The First-Time Borrower’s Guide to Licensed Moneylending
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Regardless of how detailed your monthly or quarterly budget is, there are still unforeseen situations that might require you to take out a loan. These typically include medical emergencies, urgent home repairs and car repairs. You might also consider getting a loan when you’re moving or buying house appliances.
The traditional bank loan process is strenuous, though. There’s no guarantee that you’ll receive the money in time for your need. In this case, your best option is to approach a licensed moneylender.
All licensed moneylenders in Singapore are approved by the Ministry of Law. They can provide short-term loans to Singaporean citizens, permanent residents and foreigners who are employed in the country.
Get an overview of the moneylending process before jumping into it.
Licensed moneylending is fairly simple. You simply choose from different types of loans, based on your unique financial needs. Then, prepare necessary documents including your proof of income and employment. This will determine the maximum amount you can borrow.
One of the greatest advantages of borrowing from a licensed moneylender is the fact that you have many loan options to choose from. There’s a loan type for most situations.
At Capital Funds Investment, we can tailor-make a loan program based on your personal circumstances. Here’s an overview of the other loans you can apply for:
Discuss your options with a trustworthy moneylender to get the urgent cash relief you need.
The licensed moneylending process is straightforward. Similarly, there are only four key factors that you should consider before applying for a loan:
After your loan has been granted, you’re free to use it for your personal needs. Just remember to pay the loan instalments on time to avoid late repayment fees and a higher interest rate.
Also, retain all statements of accounts and receipts of payments for a clean, well-documented process.
Capital Funds Investment is a trusted money lender in Singapore. We tailor loan programs based on your current needs and overall financial situation. Call us today for enquiries: (65) 6281 7736.