Interesting Facts About Licensed Moneylenders

You've sweat blood trying to raise some cash for a start-up without success. Listen, the big news is that you can now borrow the amount you want for your business from licensed money lenders. Sounds good, right? But there's a catch. You have to conduct thorough research about the lending institution you're planning to borrow the cash. But it's easier than you think.

You're probably cowering in fear thinking that the borrowed money will drain all your savings as you pay. But hang on a minute, there are various fascinating facts that you perhaps don't know about licensed money lenders. Read on and you'll find out.

Low Interest Rates

Almost all non-institutional financiers have some advantages over other money lenders. They loan money to their clients at an attractive interest rate. As a matter of fact, you'll find out that some will lend you money at a reducing balance of 1% per month. Isn't that great? Therefore, you don't have to postpone your dreams of becoming an entrepreneur due to limited funds. Visit any licensed moneylender of your choice and borrow the cash you require at a low interest rate.

High Approval Rate

Some borrowers fear that they may not meet the borrowing requirements. However, the good news when you plan to borrow from licensed moneylenders is that the institutions are not as stringent as other financial institutions in terms of lending. To top it off, they approve your loan in a very short period. For instance, if you decide to borrow from licensed money lender cash mart Singapore, you'll realize that the approval period isn't more than thirty minutes and the interest rate per term is low as well.

Few Requirements

Unlike other financial institutions which ask for tons of documentation and other requirements like past borrowings and income history for a client to be eligible for a loan, licensed moneylenders merely ask for all those documents. All you need to get that quick cash for your business or personal reasons is visiting the lenders of your choice with the necessary paperwork, and within thirty minutes you have the cash. Sounds impressive, right? Here comes another interesting fact.

Flexible Payment Plans

It's worth noting that the licensed moneylenders give their clients a flexible schedule for their loan repayment period. This depends on factors such as the client's income and the purpose of the loan. For instance, sometimes you'll find that if you borrow loan for a business, you won't have the same repayment period as the one borrowing for school fees.

Back to the point, unlike licensed moneylenders, famous financial institutions set repayment conditions for their clients without any considerations. But remember that what you want to avoid the most when you desperately need quick cash is repayment complications. The fact is that you won't experience these impediments with licensed moneylenders.

No Tedious Applications

Imagine what you'd feel when you need some cash urgently only for your application to borrow the money from a bank is rejected again and again. Sometimes, you're even forced to make several applications and wait for days or worse, months before you get the cash. So frustrating, right? But you don't have to experience all these annoying situations with licensed lenders.

Once you present the necessary documents to the officials, they handle all the other processes, and after a few minutes or hours, you get the money. Amazing, right?

There's no Thorough Checking of Past Borrowings

It's very frustrating when you need emergency cash but you have a bad borrowing history from established financial institutions. To make the matters worse, you may be among those listed with CRB for failure to clear your debts in time. You don't have to worry as borrowing from licensed moneylenders is a no brainer. In fact, the lending officials won't give much emphasis on your credit history unlike other financial institutions that may reject your application immediately they realize you have a bad borrowing history.

Free Financial Advice

Apart from the high approval rate and other benefits you get by borrowing money from licensed financial institutions, the lending officials ensure that they give you free advice on how to use the borrowed money wisely. The guidance that they offer you is honest and in most cases, it will help you in maximizing your profits.

Bottom Line

In most cases, borrowers ignore the above facts about licensed moneylenders when planning to borrow some cash for their businesses or personal use. Some have no idea that they can get quick cash with low interest rates as well as flexible repayment period by borrowing from these non-institutional financiers. You should always remember that borrowing money from established financial institutions can have dire consequences. Therefore, research on the best licensed moneylender today and plan to borrow from them if you need emergency cash.