There are a host of reasons why a person would need a loan – outstanding credit card bills, low income for a few consecutive months, wedding expenses and so on. During hard times like these, people resort to avail loans from financial institutions. Where do people seek urgent loan Singapore? Banks, licensed moneylenders and unlicensed moneylenders are the three common places.
Which is a better option?
Both banks and licensed moneylenders are safer compared to the third option – unlicensed moneylenders. However, the thing about banks is that they generally have fixed loan schemes. It means that there is a minimum amount which every borrower must avail. In this aspect, licensed moneylenders are more borrower-friendly. Some of the top moneylenders do not have a minimum amount for their loans. Thus, the borrower is not forced to take a loan of more than what they need.
Things to consider
Several moneylenders operate throughout the country. But not all of them have the borrower’s best interest in mind. Some of them may offer attractive loan packages but will not mention to you about the hidden fees until you are well into the process.
Thus, make sure to choose a moneylender who prioritizes the customer’s satisfaction and will not take advantage of your financial situation.