Why borrow money from private moneylenders?
The traditional way of borrowing money is by going to a banking institution. However, many people today prefer to deal with private moneylenders. A licensed moneylender Singapore is the go-to-place for many people who are in dire need of money because of the following reasons:
· Fast approval –
If you borrow money from the bank, it would require a few weeks to even months to know the status of your credit application. On the other hand, if you borrow from a moneylender, your application can be approved in a day or two. If you need money the soonest time possible, then a private moneylender is the answer.
· Flexible payment –
Easy credit Singapore gives you freedom to create a custom repayment plan. In fact, this freedom is something you can’t find elsewhere, especially if you are going to borrow money from a traditional financial institution.
· Few requirements –
If you are going to borrow money from the bank, the list of requirements is endless. From the requirement alone, you will need a lot of time to gather everything. Whereas, if you borrow from private moneylenders, the list of requirements is few. A valid id and a proof that you can repay the loan are enough requirements.
· No credit history check –
If you have a bad credit history, it would not really matter if you borrow from a private moneylender. In fact, it is a perfect opportunity to rebuild your credit record. With traditional banking institutions, your credit history is thoroughly checked and you will not be approved if the bank thinks that you are a risky borrower.
Borrowing from a private moneylender does have advantages and a few disadvantages. The pros outnumbered the cons, which is the reason why many people go to private moneylenders whenever they are in need of money.