Everyone needs money from primary to complex uses, nowadays you can’t buy even bread without money. It is not hidden with anyone the important role money plays in everyone’s life. For daily expenses, you may have enough money as you can earn for that purpose but talking about something big like if you want to buy a house, car, or anything personal.
To buy or to own something big, you will need money as a loan, most probably a personal loan. But it is not as easy as it looks, there are many processes that one needs to follow before borrowing or taking a loan from anywhere. Before taking money from a moneylender, you must know if they are licensed for the process and are good for the job or not.
You may not observe the difference between getting a personal loan from a licensed moneylender at once and starting but slowly you will understand all the positive perks of taking a personal loan from the licensed moneylender.
There are few top reasons why you should opt for a licensed money lender other than no licensed.
You can stay away from scam
Nowadays scam has become very common, in every sector taking a loan as an example. People are facing losses of lakhs and crores, due to scams, most of the scams happen due to trusting the wrong moneylender. Especially the moneylender who didn’t have a license they cannot be trusted, by trusting and lending money with trusted moneylenders who have a license you can stay from fraud and scams.
There are many who do not have a license. They try to become friendly with you and then try to get their work done. If you want to stay away from such a problem then opt for a licensed money lender.
They never advertise too much
It is very common that we all get advertising calls, from different sectors in which the people calling for a personal loan have a majority. You must get fed up with these calls, but what if you really need some personal loan then you may believe that advertisement.
Advertising is not bad but there are several levels and usually, licensed money lenders can advertise only on that platform. So before believing in any calls for a personal loan first, see their platform where they are advertising.
The resultant of believing any money lender can be bad and you even can get cheated and scammed by them. Well, for your information you should know one common thing that licensed money lenders are not allowed to call or advertise on a phone call. The licensed moneylender can apply through newspapers, pamphlets, using websites, commercial sites but not through calls.
They do their work fast
The person who knows the law and knows how to do their work, that person does their work more exactly as compared to any other person. Talking about personal loan taking from licensed people then they are the one who knows how to do their work properly.
If you or any of your known people have ever come in contact with an unlicensed moneylender, do their work very slowly, which is not even applicable. Because the government doesn’t accept the loan done by the unlicensed moneylender.
The person with a licensed moneylender knows their work nicely and continues all the paperwork the same way. Hence their work doesn’t get rejected, because they are licensed and the government accepts their work sooner.
Sometimes, the person who is an unlicensed moneylender they charge for unnecessary money in the name of fees. There are many banks, who do not charge any extra fees for a personal loan with a licensed money lender.
People charge extra money, although maybe the amount may not be that large, so you may also not hesitate but it is not right and legal like this way they get a lot of money from different people. People giving money to any moneylender first check if he is licensed or not. If the person is not licensed then all your money will be in vain.
You can escape from this problem if you do not pay any moneylender before your work gets done. Still, if you have any kind of doubt then you can visit the bank for more inquiries.
Allows you to get a loan at the lowest income
There are certain conditions, rules if you go to apply for a loan in the bank, you have to follow a proper protocol and have to be eligible for a loan. Whereas licensed moneylender helps you to get personal even if your income is low, and even if your condition is not fine to meet the eligibility criteria of the bank.
This is one of the important benefits which you get from the licensed moneylender that you don’t have to worry about anything and move from one bank to another for loan issues. Licensed moneylender works above the level of the bank, and if you are not financially stable, then also they make your life easy by giving you a loan even at your lowest annual income.
At some stage of life, every middle-class man or woman needs a loan for any personal use which can be anything. If you visit the bank and do not fulfill their criteria then they will not grant you the loan. The licensed moneylender is the one, who can help you to get a loan, at the lowest annual income.
Also, there are many people who believe in unlicensed moneylenders and then they have to face many problems. As in the Singapore government, it is not allowed to get a loan with an unlicensed moneylender. Moreover, there are many benefits of getting a loan from a licensed money lender. In this article, I have mentioned the reason for getting a personal loan Singapore from a licensed money lender.