When dealing with financial issues, it’s always reassuring to know you have a safety net. There are multiple borrowing options you can opt for, including friends and family. However, in most cases, you need to opt for a money lender to provide you with the necessary amount of money.  For a secured credit, you should always consider a licensed money lender. 

What is the difference between a licensed and unlicensed money lender? A licensed creditor:

• Has a license from the local regulatory authorities.
• Follows specific directives regarding interest rates, fees, and conditions of lending.
• Ensures consumer protection measures.

Here are the main benefits when considering a licensed creditor for your financial needs:

You Can Choose from a Wide Range of Loans

Regardless of what you’re looking for, a reliable credit company offers various loan options to meet your demands. From personal loans to renovation loans, you can find distinct plans for personalized money landing.

Personal Loan  

No matter what your dreams are, a personal loan will help you access immediate financial help. This type of loan offers flexibility in how you choose to use the money.

Business Loan

Financial challenges are inevitable when running a business. This is why this type of loan can help you build your dream business. No matter if you intend to invest in new opportunities or expand the existing operations, a business loan gets you covered.

Debt Consolidation Loan

With this loan, you can easily manage other loans into a single one. Instead of keeping track of multiple loans and credit card balances, you can make a single payment every month. Moreover, a debt consolidation loan may offer a practical solution to reduce the overall interest cost.

Renovation Loan

Regardless of your aspiration to renovate your home, you can get the necessary financial help from a reliable creditor. This type of loan offers you all the capital you need for renovations, repairs, new furniture, electrical installations, plumbing, etc.

Payday Loan

With a payday loan, you can get quick access to funds before your upcoming paycheck. You may have unexpected expenses or other financial emergencies that need to be quickly covered right before your next paycheck. Typically, repayment is expected on the subsequent payday.

You can read more about the different types of loans in this engaging article.

Fast and Simple Approval Process

You may think a licensed money lender has a complicated approval process, but this is false. A trusted loan company will develop an efficient approval process for their clients. You may even have the possibility to fill out the necessary loan application form online, and once it is approved, you can go in person to the creditor’s office and sign the documents. This offers a hassle-free experience and simplifies the entire process to get the funds you need on time.   

Fair Interest Rates

Any trustful loan creditor tries to find a balance between affordability and sustainability. As a result, both the borrower and the creditor benefit from the loan agreement. Equitable interest rates prove that the money lender prioritizes their client’s satisfaction and commits to long-term responsibility.  

According to Wikipedia.org, “An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum).”

A Licensed Money Lender in Singapore Builds Trust

Knowing that the company is committed to reliability offers you peace of mind when getting a loan. Therefore, gaining the confidence of the customers should be a priority for an expert licensed money lender in Singapore.

• Handling personal information securely: ensuring the safety of your personal information is very important. Any data provided to a reliable creditor is confidential and well-secured.
• Prompt and attentive customer service: your needs must be addressed promptly and efficiently. A straightforward communication channel is the key to excellent customer service. Creating good communication with customers is a long-term process that requires constant improvement.
• Customer-oriented online platform: trustful money lenders offer you helpful information online. You will find all the information you need there. This includes the types of loans they offer, what documents they require, how the loan procedure works, and information on interest rates. A reliable platform will also allow you to access an online loan calculator.
• Easy to access information: essential information that can be accessed easily proves that the creditor is serious and dedicated to delivering quality services. All the relevant information should be made without effort at any time so you can enjoy a user-friendly experience.
• Positive reviews from contented customers: well-rated reviews are evidence of high-quality services. So, check out what other customers have to say about the company.  

“How do I check if a lender is licensed in Singapore?” you may wonder. You can find out information about the license status of a money lender by checking the list provided by the Ministry of Law in Singapore. You can easily access this information on the official website.

Flexible and Transparent Services

The best loan services are the ones that offer flexibility and transparency.

Flexibility

Considering your financial needs, a loan company adjusts its services to your needs. This allows you to access loans that are perfectly tailored to your expenses. Also, the loans offered by trustful companies usually provide flexible repayment plans.

Transparency

Information related to terms and conditions should be clear and easy to access. At the same time, interest rates and all the additional costs and fees must be public to all potential customers. Transparency is what builds a strong connection between the company and its customers. Questions like “What is the repayment period for licensed money lenders?” or “What is the maximum interest rate for a loan?” usually have simple answers to communicate the information you are interested in clearly.

Finding a licensed loan company comes with many benefits. Being able to choose from a variety of loans to meet your financial needs is what allows you to achieve personalized plans for short-term expenses. At the same time, signing a loan contract with a transparent and approved company is definitely an advantage you should always consider.