If you want a small loan urgently then taking it from a licensed moneylender is a better option in many ways. A moneylender can provide you with a loan in no time; the entire process will take less than an hour. However, if you want a loan of a higher amount then you must go to the bank. If you want to fix your car or want to pay your rent then moneylender is a better option but if you want to buy a house or want to renovate your house then you should apply in a bank.
The increasing demand for small personal loans
In Singapore; by the demand for small loans is high and people often fall victim to loan sharks. You must only take loans from banks or licensed moneylenders such as Crawfort, which is among the most trusted in Singapore. No one can beat their fast loan service; you can search Fast Loan Singapore on Google to know about it. They are the best Money Lender Singapore can ever have.
Another reason why you should take a loan from a licensed moneylender
If you have a faulty credit history because of missed payments or some other reason, a bank will immediately reject your loan application. You can never be able to get a loan in a bank with a poor credit score. Moneylenders are not that much focused on credit history because lending amounts are much smaller as compared to the banks. However, some lenders do not allow loans to people with poor credit score, no matter what how small it is.
If you have a decent income but poor credit score then the chances are you can get a loan from a licensed moneylender. So, if a bank rejects your approval there are chances that you can get a loan from a moneylender.
The disadvantages of taking a loan from a money lender
The disadvantages of taking a personal loan from a licensed moneylender are:
- They can only lend you a small amount of money because they are small companies and don’t want to lose their thousands of dollars.
- The amount of interest they charge is higher as compared to the banks. Many moneylenders try not to disclose their interest rates on phone. They always try to tell you the rates face to face, by doing so they try to prevent you from comparing the rates from others.