Whether you live in the posh areas of Singapore or the lower-income areas, money is needed by all. Emergencies can arrive out of the blue, and you may be out of cash then. Well, there are several options for you to get money from, during emergencies in Singapore, but they come with some stringent rules and requirements. If you are eligible for a loan from the official financial institutions, then all is good for you. Still, if you happen to be the few unlucky ones who do not qualify for a loan from such financial institutions like bank, you may have to look for private money lenders Singapore. There are several reasons as to why millions of citizens in Singapore go for private money lenders in Singapore rather than banks despite the risks involved in it.
- Banks have too many requirements that you have to fulfill if you want a loan. With private money lenders, you do not have to meet thousands of requirements to get some quick cash to meet an immediate emergency. You get money easily compared to banks.
- Easier to get payday loans from private money lenders, than banks when your paycheck is late, and you have bills to pay because you cannot wait for the authorities to cut off the electricity in your house.
- Most of us get medical insurances to cover costs in case of accidents and emergencies. Still, some of these insurance packages leave out some clauses or have certain conditions that you have to meet to make a claim. This can get you in some real fix. Everything can wait, but medical emergencies cannot. In a life or death situation like this, you need quick money, which you can get from the private money lenders. The disbursement of the loan is within a few minutes sooner you send in all the documents and provide all the necessary details. Most of the money lenders have their website where you can apply for a loan online.
- The process is comparatively more comfortable and less time-consuming. The ability to apply for loans online makes it even more convenient as the ones in financial crises can apply for loans from the comfort of their home.
- Banks and other financial institutions will right away reject your loan if you have a bad credit score. It is not that they are heartless, but it is because they fear that you might not be able to pay back the loan in time. They are not willing to take that risk, but private money lenders are. They will offer you loans even if you have a bad credit score, but you will have to apply for bad credit score loans.
- You know you cannot negotiate with bank officials. Their word is final. The interest rate and repayment terms cannot be changed ever. Private money lenders are open to negotiations regarding repayment terms and are willing to accept many other ways of payment.
- Private money lenders tend to offer loans on lower interest rates than banks. So the principal amount will not be so high.
- The Ministry Of Law in Singapore has a list of approved private money lenders. This drastically reduces the chance for fraud and makes sure that the transaction is safe. This is also a way of encouraging the general public to opt for these kinds of credit options.
Crawfort is a private money lender, listed under the Ministry Of Law in Singapore. Visite crawfort homepage to check what they have to offer you.
Why Is It Important To Check The List Of Approved Private Money Lenders?
Many Singaporeans were victims of fraud recently. The fraud was conducted by a group of criminals last year in September that targeted thousands of unsuspected victims who needed some quick cash. Unfortunately, they were duped of their money and also were harrassed relentlessly as soon as the loan was approved.
These frauds even got hold of the confidential information of the victims, with which they can blackmail the victims.
The Singapore government and media spread the news of fraud to warn the general public. If you do not want to be duped of your money and be harassed by some unlicensed money lender, you need to be vigilant.
Only avail loan options from legit money lenders that are recognised by the government of Singapore like Crawfort. Visit the crawfort homepage to know more.
Visit The Money Lender’s Office
It is not enough for a money lender to have a website. In this day and age, anyone can build a website. Check for their contact details, talk to them on the phone, and also visit their office. Do not just apply for the loan online, if there is an open, without verifying their identity first.
Do Not Download Files That Say Are From Ministry Of Law
The fraudsters can outwit you in many creative ways! Recently in the scam that took place last September, the criminals forwarded messages and files that had ‘From the ministry of law’ on them. This convinced the victims that they were legit without thinking twice of forgery and Photoshop and millions of other apps that can be used to create and tweak photos and documents to look real.
Read The Fine Prints
Do not be lazy and take the time to read the fine prints. They are not to be overlooked. When you are applying for a loan, make sure that you get a contract that has all the repayment terms, interest rates, and the principal amount in detail.
Most of the time, the fine prints contain conditions and specific terms that may put in trouble if you miss it the first time.
After you have read all the texts in the document, you may sign the document and send it to the moneylender. Private money lenders do not take long to approve your loan application.