Life is not always easy; sometimes even when we try our best to make ends meet, we run into financial constraints that prevent us from achieving what we want. To address these obstacles, most people turn to family and friends for help. However, these options can be limiting and difficult to manage.
Licensed money lender Singapore is one of the alternatives that borrowers can consider for quick and convenient loans when they need them most. It offers a wide variety of loan offers, competitive interest rates and responsive customer support.
5 Advantages of a Licensed Money Lender
Unlike banks and loan sharks, licensed money lenders are legally required to present borrowers with a document that contains all of the terms and conditions for the loan. This includes the payback time, payment method alternatives and the interest rate imposed on the loan.
These documents should be presented to you before you sign the loan agreement. They should also include information on the legal costs incurred by the moneylender to recover its loans in case of non-payment.
Moreover, licensed money lenders must not charge upfront fees and can only charge a stipulated 10% admin fee once you have disbursed the loan amount. In addition, licensed moneylenders can only charge a maximum of 4% interest per month. licensed money lender