everything faster and create no annoyance for you.

Fast loan approval

In banks, when you apply for a loan you have to fulfill all the paperwork and many documents. It takes a lot of time to pass all the documents and get them approved. So if you need money on a very urgent basis then you can’t spend your time doing this works. To receive your loan amount fast you can take a loan from money lenders.

No checking of record of money borrowed in the past

To borrow money from a money lender Singapore, you don’t need to be concerned about the records of money borrowed in the past. Your application won’t be rejected if you have failed to pay the loan at the time in the past. It will be mentioned as pay on time. Other banks may reject your application if they have failed to pay the loan on time. Moneylenders don’t reject the application on the basis of your borrowing history in the past. So you can easily get the money from any licensed money lender.

No need for unnecessary applications

If you have any urgent requirements but the bank is rejecting your application and attach several applications again and again, then you might get frustrated. The money lenders won’t force you to attach various applications, if you have all the right and correct documents then the officials will give you money as soon as you want, in a few hours or minutes. So for any instant use of money, like paying school fees, you can borrow money from the money lenders in a very smooth and easy way with all your documents.

List of very few requirements

In banks, when you apply for a loan they verify all your past loan history and documents. But the money lenders only demand a few necessary documents and give you a loan on the basis of those documents. You can receive the loan amount for personal loan or business purposes as soon as your document is received by the moneylender. Taking a loan from a licensed money lender always gives you benefits and is considered to be safe.

Due to the low requirements of documents and fast approval people feel safer and satisfied to take a loan from a licensed money lender.

The licensed money lender can sue you for incapability of paying the loan

The licensed money lender has all the legal rights to sue you if you get failed in paying the loan amount back on time. Then can charge you a penalty for late payment of the amount.

They will give you legal notices when the tenure of the loan is about to get over. And if you get failed to submit even after sending the notices then they have all the legal right to sue you for

You can file a complaint if the moneylender harass or give you threats regarding the loan

If the money lender violates the rules of the contract that was made at the time of the loan then you can file a complaint against the moneylender. There is no right to harass you for paying the amount.

This government will take strict action against this if it is done so. Because in the past a case like this was registered, an old man was threatened to pay the loan amount. Then the moneylender was arrested and an interview was conducted by the officers.

Conclusion

In this article, you will find some of the facts about licensed money lenders. Some of the rights of the person who borrowed the money and the money lenders. The advantages of borrowing money from the money lenders. You will use this article if you don’t want to waste your time in attaching applications to the bank. If you want instant money for any urgent purpose then you can borrow money from a money lender.

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