In life, unplanned expenses can arise anytime irrespective of how financially prudent you are. If you are a small business owner, some pressing needs for capital can also force you to a corner and in danger of losing your investments. It is at a point like this where a Singapore legal loan comes in handy to save the day.
During an emergency, the ordinary financing options might not be ideal because of the arduous processes involved. This is why licensed money lender Singapore other than banks have even been recognized under Singapore Moneylenders Rules of 2008 Cap 188 among others. As a borrower, there are some basic aspects of a legal loan you need to understand in order to borrow wisely.
Essence of quick legal loans
Unlike conventional financing options, legal loans revolve around the concept of fast approval and minimal documentation. As long as you are salaried or self-employed, you are eligible irrespective of your credit rating. It can be a secured loan with collateral or an unsecured loan where interest is deducted from your salary.
Types of legal loans
If you are in urgent need of finance a legal loan is versatile enough to tackle any needs you have. Common loans include payday, secured or unsecured loan, personal loan, instant online loan, foreign loan among other options. In essence, you can solve your needs from a medical bill to urgent car repair using these loans.
This is one of the strongest points why a legal loan is your ideal financing choice in Singapore. Some of the stipulated requirements under the Moneylenders Rules include full time employment, age of between 21-65 years old, proof of income through pay stubs or income statements, appointment letter, NRIC card to prove nationality or an employment permit if you are a foreigner.
How do you apply?
The advent of the information age has made it very easy to apply for services online. This also applies for legal loans in Singapore. Moneylenders provide an easy application form on their websites. Others however might require you to visit their office personally.
Choosing a Lender
The popularity of these loans has spurned hundreds of lenders and it is advisable to choose wisely. As such, look for references from your friends or co-workers and also read reviews and testimonials from these company’s websites. There are also numerous independent comparison review pages giving different interest rates for different legal loan provides. These pages will also compare different levels of professionalism shown by particular lending companies. When you are armed with this knowledge, it becomes very easy for you to make an informed decision as opposed to approaching a moneylender blindly.
So, go on and let yourself free from financial shackles today.