Top Reasons To Borrow Money From a Legal Money Lender
- Home / Blog
Almost everyone needs to apply for a loan at some point. It could be used to start a business, for weddings or for tuition fees. Regardless of the reason, there are plenty of financing options available. Whenever you consider applying for a loan, make sure that you apply to a legal money lender.
Here are some common reasons to borrow from a legal money lender in Singapore:
Legal money lenders are known for their low-interest rates compared to unlicensed money lenders. The reason why they offer attractive interest rates is that competition is tough, and this is a way for them to attract borrowers. Loans from legal money lenders are also easy to manage as they offer flexible repayment options.
They are also required to disclose the effective interest rate of your loan prior to being granted. The current maximum interest rate money lenders can charge is 4% monthly. It applies regardless of your income and whether the loan is secured or unsecured.
Whenever you are applying for a loan, make sure your personal information and financial details are safe. Borrowing from a legal money lender is a way to ensure that your details are protected and safe from malicious attacks. You can be prone to identity theft and other crime if you work with unlicensed money lenders.
They are also more dependable and ensure that they work in accordance with the laws. They respect your information because they know that it can put you and their business at risk. Working with a reputable company will give you peace of mind that everything flows smoothly.
It can be particularly easy to get a loan from a licensed money lender. Most lenders have an online site where you can submit your application, and they will contact you about the status of your request. You will be provided with the details of your loan terms and that agreement will not change until you’re fully paid with your loan.
They know how urgent your monetary needs are, that’s why they make the application process and approval as easy as possible.
Licensed money lenders are just concerned about your ability to repay your loan, not about your credit history. There won’t be credit checks as your income establishes the loan amount that you’ll get. For instance, a payday loan is a short-term borrowing option. It can be approved within minutes, perfect for urgent situations.
No-credit check loans are approved quickly with an easy application process. They allow you to get loans quickly without worrying about your credit history. There are also no penalties for early payments, and if you pay on time it can help build your credit score. This will improve your chances of getting a better deal next time you apply for a loan.
Capital Funds Investments is a licensed money lender in Singapore that helps you obtain cash to lighten the load of your expenses.
For enquiries, call us today at +(65) 6281-7736 or fill out our online form.