A licensed moneylender is a business that officially lends money. They also pay interest to borrowers.
Compared to banks, a licensed moneylender tends to lend smaller amounts of money and offer different types of loans. This makes it an option when a borrower needs a personal loan quickly.
The best thing about a licensed moneylender is that they usually have physical offices that you can visit. This ensures that you’ll get your cash quickly and without hassle.
However, it is important to remember that licensed moneylenders often charge a higher rate of interest than other lenders. This is because they have a higher lending risk.
This is also why they usually have lower credit checks. This means that they are more likely to approve a loan for people who have bad or no credit histories.
Licensed moneylenders in Singapore are known for their excellent customer service and their willingness to answer questions in detail. They are also required to explain the loan terms to borrowers in a clear and understandable manner.
It is important to choose a licensed moneylender who has a long-standing reputation and a good track record of providing customers with high-quality services. This is because a bad experience can lead to the borrower being ripped off in the future.
To find a licensed moneylender, you can use the Internet or search the Better Business Bureau (BBB). You should also look for independent third-party ratings such as TrustPilot, which will provide you with feedback from previous clients. licensed moneylender