There are currently two ways to get a cash injection: either from a licensed moneylender or from the bank. These routes have a series of advantages that we must know to make the best decision.
Differences Between Requesting A Personal Loan From A Licensed Moneylender And A Bank
When we need personal loan Singapore for very difficult situations, the most common thing is to resort to licensed moneylenders, since they usually offer financing when the rest of the doors are closed to us.
For example, in a situation of needing a loan collecting unemployment, banks will see the operation as risky, regardless of our situation or our assets. However, financial credit institutions or private moneylenders may redefine that risk.
Features When Requesting Money From Licensed Moneylenders
In favor of a private loan, it should be noted that the response is somewhat faster since its advisers analyze our case in detail and advise us on the option that best suits us, which makes things easier. The contract that is made with private lenders has less fine print than that signed with a bank, since being adapted to us, it is easier.
What Are The Advantages Of Loans From Licensed Moneylenders in Singapore?
Licensed moneylenders and private equity loans offer several advantages when it comes to financing us. Among the most interesting, we highlight the following:
- They Are Not Associated With Any Product
Among all the strategies of banks, the most widely known are to link products to economic loans. With this, the banks make sure to fulfill their sales and obtain a greater profit.
When we go to request a loan from a bank, we intend to obtain financing and, generally, we do not need any other type of product. The links can be from changing our payroll to that bank, if we do not have it with them, forcing us to open an account, taking out insurance that we either do not need or does not cover all our needs, being obliged to have a credit card and to use it every month and a long etcetera.
In the case of going to a licensed moneylender, this situation will not occur because they do not link the loan to any product.
- Less Demanding Conditions
If we go to banks that give loans to pay off debts, their conditions are very demanding. This is a major financing problem since the crisis erupted since many people could not meet the minimum requirements demanded by banks.
Currently, thanks to the gradual economic recovery, the need to apply for credit is increasing. If we go to a private loan, a high CIRBE or an unstable payroll will not affect us to grant it.
- Processing Simplicity
The loans private equity typically has advisers to give personalized service. This is very easy for users interested in taking out a loan since it is not necessary to be an expert to choose the option that best suits our situation.
In summary, if we are looking for financing to deal with some surprise or to cancel a debt, there are several financing options within our reach.
However, if the bank closes all doors to us, we will be able to take out a loan through Crawfort Singapore. They have the best financing advisory and management team, both for individuals and companies, who will help us throughout the process, in difficult situations and with all the guarantees of a bank.
Going to licensed moneylenders to obtain financing is an increasingly common practice among companies and individuals. And it is logical if we think that these are products that offer, in many cases, greater advantages than other credit companies. Whenever we go to request money, we must make a comparison between the different options we have. In this way, we will get the most suitable product on each occasion.