When living and working away from home, anything can happen.
In case you go through a more difficult financial situation, your family members and close friends will not be there for you. So what do you do?
Living in Singapore can be a great experience since the work field looks promising, and there are many opportunities for one to enjoy. But, life comes with ups and downs, and we all need to be prepared to tackle them. Also, you don’t need to face a not to fortunate financial status, to take into account the possibility of applying for a money loan. Maybe you wish to purchase something more significant, like a car or want to finance your own business here. So here are some ways of loaning money in Singapore.
Just like in any other country, there are two options when needing to loan money. First, there are the banks, and secondly you can get the help from a private money lender. What is the difference between these two? Here are some details about them. If you think banks are the most viable and safe option, you may be right, but banks are very cruel when it comes to offering money loans.
As you might have experienced back in your home country, banks offer the biggest personal loans only to the richest people. Meaning the more you earn, as a monthly income, the bigger your house, or houses, is, and the most assets you own, the more eligible you become for a loan. And also, based on these details, the lent amount grows as well. So, people that have a worse financial state, who would appreciate the financial help, usually get nothing. Thus, expect for the same thing to happen in Singapore since banks are the same everywhere.
But the people living in Singapore turn their attention in another direction when it comes to loaning money. There are many licensed money lenders, operating across Singapore. They can be a better option since they are more flexible than banks.
The activity of these lenders is safe and secure since it is registered and control by the Registrar of Money Lenders. Also, you shouldn’t worry if you have a hard time paying the rates, as it is in their interest to keep their reputation as professional and trustworthy lenders, so they will no harass you, even if they are more business than a bank. Still, it is recommended to maintain an open channel of communication if there are any problems.
Still, a licensed money lender may not be capable of giving you a larger sum, as in the case of banks. They are more focused on smaller payday loans, as they are regulated by their license when it comes to maximum amounts that can be loaned, fees, and interest rates. But, it doesn’t hurt to ask because you might get a favorable answer if you are not requesting for an impossible amount of money.
Another advantage would be the speed of approving your loan, so you will get the money relatively fast. Although, there are some downsides regarding these lenders, and that is their rather high interest rates, ranging from 25 to 30%. But you can’t have them all, can you.