How to Check If A Moneylender in Licensed
When was the last time you have dreamed of a huge bungalow, throwing out the best wedding, buying a new luxurious vehicle? But you can’t because you lack behind the required money or due to a financial crisis, or can you?
You have got only one life; you can’t just let your dream flow in your mind because of one silly reason. Why don’t you try for loans? Yes, in such situations borrowing money is the only option left behind. Average thinking, we go to a bank loan department to demand amounts which is quite sensible.
But hey, don’t forget that you have to pay them back with high interest. Normally, a bank implies an interest rate of around 12 to 15 per cent. Although it depends upon the type of bank, if it is a multination bank of any other nation, then the rate would cross the margin of 20 per cent.
This means that you have to pay 20 per cent more of your borrowed amount, which is quite enough to ruin someone savings amount completely, and moreover, their whole life will flash off before their eyes just by paying debts. And if you think that you can escape from their debt trap, then think again because they have the legal rights to put you behind bars.
Need a loan? Then you should try contacting our licensed moneylenders in Singapore. But before this, what is the meaning of moneylenders?
Unlike bank loans, a moneylender can refer to as an individual or a faculty who are capable of providing you monetary funds in the cash format whenever you face difficulties in paying credit card bills or for any other reason also. Then what is the difference between a bank loan and loans by moneylenders?
Difference between a bank loan and a moneylender loan
- Interest
The first most common difference you can look at between these two types of loan provider is the interest rate. A bank will only give you money for earning extra profit and for giving their customers (who have a savings account) the returns of investments. Although, maximum profits come goes to the banker.
Unlike this, a moneylender does not have to worry about giving returns to any of their customers. After all, they do not deal with providing money-saving. Due to this, the interest rate of lenders is considerably low and payable.
- Requirements
A borrower is supposed to give all the required information like a legal document of personal identity, citizenship card, property papers and move on to the bankers before they apply for loans. Most of the bank also ask for collateral.
For your general knowledge, collateral is the term that can be referred to as an asset of a loanee that can keep as a mortgage to get the cash/loan.
If the person fails to pay on time, or sometimes there are many instincts where the borrower is not able to pay back, then the assets which are kept as the mortgage will be taken away from the bank debt collectors.
Although in moneylenders loaning service, you do not have to worry about these details. It just takes few days to get approval from lenders.
- Approval time
In the case of a bank loan, the approval time for your proposal of loans is around 4 to 5 weeks, or sometimes more than one month. After all, the bank deals with more than one loan seekers every day who is approaching them every day for the money.
This is not similar in the case of lenders. If you are lucky enough, then a moneylender can even get the cash transferred directly to the bank account within the same day. Here comes the rough turn.
A moneylender who is accepting your personal loan demand within hours is not a moneylender anymore. He is a loan shark.
Who is a loan shark?
Normally, a loan shark, better known as an illegal lender, is a person who deals with giving loaning service in an unlawful way. The government authority is always looking for such people to trap innocent people under their debt crisis.
If you pay a lender on time, well and good. Although a mortgager who is making ruining your life just because the payment date is missed out, then by hook or crook, he is a loan shark.
The best way to know a licensed moneylender is by checking whether they are actually licensed or not.
How to check the license of a legal moneylender?
If you are staying in a country like Singapore, then you are one of those fortunate ones who can check moneylenders license Singapore. So, what does it cost you? Frankly speaking, you don’t have to survey the whole internet to verify just the license number.
Why check on another platform when you already had an option on the list of licensed moneylenders. Yes, there is no error in the writing. You can now get the whole list of all the moneylenders throughout the cities of Singapore on the official website of the ministry of law.
Don’t worry; because this webpage is handled and controlled by the government authority, you can trust the data represented inside the table with your eyes closed. We should also not forget that those who are responsible for registered the names of legal money lenders always keep the list up to date without any fail.
Before indulging with a loan shark, it is recommended to check the name of the mortgager in the list. Perhaps, you must know how to read this data.
Another way of check the licensed moneylender is by determining the lowest personal loan rate.
According to many financial experts, a legal and, thereby, a licensed moneylender is always ready to fulfil the demand of that borrower who propose a low amount of personal loan.
In short, if a mortgager is urging you to take a small loan, then he or she is probably a licensed one. Of course, you can avoid such a long procedure just by getting our licensed lender at one call.
