The Ministry of Law has registered over 170 money lending organizations in Singapore. Every single private cash provider in Singapore must register with the Registry of Money Lenders and display their name under the country’s rigorous legal regulations. But in today’s unpredictable time, people prefer going to cash providers rather than going to close ones to borrow money when they are in financial need. Taking cash loans from reputed lenders like Bugis Credit in Singapore is more beneficial than taking from banks or any fraud company.
But amidst so much competition in the market, individuals might experience a tough time in determining which cash provider is authentic and which one is not. As it is essential to know everything about the provider individuals are going for, they should prepare the following checkpoints.
Benefits of Reputed Lenders in Singapore
1. No Checks for Credits
If banks don’t believe you will repay them, they won’t lend you a loan. It is unlikely that a traditional bank will lend to you if you have a low credit score. Whereas a licensed organization doesn’t emphasize your credit history much since they know they can use your assets as collateral if something prevents you from repaying the loan.
2. No Hidden Costs
Banks or any other lenders frequently take on additional costs for their services. But a licensed loan provider in Singapore does not act this way. It implies that fellows won’t have to be concerned about unforeseen fees when trying to repay in the future. The reputed companies will always provide a straightforward paper of terms and conditions where all charges will be mentioned. And they will not accept any charges other than the mentioned ones.
3. Greater Flexibility than Banks
Because of their stringent regulations, individuals might not obtain loans from banks. The approval process and loan terms are far more lenient with licensed organizations than with a conventional bank. Some Singaporeans who work part-time could have trouble getting bank loan approval, particularly if they have a bad credit rating. However, it is considerably simpler to obtain approval from or have flexible loan conditions that meet the borrower’s financial situation when dealing with moneylenders like Bugis Credit.
4. Fast Loan Process
Before giving you a sum, a typical private cash provider in Singapore doesn’t require lengthy paperwork as this process consumes a lot of effort and is annoying, especially if you want immediate financial aid. Private lending organizations provide a particular sum based on eligibility and the required assets of a person.
5. Fixed Interest Rate
With a private loan, rising interest rates are rarely an issue. Additionally, under the rights held by their preferred lender, consumers may often hold prevailing interest rates for extended periods; licensed ones are only permitted to charge a maximum percentage of 4% each month.
6. Higher Loan Amount
Individuals can expect more significant loans from private lending companies than banks. A licensed lender is far more likely to provide individuals with a loan package that will cover their demand for a considerable amount, maybe up to six times their monthly income. Such loans are always accessible that may be customized to match their needs, regardless of their credit score.
Although they cannot be compared to banks or other conventional financial institutions, privately regulated money lending businesses are a convenient way to get financial aid faster in Singapore. They function as independent lenders, providing low-interest loans and credit options to clients needing payday loans, cash advances, and personal and foreign loans.