Money Matters

Borrowing in Singapore

Even though Singapore is one of the wealthiest countries in the world it does not mean that the people there do not have to borrow money from time to time. Nearly everybody, even in Singapore, has to borrow money at some time or other in order to keep up with the cost of living or just to maintain their high life style and when they do, just like those people in Singapore, they have to decide who will lend them the money or if there are choices, where is the best place to go for that loan. In Singapore, as in most other countries, there are usually three main choices of where to borrow money. The first is of course a bank and although a bank is perhaps reliable and trustworthy, they are also very formal and those formalities can take time and so if you are in a hurry for the money, a bank may not always be the best option. Then of course there are the illegal money lenders or the unlicensed money lenders. Although it may be easier and certainly faster to get a loan from one of these unlicensed lenders, often referred to loan sharks, the interest rates they charge can be extremely high and as they are not licensed, there is perhaps no control over them and therefore no security for you. For these reasons many people use licensed money lenders who, as they are licensed, have rules and interest rates that they must abide by which gives you the security in the knowledge that they can be punished if they do not comply with those rules. In Singapore there are several ways to find a licensed money lender and one of those ways is to go to the Loansingapore website where you will find most of the licensed money lenders and so can more quickly decide which would probably be the best one for you to go to for the money you need. Although these licensed money lenders are not a bank, they do still have maximum interest rates they can charge and certain standards that they have to maintain in order to keep their licenses but, they are far less formal allowing them to process loan requests far more quickly and perhaps with far less trouble. Of course though, with a licensed money lender you may still have to meet certain requirements especially for a large loan but at least those requirements are available to be seen on the above website and so you can know in advance if you meet them, saving you the embarrassment you may have otherwise faced when being turned down for your loan by the bank.

In conclusion; if you need to borrow money, by all means if you have the time and the patience to deal with a bank then go there first but if you don’t, you still do not have to deal with a loan shark as instead licensed money lenders are a much more friendly option.

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