Tuesday 5 March 2013

Singapore Money Lenders Solve Cash Problems

By Elise Marshall


Individual people and small companies may come across many situations where they want to call on the services of a money lender. If borrowing money from such a service in Singapore, it is always recommended to use a legal money lender Singapore service.

Using a license money lender Singapore service is a far better option that taking your chances with an unlicensed service. Singapore law strictly regulates licensed services, and this helps protect the customer from any nasty shocks. It is only common sense when taking a personal loan or opting for a pay day loan Singapore lender to disregard any service that is not legally established.

Most people turn to legal money lender Singapore businesses because they are unable or unwilling to apply to a bank for a loan. This might be because they have had prior negative experiences of trying to borrow from banks. Banks have traditionally made it difficult for loan applicants.

Many people and small businesses still select money lenders even when their credit rating is not an issue. They may think dealing with banks needs too much time and requires too much paperwork. They might also be unhappy with the amount of sensitive information that banks want before authorizing loans.

Banks are likewise not very sympathetic when would-be borrowers attempt to get a loan to cope with short term emergencies. Individuals living or working in Singapore who are not residents often find it impossible to raise finance on credit from banks. People looking for a pay day advance to tide them over until they receive their next pay check can never rely on a bank to aid them.

In contrast to the attitude banks take to loan decisions, legal money lenders in Singapore are a lot more understanding of the borrower's circumstances. Money lenders are aware that situations will often turn up where small companies or private individuals want access to credit without hassle. Although the banks will insist on written loan applications and want lots of paperwork, money lenders eliminate all the unhelpful bureaucracy.




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