What’s the Difference Between Legal Money Lender vs Banks in Singapore?
In everyday life, we will borrow money from banks when we need a large capital for our business or personal requirements under this situation. But if you want to apply the bank loan, also need some basic terms, only you satisfy all the conditions your loan can apply. If one person borrows money less or never, the bank wants to lend money to you. But most of the circumstances we faced often only need a small amount money rather than a larger one, consequently some Singaporeans are now getting help with the legal money lender Singapore, what’s the difference between them? Are they really more easier and simpler than banks?
Now let us discuss the legal money lenders in Singapore first. In Singapore, Money lenders have registered and have a license. The money lenders restrict the total amount when we borrow, and they are usually businessmen, and it’s their best interest to create a solid reputation. And if money lenders in Singapore must to find the debtors, will mainly through the reminder letters. This is perfectly safe with the banks, no difference. And then there also have been some difference.
- Money lender in Singapore: be committed to smaller loan mainly, urgent money, like fixing cars, going to see a doctor, or paying a plane ticket, it is applying for our life needs not for larger business loans.
- Banks: can offer a big amount to solving your economic recession. But need to depend on what property you have and other conditions to consider whether to agree to you or not.
Moreover, from the approval speed, money lenders in Singapore and bank are very different, usually the speed of Money Lenders is fast within 30 minutes or longer, but bank needs long time cause it need checks our information is true or not and has regulated process. About interest, both of them are not identical too. Bank as we all know is published, while money lenders will tell you face to face because they need to ensure whether you really need and offer you the most competitive interest rate, too.
Therefore, we often choose one thing according to our specific needs and requirements, and if you need a small or urgent loan, money lenders in Singapore will be the better options for you. And the repayment terms if flexibility will be good for us, we can have more time to pay back and not affect our credit. If you need more information about different loans, you can leave your comment.