What Is a Licensed Money Lender in Singapore?

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Posted by Sofia Levine from the General category at 03 Mar 2024 02:26:23 pm.
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At least once in your life, you may need to apply for a loan to solve specific problems or purchase things with less money. Whether it is about a house, a car, a vacation in a particular country, or other wishes and needs, taking a loan is a necessity at some point. When you need money lending from someone with a license in Singapore, the first step is to choose between a licensed money lender in Singapore or a bank loan. However, before carrying out the first step, you must determine what a lender is and its particularities.

You probably heard that you can borrow money from banks and lenders, entities other than classic credit institutions that carry out their lending activity in Singapore with a professional title under the conditions established by law. A lender, from a certain point of view, like any other bank - carries out its activity legally. The establishment and operation of such an institution are regulated by law. Regarding a loan, it is based on principles similar to a classic loan, the only difference being the amount you can request.

The Difference Between a Lender and a Bank Loan

When you refer to the differences between banks and a licensed money lender in Singapore, it is essential to discuss the applicable regulations, the status of the two, the activities they can carry out, and, more than that, the criteria that each must fulfill to be able to receive an operating permit. Instead, when you refer to the client's needs, from his point of view, the main difference between the two institutions that can offer bank loans is that the lender can grant quick loans. And this is one of the main reasons many people use it, to the detriment of bank loans.

To offer money lending with a license in Singapore, you must meet specific capital criteria, the volume of loans granted, and the total assets. The banks must meet certain conditions, and those who wish to receive the operating authorization must provide proof of a minimum initial capital. If you apply for a loan from a lender, you can access a quick loan to solve your urgent financial problems. A fast loan is an accessible form of credit at hand for crises, for the expenses of personal needs, for home renovation, or for a vacation.

Why Choose and How to Get a Quick Loan

When you need money and don't want or can't ask for help from friends, you can request a quick loan. If you apply for a loan from a licensed money lender in Singapore, you can get the money in a much shorter time than if you use the services of a bank. Their purpose is to simplify the long loan process to help those who urgently need money. In other words, it is a solution available to anyone, constituting a welcome help for those who have an emergency from a financial point of view and request a quick loan.

Also, loans granted by lenders have another significant advantage - they can be applied online. Through just a few straightforward steps, which are also accessible for any user to follow, you can easily access a quick loan according to your needs, whether personal, long-term, or short-term, for goods, and so on. Obtaining a non-bank loan can be much simpler than you might think at first glance, one of the main reasons being that this is a lender's purpose, offering loans without too much bureaucracy.

First, non-bank loans can be obtained after submitting the necessary documents requested by the respective institution. The process of evaluation and verification of documents, including signing contracts, does not last more than seven days and can take up to 24 hours for loans for personal needs. When talking about granting fast loans, most of those offering money lending with a license require minimum eligibility conditions. So, to get a loan, you must meet the following conditions:

  • a certain age;
  • permanent residence on the local territory;
  • identity card;
  • proof of a permanent minimum income.


money lending license Singapore
You Can Opt for an Online Credit

An online loan can be obtained very easily by accessing the website of a licensed money lender. Online credit depends mainly on access to the Internet. The sums of money that an online loan can provide can be obtained quickly, and it is only necessary to fill out a form and present proof of monthly income that proves that you can pay the installments required to return the amount. One of the main criteria by which lenders are guided is the possibility of returning the money without delay and problems.

By its nature, online credit is when you urgently need a large amount of money you cannot get elsewhere. Of course, non-banks can be granted loans, respecting legal provisions, under flexible conditions. The most significant advantage a financial institution brings is that a client can obtain a loan quickly, without the need for a large number of documents or wasted time. To get a quick loan online, you must complete the loan application.

All you have to do is fill in the correct information and present proof of a stable income that guarantees the return of the money. After the application is analyzed and accepted, you will receive the answer quickly, and the funds will be transferred to your account in less than a day. It is essential to know that, in most cases, quick loans in Singapore have a fixed interest rate. When you have to decide on the amount of money you want to request and the installment payment period, you will know for sure what interest must be paid per day.

The main idea that you should be guided by is that as the amount of money borrowed increases, so will the daily interest. Why is it more advisable to choose the service of money lending with a license instead of a bank? From the simple fact that banks cannot provide certain types of loans, such as payday loans or quick loans. Non-banking institutions can offer small amounts of money, which can be obtained quickly, presenting only a copy of the ID. This account statement proves the income, regardless of whether it is a salary, a pension, or that you have rent money.
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