Due to the increasing of expensive lifestyle and expanding responsibilities, money lending business is growing fast worldwide. With about 160 licensed lenders, Singaporean money lending business is huge catering business and personal money lending.
Sometimes it is hard to find a reliable moneylender, as different moneylenders have different interest rates and it’s not easy to find a money lender who gives you the best rates and conditions. EasyCredit.com.sg is the trusted directory which provides information about the financial institutions like personal, business loans and cash credit services for your concerns. There is chance to compare the rates and terms offered by various moneylenders.
The main advantage of burrowing from a licensed money lender is, as they are regulated by the ministry of law, there is a cap on the interest rates they charge.It is better not to trust nonprofessional moneylender as there is a chance for charging high interest rate and attempt to cheat you through various conditions and terms.
Besides providing you the copy of the loan contract, the money lender should also explain the terms of the contract.
Following are some of the features of the best money lenders in Singapore:
Relaxed terms and conditions:
Because of the stringent terms and conditions by the banks, customers\burrowers used to fail in getting the required loan amount. Whereas a best licensed money lender in Singapore has relaxed terms and requirements in order to meet the specific customer’s needs.
Low interest rates:
A licensed money lender in Singapore as per the rules charge the lowest interest rate as the mandatory interest rate in the country is 4%.
A good money lender will not have the hidden charges and fees. Many times burrowers due to the lack of clear understanding of terms while signing will face the problems.
Short processing time:
When compare to banks, licensed money lender approves the loan within the short period of time as it just need signing of papers with required information.
Money lender Singapore news will provide updates on any recent changes or will provide tips to new borrowers and is also a good repository for financial knowledge.
Few of the recent update says there are currently 156 active money lender licenses in Singapore. Four licenses have been suspended by the registry of money lenders.