When you have a sudden need for money and you don’t have other options to take, getting a personal loan from a licensed moneylender is an ideal solution. Among the common reasons why Singaporeans take a personal loan are the following:

• Helping family members or friend in need
• For renovation expenses
• Debt consolidation
• Wedding expenses
• Late payments
• Urgent purchases/Bills
• Emergency expenses

And there are still other reasons why you need to take a personal loan. Also, taking a personal loan from a licensed moneylender provides numerous advantages than taking it from a traditional moneylender. Thus, this type of loan is becoming more popular.

Advantages of Getting a Personal Loan from a Licensed Moneylender

Easy Application

With the advancement of technology, licensed moneylenders nowadays escalate their processes. Using their registered website addresses, borrowers apply through their online forms. They will submit their preliminary information: full name, email, contact number, monthly income and preferred loan amount. Simply, no long queue and paperwork involved.

Fast Approval

Unlike traditional lenders like banks where you have to wait for days, licensed moneylenders can approve your loan within the day. They use a modern platform to speed up the overall process. They will inform you via email or phone and arrange an appointment once your loan application is approved.

Well-regulated Moneylending Industry

As Singapore’s moneylending industry continues to grow, it keeps to be well-regulated. All the moneylenders abide by the rules and regulations set by The Registry of Moneylenders under the Ministry of Law. To strengthened the laws, The Moneylenders Act and Rules were established in 2015. In addition, the Moneylenders Credit Bureau (MLCB) was also established in 2016. It requires all the licensed moneylenders to provide information about their loans and their consumer’s payment behaviour. It allows the moneylender to view the unsecured loans of borrowers from other loan providers. Thus, it helps licensed moneylenders to make an informed decision about loans.

Flexible Terms

There might be times where a borrower can encounter a financial circumstance, the reason why he can’t repay the loan on time. As such, it is ideal to take a flexible repayment. And this is among the advantage that you can get when getting a personal loan from Singapore licensed moneylenders. They may also create a custom-loan repayment plan that is under your capacity to pay.

Available to Low-Income Borrowers

Prior to borrowing from traditional lenders, you have to meet their income requirements. But, unlike with licensed moneylenders, having a low-income does not matter. You can apply even if you have less than $10,000 annual income. And, for that income, if you are a Singaporean or a Permanent Resident, the lender can grant up to $3,000 and $1,500 if you are a foreigner. This makes licensed moneylender’s personal loan much more accessible and easier to apply.

Poor Credit Scores can still Apply

Banks have stricter credit score requirements unlike with licensed moneylenders. If you have a bad credit score, you are still welcome to apply. They will not reject your application. They will fully evaluate your case and understand your current financial situation.

Low-Interest Rates

Each moneylender offers competitive interest rates. Although they have varying interest rates, they are known to provide low-interest rates. In addition, the interest rates are well-regulated. It cannot go beyond 4%.

What are the things to consider when taking a personal loan?

How to qualify for a personal loan?

• Singaporean, PR or Foreigner
• 21 years old and above
• Full-Time Job/Employment
• No Income Restriction, Low Income Applicable

How much you can borrow?

For Singaporeans/Permanent Residents

• Up to $3000 – For annual income less than $10,000
• Up to $3000 – For annual income at least $10,000 and less than $20,000
• Up to 6 times your monthly income – For annual income of at least $20,000

For Foreigners

• Up to $1500 – For annual income less than $10,000
• Up to $3000 – For annual income at least $10,000 and less than $20,000
• Up to 6 times your monthly income – For annual income of at least $20,000

What documents you will need?

For Singaporeans and PR

• NRIC
• Latest 3 months payslips
• Past 15 months CPF Contribution Statements
• Income Tax Statements
• Original Utility bills or HP bill (Show Proof of Address)

For Foreigner working in Singapore

• Passport
• Latest 3 months payslips
• Tenancy Agreement for rented property
• Bank statement showing salary crediting
• Employment Contract/ Appointment Letter
• Work Pass (S-Pass or Employment Pass)

How to apply for a personal loan?

If you are now decided to take a personal loan from your chosen moneylender, it’s now time to turn in your application. To apply, all you have to do is to submit the preliminary information which includes your full name, email, contact number, income and desired loan amount within their online form. A loan advisor will get back to you to confirm your loan information and will arrange an appointment once your loan application is approved. You will need to come to the moneylender’s registered office address to endorse the loan agreement and you will be able to receive your cash on the spot.

How Cash Lender can help you?

As a reliable loan matching platform, we will help you find the best private moneylender to answer your financial needs. We help you make the searching process much easier. We will provide instant loan offers from top providers that meet your financial condition. We also help in scouting for the best payday loans, foreigner loans, and business loan offers.

We will make sure that the loan offers are coming only from licensed moneylenders. These are the lenders that are listed under the Ministry of Law – Registry of Moneylenders. And they are legal moneylenders since:

• They offer interest rates up to 4% each month and a maximum of 4% late interest for each month of late repayment.
• They can only charge a late payment fee of $60.
• They can also charge a maximum of 10% for an administrative fee when the loan is granted.
• Their total charges cannot exceed the total principal loan.
• They can only advertise in business or customer directories, their registered website, and within their business premises.
• They will explain the note of contract in the language that you understand
• They will give you the copy of the Note of Contract

You don’t have to spend more time searching for more than a hundred licensed moneylenders. You also don’t need to have a hard time comparing for the best loan offers. We want to save your time and energy, by providing an instant personal loan quote.

For fast loan offers, get started by filling up our form.