Finance

Benefits of borrowing money from a licensed money lender

Money is a commodity. Earlier people used to follow the barter system in which commodities were exchanged for commodities. For example: Rice was exchanged for sugar and coffee powder was exchanged for salt. Later money was invented and people started to trade goods for money and money for goods. When money became prominent, people started to hide goods and raised the prices of commodities to earn more. Today, money is needed for almost everything. People cannot live in this world without money. It is a medium. When people go beyond their expenses and savings, they seek the help of bank for loans. Each bank follows their own set of rules for lending loans. They require paperwork and documentation to make sure the person is financially stable to repay the loan in the future. Not all have good credit score and these are the people rejected for bank loans. Banks want their money to be repaid periodically. If they find the person is ineligible, they have all rights to reject the loan amount. This is when people tend to get the help of money lenders. There are many money lenders all over the world. But it is very important to make sure they are licensed and certified. Because, many unlicensed money lenders can be an embarrassment later.

Illegitimate VS legitimate Money lenders

Borrowing money from licensed money lenders prevents the borrowers from the harassment the illegitimate money lenders can put them into. Singapore government have many regulations which the lenders must abide by. If they cannot abide by even a single of them, they become liable to face grave consequences. Unlicensed moneylenders also ask for high interest rates to make sure the borrower repays the amount. Whereas licensed money lenders follow government authorized repayment amounts and stick to them. Personal information can be misused when people try to borrow money from unlicensed money lenders. Government authorized money lenders only check the previous drawn salary to estimate the borrower level of income before they issue the loan. One can read more about moneylender interest in fish farm Singapore website. This can help them to borrow from the right person and know current interest rates.

Singapore money lenders

JR credit is a well-known moneylender Singapore based company. They are authorized and legitimate cash loaning organization with speedy financing. They are licensed with the registrar of money lenders handling personal information with confidentiality. There is also another company namely Expressloans which is a reputable licensed moneylender in Singapore.

  • Partner links