A money lender is a lender that takes as collateral any property or money you can show them in order to get a loan. You can apply for a money loan through a traditional bank or a money services business such as Western Union or MoneyGram.
The former is often referred to as a “bank loan” and the latter as a “money transfer”. The best licensed money lender will require you to sign a contract pledging to pay them back the loan amount in full when the loan is fully paid. Some will even require you to execute a bond or security agreement to secure the loan.
How to Apply for a Money Loan in Singapore
To qualify for a money loan in Singapore, you’ll need to:
- Be 18 years of age or older
- Have a valid address in Singapore
- Have a valid bank account
- Be able to show proof of income
- Have a verified bank account
- Be able to show proof of no financial access issues
- Have a valid driver’s license
- Be in good health
- Be able to make repayments on the loan (including interest)
- Have a regular source of income that is reliable and predictable
- Be able to pay off the loan in full
To apply for a loan, you can visit a financial institution’s branches of the best licensed money lender in singapore or call.. You can also apply online!
What Is Collateral and Why Is It Important?
Collateral is the legal title you hold to the property or money you borrow. For example, if you borrow $100, your legal title would be $100 worth of collateral. If the property you borrow against is worth $200, you’d need to secure the loan with a $200 worth of collateral.
This is why collateral is a key factor in any loan decision. When you borrow money from a lender, you must collateralize the loan with some type of protection. This could be a valuable asset such as a house, business, boat, or even your savings. The lender will typically see this as security and will then grant you a loan.
Pros and Cons of a Money Loan
As mentioned, a money loan is a short-term loan. Unlike a conventional loan, you don’t have to put up collateral to get a money loan in Singapore. This flexibility can be great if you’re a first-time homebuyer, but it can also be a downside if you’re not very good with finances.
If you’re a professional accountant or have been in the business for a while, you may want to look into refinancing your mortgage.
When Should You Get a Loan?
First come the good news: getting a loan is not a once-only thing in your life. You’ll often get a loan in your financial life, too. You may decide to get a loan to buy a car, to finance your wedding or to fund your retirement. Some people even get loans to pay for medical expenses or a $500 electronics binge.
How to Apply for a Loan in Singapore
To apply for a loan in Singapore, fill out this quick form: https://goo.gl/forms/xA1sRKfHSu6U4o6M2. Put “How to Apply for a Loan in Singapore” in the subject line. You can also call 771-1111 from Monday to Friday, from 10am to 3pm and from 9pm to 11pm.
Final Words
Now that you know what a money lender is and how to apply for one, it’s time to get your loan application going. It may sound scary, but it’s really easy! A money loan is a simple type of loan, and you can get one as soon as you have a bank account. Credit unions and savings and loans also have money lending options.
