Make a right decision at the time of taking a loan from Licensed Money Lenders or Banks

 Make a right decision at the time of taking a loan from Licensed Money Lenders or Banks

There are different and some trusted loan providers available in the market. They provide different types of loans as per the need of the customer. Loans are taken for a different purpose and people wander here and there for a fast cash loan in Singapore. You can take the loan from banks or money lenders or some of the reliable and trusted finance companies. The amount which you borrow will fulfil the dream of purchasing some assets and so. There are some advantages and disadvantages to both.

The licenced money lenders give so many credit options in order to attract the borrowers. They sometimes are compassionate towards the borrower but the rules and regulations of the ban are very strict and it has to be followed at any cost. Banks are very professional with respect to their terms and conditions for lending the amount.

Few advantages and disadvantages of Banks

Locating any of the banks is very easy and they assist the borrower in every way. It at times becomes easy to take the amount if the borrower has his account with the bank. In such a case the bank has all the necessary information the borrower knows about the history well so it becomes simple to take a fast cash loan in Singapore from a bank. Banks have become a preferred choice to take any sort of loans.

They often give some perks or discounts in the interest rates to their esteemed customers who have been in a relationship with the bank for a long time. There are different segments of the borrowers who may be institutional investors, self-employed persons, entrepreneurs etc.

They get success to develop a sense of satisfaction in the mind of the borrowers. Banks also promote different financial schemes to their customers who take loans, have different accounts with them, credit card facilities and many more.

One of the major drawbacks with the banks is that they are more strict and professional with their rules and regulations for everybody. They don’t have any scope of relaxation for anyone. Different banks have a different set of standards that they follow. They adhere to the law completely.

Sometimes people who are not very affluent enough for their loan applications get rejected as banks need to be sure about the repayment of the amount borrowed. It becomes difficult for people with lower credit score to take the loan from banks. Application through scrutinizing time is pretty long with banks.

Few advantages and disadvantages of Moneylenders

There are so many licenced money lenders available in the market. Their demand is progressively increased in past few years. They are also authorised to give loans. They are fast enough to sanction the loan, quiet flexible. They are fast in closing the applications. They are lenient towards the borrowers so they are now more preferred. The person with a low income can also get a cash loan from them. Some money lenders also provide mortgage services.

They are preferred as they give more credit options to the customers. They give better-negotiating power to the borrower to take a fast cash loan in Singapore. These money lenders have a central office so at times it becomes difficult for the borrower to reach and locate them.

Both banks and money lenders have their own merits and demerits. One needs to be sure that he does all his homework and compare both of them before filling the loan application. Compare them on all the parameters to get the best result.

Daniel Dom

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