People are always in need of money. Both the poor and the rich alike are in need of money. Meeting financial needs is the service that Moneylenders Singapore provides. They provide the necessary loan requirement and in return they receive an interest for the amount provided. Loans are provided both as secured and unsecured loans.
Kinds of Loans
- Secured Loans are secured against an asset as collateral. It serves as a security to the lender, in case the borrower is not able to pay the loan amount or the interest to the lender. The lender can then sell the collateral and raise the amount that is due to him. Usually the collateral provided may be an asset such as house or a car which serves as a security to the lender.
- Unsecured Loans are provided even if the borrower does not have collateral to give as security to the lender. Sometimes the borrower may not have a good credit score. Even such people are provided loans by Moneylenders Singapore.
- Loans are also provided against guarantee by a third person. Some lenders also provide loan without a guarantee, if the borrower is trustworthy and has a good credit history of repaying the loan amount properly without any default.
As responsible lenders only the lenders check if the amount can be repaid by the borrower and depending on the capacity of the lender, he will provide the loan to the borrower. For the risk endured by the lender in lending the loan amount, he charges a reasonably higher rate of interest as his risk is high, when he provides unsecured loans. Providing loans that are affordable through an easy and quick process is the main attraction of Moneylenders Singapore. Loans can also be applied for through online application.