You are aware of the fact that a money lender in Singapore is one of the many options or lenders you can go through when in need of money. When you are going to take out a loan, take time to do research and think about why should you go through a money lender, as opposed to a bank or other types of lender? If you have these questions, or any other as it relates to personal loan you are going to take out, consider a few of these benefits of choosing the licensed lender, for the loan you are going to apply for.

1. Avoid harassment

You know those telemarketing schemes, or nightly calls you can’t get away from? With a licensed lender you are not going to have to deal with this. In fact, they are only going to reach out to you, if you contact them first. The lenders which are fully licensed have a steady customer base, so they do not have to try to call or contact you in order to elicit more business. With a steady client base, you will only get calls or information if you request it from the lender you are considering applying with.

2. High interest

It is higher than a bank loan, but it is not going to be exorbitant as is the case with lenders who aren’t licensed, or with a pay day scheme loan. So, you will pay some interest, but it is going to be reasonable in terms of the loan amount, and the duration of the loan which you are applying for with that lender as well.

3. No Spam or SMS schemes

As is the case with no harassing calls, you won’t get caught up in the schemes either. No quick sign up, or click here to register texts are going to be sent out by licensed lenders. As they have the clientele in place, they do not have to engage in such deceptive tactics in order to garner more business. As a borrower, you know you are safe, and are only going to receive messages after you initially reach out to that lender.

4. Personal information

You won’t get caught up in the illegal ways some lenders work to get your information. A licensed lender will ask you to come into their office to get your income, and other required information to process the loan. So you will see it all, you will sign documents, and you are present when they are collecting the information they need to process the loan you are applying for with them.

5. Quick and easy

Even with the licensed lenders, you are not going to wait too long for approval. In fact, sometimes as quick as one day you can have up to $3K if you take out a loan with these lenders. You are not going to be approved for as much as a bank loan, but you will get a reasonable sum of cash, and often you will be approved for that cash in a very short period of time. So, there are no lengthy wait periods when you do apply with these lenders are a borrower in Singapore.

6. Income

Your income can come from anywhere when it comes to applying; so, you need to show four times the income, for the loan you want to take out. As long as you can do this, a licensed lender is going to approve you for the loan amount you wish to borrow with them. Whether it is a single loan, or multiple loans, you can bring all forms of income together, when it comes to applying for the loan, to ensure the highest amount approval for the loan you apply for with a particular lender.

All in all

You need to know what your options are, and you have to know how to go about finding the safest, licensed lenders for cash loans you apply for. Due to the many scams out there, only when you know what to look out for, can you avoid them. When you are ready to apply, make sure you consider these relevant factors, in order to know the lender is licensed, and you will get the best terms possible for the loan you will take out when borrowing with that lender.