Why should you borrow money from a licensed money lender?

By | March 1, 2020

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Whatever your financial requirement is, it’s always best to take a loan from a moneylender who has got a proper license. If you are taking money from a licensed moneylender, then you can avail a number of benefits. We all know that people who borrow money from a moneylender who doesn’t have a proper license or money borrowed from different unauthorized means can leave you in major problems along with harassment issues.

If you are taking money from money lenders who are legally approved, then it’s an assurance that you will be free from this kind of trouble. If you fail to repay the money on time with full interest and you have taken the loan from an illegal way, then it might become very difficult to sustain in life. Singapore Legal Money Lender provides money to the borrower in a legit way as they have the proper license for lending money to borrowers.

Here are some advantages of borrowing money from a moneylender who has got a proper license for lending money to the people.

  1. There is no harassment involved if you borrow money from a licensed money lender

If you are taking money from a moneylender who has got a proper license and is working legally, then the process of getting money will totally become stress-free. Starting from submitting the loan application form to reviewing all your documents and getting final feedback to the signing of a loan contract will become an easy process for you. You don’t have to go through any type of harassment because they follow the IPTO’s rules. They will not overwhelm to advertise them through unreasonable means. They will not accept solicitation for loan payment.

You should keep in mind that Singapore Legal Money Lender has to follow strict rules and regulations that are set by the government. If they don’t follow these rules, then they will be heavily penalized for this. If you face any kind of problem, then you can register to complain, which can cancel their license for lending money to the borrowers.

  1. Here the interest rates are very reasonable

If you are borrowing money from money lenders who don’t have a license or work illegally, then they will charge you with a higher interest rate and also will ask you for repayment before the scheduled date. If you don’t pay the amount on the given date, then you will have to pay a higher amount with a penalty.

It might become difficult for you. But if you borrow money from a licensed moneylender, then they will follow perfect rules and regulations, and they will not trouble you. They charge you with a reasonable interest rate, and you will pay the amount on the assigned date only. The government has fixed an interest rate; they cannot charge the interest rate more than that.

  1. No advertisement needed 

Licensed money lenders do not advertise about their company. They do not use any kind of technique to promote their company. They do not send any kind of SMS or calls to the client to promote their business. So that people will take a loan from them. This type of practice is done by an illegal money lender, and they will try to attract people to take a loan from them.

So always go with licensed money lenders as they follow the rules and regulations. They have a proper office if you have any doubts about borrowing money then you can visit the office physically. If, by chance, you receive an SMS from a licensed moneylender, then you can easily report to IPTO.

  1. Personal details can be accessed illegally 

If you are borrowing money from licensed money lenders in Singapore, then they will provide you with a login id and password as it contains very sensitive information along with other personal details, which only you can log in and see the details. But if you borrow money from illegal money lenders, then they will try to access your personal details by by-passing the password.

They will say that they just want to verify the income of yours and check the record of employment. This thing is actually needed but not over the phone. So they will try to extract data over the phone, which can be a sign of danger. If you are getting this type of call, then you should go to the office physically and check in the office. If they don’t have an office, then think that it’s a kind of fraud.

  1. You can efficiently take a loan from a licensed money lender 

If you are taking money from a licensed moneylender, then you don’t have to go with a long process to the money. Once your application is approved, you will receive your loan amount easily. You just have to submit proper information and all the paper works that are required. It will totally eliminate the lengthy processes which are mainly involved while you are taking a loan from a bank. You will not worry about your credit score if it is not perfect because the thing will not be focused when you apply for a loan through a licensed money lender. Visit Crawfort Homepage to know more about the licensed money lender.

  1. You can get a proper loan scheme 

If you are borrowing money from a licensed moneylender, then they will give you the loan amount depending upon their income. They will charge the right amount of interest on the amount that you will be taking a loan. Suppose you have a salary of $ 40,000, then you can get the loan amount four times your salary.

The interest charged will be 4 percent monthly. But if you are borrowing money from illegal money lenders, then they might tell you the interest rate very low initially once you borrow money from them. They will increase the interest rate.to avail this scheme you can Visit Crawfort Homepage.

This is all the things you should know about moneylenders in Singapore. So, if you are in urgent need of money, then do go for licensed money lenders as they will provide you the money in a proper way, and when you need to return the money, then they take money in a smooth way.