There are many loan services for borrowers, as many legal money lenders in Singapore are providing these services. A licensed money lender is not a bank, but acts like a bank. They deal with customers with fair rates, and they can support their customers 24/7.
You can find the different reputed licensed money holders in Singapore who are providing the best service with full courtesy and flexibility. All are focusing on the best service in professional manners. So you can find your best service from these money lenders,
As we have discussed above that these are different from the bank as commercial banks can earn the profit from their capital as well as the borrower’s loan, but the money lenders can make money from owning capital. If we see the risk factors of both banks and money lenders, then there is a significant risk for the Money Lenders.
It has been reported that there is a low rate of interest as compared to commercial banks. So people of Singapore try to avail the loan service from the Licensed Moneylender
And the people can focus on the three main points to identify the licensed money lenders.
- Their interest rate will not be above 12 % per annum.
- There will be a loan agreement that will be validated by an authorized third party.
- Moneylenders should be a criminal record as they are licensed to start the business.
These are some crucial points that the people of Singapore should see before availing any service from licensed money lenders. Else, you can also look for a Singapore approved debt consolidation companies