Benefits of Getting a Personal Loan from a Moneylender in Singapore

Benefits of Getting a Personal Loan from a Moneylender in Singapore

It could be a medical emergency, an educational requirement or even just a temporary cash flow issue. When you need to get a personal loan Singapore w...

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It could be a medical emergency, an educational requirement or even just a temporary cash flow issue. When you need to get a personal loan Singapore within short notice, here is why using a moneylender is the best option you may have:

Convenience

With lenders, anyone can qualify for a loan package in Singapore. The loan facilities are offered to citizens of Singapore, foreigners, those on a permanent fixed income or variable income or even if self-employed. You can choose between securing your loan and not depending on your circumstances. There is basically something for everybody.

In addition, application can be done online from the convenience of where you are and a direct deposit will be made to your bank account if you have been approved to receive the loan. You can still carry out all your checks and verifications online since the list of licensed moneylenders is available on the Internet, as are reviews about different lenders.

Promptness

It can take as little as one hour to process and receive a loan from a lender depending on the type of loan and how fast you are able to provide supporting documents for verification. The maximum amount is probably a single business day or two for loans of larger amounts. As such, it is very apt for emergency situations. You will either have the released to you money fast or if you haven’t been approved for any reason, you’ll also get that information quickly so you can make other arrangements. No long wait times in limbo.

Ideal for people with lower credit scores

Unlike banks, which place heavy emphasis on credit scores and therefore cannot lend to persons with poor credit scores, moneylenders only consider your current ability to repay the loan that you’re taking now. The credit check is therefore of no consequence, which goes to further save time for you, and allows you access to funding even when your credit score is less than great. As long as you can repay now, there’s no reason why you wouldn’t be given the loan you’re applying for.

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