Benefits of Getting Loan from Licensed Moneylenders
Illegal moneylenders are self-centered. They do not give loans to make their clients rich. They give loans to dig deep into their client’s pockets. Stories are always mention of people who try to be rich, but end up extremely poor after taking loans from illegal moneylenders. You will never know you are falling into a trap. In fact, illegal moneylenders are good at sweet talking to their clients. They have ‘favorable’ policies to lure as many clients as they can. Furthermore, they are quick at processing the request.
Beware of such people. Do not be swayed easily by their words. Although their policies look friendly and favorable, you’ll not be able to finish paying their loans. Before borrowing from any company, do a thorough research. Ensure that the company is legitimate. You can check through the list of licensed moneylenders posted by Singapore’s Ministry of Law. Here are some of the benefits you get when you borrow from a licensed moneylender.
Freedom from Harassment
Illegitimate moneylenders or loan sharks never use polite language when asking for repayment. They understand that they are doing an illegal business thus have no right to sue you in the event their money is not return. This is because the entire business is illegal. For that reason, they have no choice but to threaten their clients. Worst of all, some of them even threaten to burn down your house! To free yourself from such intimidation, always take a loan from licensed moneylenders as the law will be able to protect you to some extent.
Licensed moneylenders are always well mannered. They contact their clients in the most respectful and polite way. Moreover, if you fail to repay, they take action through the legislative systems. This gives you peace of mind, especially when you are certain that you will be repaying the money.
Low Interest Rates
Usually, illegal moneylenders make false promises about low interest rates. Their intentions are to attract more clients into their trap. Many times their ‘low interest rates’ are actually not low at all. There has been a change with regards to how much moneylenders are able to charge for interest. Thus people who are still not sure about the change will fall into their ‘low interest rates’ trap. Once you have borrowed their money, their cruelty will come out! You will be loaded with heavy debts, due to higher interest rates you did not notice earlier. However, if you borrow money from a licensed moneylender, you will not face unnecessary surprises. You will have all the terms, conditions, and policies stated clearly for you. In addition, licensed moneylenders will usually explain the contract to you ensuring that you understand what you’re signing.
Illegal moneylenders, also known as “loan sharks”, will not care about your privacy. As long as they are forcefully draining your pocket, they will not care jeopardizing your security. Most illegal moneylenders do not care about data storage systems. By providing them your Singpass, they will not be afraid to spread your information or harass you. Besides, they do not feel ashamed sharing your most confidential personal information like your monthly income, your spending etc. However, with licensed moneylenders, the confidentiality of your personal detail is their priority. Their professionalism and right consciousness do not allow them to do anything weird to your financial information. Moreover, they work hard to please you so that your trust in them remains uninterrupted.
Looking to get a loan? As a licensed moneylender in Singapore, we can guarantee you confidentiality, reliability and low interest rates. First time taking a loan or have any questions regarding taking loans from moneylenders? Drop us a message and we will get back to you asap! If you’re interested in taking a loan and want to check your eligibility, fill in a simple application form to provide us with basic facts about yourself.