Looking out for a loan for your emergency financial crisis? You may be in a high-stress situation that can only be solved by money. Taking loan is not an easy task as it involves a lot of processes. Mostly the bank loans are lengthy and take a long time to get approved. Besides, the bank also checks out some of the factors like the credit ratio, credit history, your permanent income, employment history and many more points. That does not mean that people does not have a clear check will not get the loan. Financial crisis can come over to anyone.
When does the sudden financial crisis rise in life?
To meet such sudden financial stress in life, the loan becomes a necessity. It can be the tuition fees or the credit card debt or even a simple repairing in your house. Money can be required at any time without giving you a warning. Expenses are increasing day by day with the demand of life. Therefore, it is always not possible to manage everything with the salary. The loan amount will help you to get job fulfilled without creating a crisis and tension. Most people approach the banks for the loan. Banks approve the loans based on different factors of the individual.
How come the banks give the loan to customers?
Banks often give out the loan by checking these points:
- The credit rating of the individual based on the previous loan clearance history.
- The regular income and the types of income with a strong history of employment
- The liabilities and assets of daily life determine the loan approval.
- The existing debts of the individual.
Few persons are having fewer liabilities and huge assets. Then the individual will not apply for the loan. A regular and strong incoming person will never apply for a loan. Those who are having more liabilities and not having enough income to support, then they need to have the loan. So most of the time, it is very tough to meet the requirements of the banks.
Licensed money lenders are the life savior for many people
So in alternative comes the licensed money lender, who don’t check out so many factors and supports you in the finance. It is one of the pertinent solutions to the failed bank loan. There is a lot of licensed money lenders in Singapore who gives out a personal loan, business loan, payday loans. They offer multiple benefits for the customer to avail the loan and pay it back on time according to the rules and regulation.
Difference between bank and moneylender loans
The bank loan and money lenders follow a different protocol. There is a basic difference between the loans given by the banks and the licensed money lenders. Below are some of the differences between these two types of loan offered to the layman.
- Bank loans often take the history of the credit and the details of the loans taken before. It also checks the repayment of the previous loan. But in case of the licensed money lenders, they don’t even check the credit ratio and disburse the loan based on present repayment flexibility. Thus the moneylenders are much more approachable for the financial requirement.
- The bank loans have a particular way of repaying the loan. It is being maintained in terms of period. There is penalty taken for the repayment before time. But in case of the money lenders loan repayment, it is quite flexible. No before time repayment penalty is charged form the customers. Thus when you have the lump sum amount pay back the money lenders loan without any glitch. This flexible term of repayment is under the rules and regulation of the moneylenders of Singapore. They are thus mostly approached by people.
- Do you need the money next day only? Moneylenders allow you to get it. They provide customizes service to their customers. It does not matter about the processing of the loan. Based on some factors instant approval is being given. But on the other hand, it is not at all allowed by the banks. They will take enough details before given the approval. Even after the approval, they need time for disbursal. Thus the customized solution is one of the primary benefits of the moneylenders. Loans of personal requirement or foreigner’s loans are given instantly for the demand of the cash.
- Banks need detailed documentation and do not miss a single thing whereas the money lenders depend on minimal documentation that allows faster service. So the processing of the loan is being done at fast pace. There is no wastage of time and no unnecessary harassment of the customers for the money they will pay back later.
- Another very important point to disburse the loan is the income slab. Banks often follow a particular income limit to disburse the loan amount. But on the other hand, the money lenders do not see the income limit. They give the loan based on the present money paying affordability.
Thus there is a huge difference between these two different types of loan disbursement. Banks often take care of long-term financial requirement. The money lenders take care of your instant financial necessity. Both are required but for different purposes. Besides many people who cannot get the bank loan can opt for the licensed money lenders. They will give the loan based on minimal documentation required for the fulfillment of the rules. Thus this allows anyone to get the loan and carry out the required task of life. Loans are required to get arise in life with strength.
How to avoid the unlicensed money lenders?
But when choosing the licensed money lenders, one must focus on the registration. Singapore is a place where there are huge numbers of such money lenders. So it becomes tough to find the right one. Check out the list of registered money lenders under the authorized body. Get from them the loans. It is the best idea to visit the physical office and avoid the online communication. The licensed money lenders have the physical office and contract papers which tells you everything about the loan. The interest rates, the repayment schedule, and the terms are being defined by the authorized body.
The illegal money lenders will take high-interest rates and will misuse the phase of the financial crisis. Unnecessary harassment is being done for the loan disbursal. Thus they are not the right place to turn your face. Before applying the loan application, check out the license number and now about the terms and condition. Compare the interest rates with other such companies to know about the present rates. Thus these will prevent you to fall into the trap of unlicensed moneylenders in Singapore. Get the right organization at your side during a hard time of your life.
Reliable organization which people can trust
A reliable money lender company, credit excel capital, allows the customized solution to the customers. They meet the customer’s need accordingly. Moreover, they have been serving the people for a long period. The repayments schedule followed by them is according to the authorized body. One can repay the loan as and when they can do it within the defined period. No penalty is charged for before time repayment. So go forward and meet your entire financial crisis in life. Solve them out and be stress-free in your life. Enjoy the life with the new wings of happiness.