Money lending can be generally explained as one borrowing money or an asset from another individual or an agency. It is a debt which needs to be settled within a particular period as decided by the two parties. Money repaid to the lender is usually inclusive of interests plus the actual money lent.
Money lending also plays a major role in creating money for the companies and lending financial institutions like banks. Especially for banks, they lend out money and reserve a portion which is again re-deposited. This chain also enables the financial institutions to create money. This is very important for the circulation and the basic supply of money.
It does not concern a specific industry but impacts almost all sorts of industry as it affects money circulation. Companies from all sorts of industry backgrounds borrow money for better functioning of the company and the money lending institutions earn money doing the same as they earn interests and re-deposit the money which again goes out for lending.
In this blog, we will be covering in detail about 24 hours money lender Singapore.
Top tips to choose a money lender in Singapore
Money lending in Singapore is legal and allowed. Lending to your family and friends is not considered to be money lending businesslike which requires a license, but a continuous transaction where an individual can officially charge interests on the owed money and are approved by the ministry of Law.
It is important to borrow only from the licensed money lender to avoid frauds and other scams because of which you can lose your money.
There are various ways also by which an individual can identify whether the moneylender is licensed or not. Some of the ways to check are:
- Interest rates charged and the repayment rate when the payment is delayed.
- Loan amounts to borrow as there is a set number for both Singapore residents, PRs, and foreign residents.
- Terms and conditions of the lean contract.
- Check their advertisements as it mentions whether they are legit or fraud.
Tips and reminders for money lending
It is essential to consider these steps before taking loans from any money lender for the better understanding of system and money lenders:
- Ask the expert at a money lender individual or a company about their provisions and see what suits your needs and is convenient for you the most.
- Check whether the money lender is licensed or not as it is very risky to take money from unlicensed money lenders as they may cause a lot of issues.
- Find the lender who is feasible to be contacted and can be trusted by you.
- Check whether they fulfill your criteria or not.
- Read the loan contract well and compare their- specifications to interest rate charged, loan amount, repayment rates, late repayment rates, other charges, duration of loan, etc. This will help in elimination of errors and the selection of the best deal.
- You can also browse the website of the money lender’s company to get a quote as per your requirements and know more about them.
- You can contact them via their online portal or also in the office, making it hassle free and more fast-paced.
Is it safe to borrow from a licensed money lender?
There are various licensed 24 hours money lenders in Singapore by the Ministry of Law and are ideal for immediate cash needs such as Galaxy credit, Fast money, Lending Bee, Credit twenty-one, Crawfort, and others. There are over 200 lenders presently as it is easy to find the one which suits you the best.
Galaxy credit specializes in offering personal loans in Singapore. They are very flexible with the types of loans that they offer with various repayment plans to meet the budget for almost every individual. Some of the types of loans that they offer are- personal loans, Bridging Loan, Payday loan, study loan, Renovation loan, etc. These money lending institutions normally provide repayment options that are flexible with a variety of repayment options. Most loans should be repaid over a period of six months to twelve months.
The money lending institutions normally provide repayment options that are flexible with a variety of repayment options which also guarantees that the borrower is not under too much financial strain when it comes to repaying their loans signifying the credibility of the lending institution. Loan procedures are a quick process as the application is short, concise and takes only five minutes to complete. It is also easy to contact the specialists because of which customers can find it more appealing. A simple online application form is all you need to contact the specialists at the galaxy credit.
24 hours money lender Singapore plays an important role in managing the financial needs of individuals when they are facing any sort of financial difficulty at any time during the day or night. It might take some time to know and trust the companies or find the one which suits your criteria, but once it is sorted, it will surely help you to manage your goals and needs at that period of time.