Avail fast loans from money lenders in Singapore

Popular finance institutions like banks have some restrictions and always look for various things for the real estate investors in Singapore. These lending institutions not only  want to look at your credit scores and look at your history and look at your payments and your late they also want to look at what your income is and if you have a job and how long you had that job for. This short write up is primarily written to educate the loan seekers about the private money lenders who offer money on the critical time as well build a good relationship with every client. They also want to look at your tax returns and even and blood sample and a urine sample. All such formalities need stacks of paper work. It is for this reason real estate investors always prefer to work with reputable licensed money lender in Singapore and get the needed money in a quicker time.  These money lenders do not really care about all these formalities as they have their own intuition and judgment in evaluating the right candidate. This feature seems to be the real USP of these lenders. You will never have to go to these lenders’ office if you need to apply for a loan. These lenders use your credit score to evaluate whether you can get a loan or not.


Look for the best interest rate

Being a loan seeker you can contact good licensed moneylender Singapore by online and the money could be yours in a couple of days. Before calling these lenders one can also read more about the interest rates of the moneylender from their websites. By this action you can easily find the low interest mortgage loan in Singapore offered by these bankers. The application process takes about ten minutes to get filled. As the application is available online, you can fill it at any time of the day. If you fill the application form on any night, you can expect the loan in your bank account by next day unless it is holiday. Many of these money lending professionals promise to deliver money in minutes but according to me all these are promotional attempts as it is not easy to transfer money within minutes. In order to apply, one has to fulfill certain minimum eligibility criteria. It includes eighteen years of age, citizenship, permanent job, bank account and a debit card. All the lenders strictly follow these criteria.

Types of interests collected by a moneylender

Whenever money is borrowed from any money lender, a person is supposed to pay amount that is higher than the actual amount that was borrowed. This includes the interest as well. Interest is the additional amount that is paid by the borrower or any institution that takes the deposit at regular intervals. Interests by money lenders are collected on a daily, weekly or on a monthly basis based on the terms that were agreed upon during the time of giving out the money. This is the amount that is paid above the principal sum. The rates of interest collected differ between each money lender. Some offer loan with a small percent of interest while the others collect a really huge percent of interest to people. There are different formulae that are used in calculating the interest amount that is collected by the money lender. A simple interest considers only some factors when collecting the interest while a compound interest is calculated in a different method. There is the presence of low interest moneylender in Singapore who collects less amounts of interest upon the actual money that is borrowed. These people are considered to be some of the best money lender Singapore. They are highly sought out by a number of people when they are in the need of borrowing money.

Dangers of borrowing money from an unauthorized money lender

When choosing the person to borrow the money from, one should always be very careful. Borrowing money without knowing the actual conditions of the money lender can cause serious problems. The first thing to be noted is the tenure within which the actual amount borrowed is to be paid back. The other major thing to be noted is the amount of interest that is collected and the intervals they are collected on. The usual market interest rate should be researched before accepting to borrow money from any person. It is very important to compare the interest rate that is collected in the market and the interest that is collected by the money lender. A best licensed money lender in Singapore collects interests that are usually similar to the market norms. It is always safe to do your research before borrowing the money and getting to attached to any problem. Even though some people led money as a good deed, the number of people who do it the right way is very less. The numbers of usurious money lenders are increasing in the market.

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