There may be moments in life where we require an additional sum of money. Whether it’s to finance a home renovation project, to get us through our next paycheck or for medical emergencies, it always pays to borrow from a licensed private money lender.
You wouldn’t want to borrow from a money lender only to realise that they are unlicensed and end up having to struggle with repayments due to their ridiculously high interest rates.
What Are Licensed Private Money Lenders?
Licensed private money lenders in Singapore are a common sight. They are basically non-institutional lenders, usually companies, which loan money to individuals.
The various loans that they offer can be secured or not. This depends on the type of loan you are taking and the terms of the same. Usually, majority of the loans they offer are unsecured.
As a licensed private money lender regulated by the Ministry of Law, U Credit abides by a stringent set of laws prescribed by the government. Meaning that the loan you take out, or are intending to take out with us is a 100% safe.
Licensed private money lenders in Singapore are considered better than traditional lending institutions for several reasons:
- Faster approval and cash disbursement times
- Easier application process
- Less stringent eligibility requirements
- More flexible
- Willing to consider providing loans to those with a low credit rating
- Have a variety of loan options that are both available and affordable to the masses
It is important that you shop around for the best loans in the market. At U Credit, we strive to provide our customers with the best loan repayment terms and low interest rates. We are also easily contactable and responsive to queries.
My Credit Record With The Various Banks Is Not Ideal. However, I Need A Sum Of Money For A Personal Emergency. Can I Still Get / Will I Be Approved For A Short Term Loan With A Licensed Private Money Lender?
Unfortunately, poor credit often means that traditional institutions will not lend any money to you. This is for fear that you might default on payment.
At U Credit, however, we strive to provide loans to everyone. We understand that there may be times when you require a sum of money urgently. Having a licensed private money lender to help you relieve your financial burden can mean a lot.
Such loans are referred to as bad credit or fast cash loans and often times they often come with a higher interest rates due to your lower credit score.
If you are considering applying for a bad credit loan, you must review the terms of repayment and ensure that you can actually make the relevant repayments. The high interest rates will definitely drive up the monthly repayments that you will be making.
In the event that you would like to keep interest rates low there are certain things that you can do as follows:
- Get A Guarantor – Most personal loans are given based on the merit of one’s credit score. Since this is not the case for you, a guarantor with good credit can stand in the gap. Meaning that if you default on the loan, your guarantor will take up payments and ensure that the debt is fully paid.
- Put Up Collateral – If you have something that is considered an asset that can be put up as security for a loan, this can help reduce the interest that you will pay.
- Take A Payday Loan Instead – A payday loan is a short term loan. Usually, you are required to write out post-dated checks that will be cashed on the date agreed upon, usually when the salary enters the account. The loan amount is usually lower, and your credit history does not play such a large role. This is as long as you can show proof of employment and proof of income.
I Have Outstanding Bills That Require Immediate Attention But I Lack The Requisite Funds To Pay Them Off. How Can A Licensed Private Money Lender Help?
Many people who find themselves caught in such a scenario are in it because they have had a cash emergency that has left them short of the money they need to pay their bills. Or, their paycheck is delayed for one reason or another.
In such a situation, it is wise to take a quick loan that can settle the bills and then pay off the money with time. Usually people take a payday loan for such emergencies, but on other occasions a personal loan can also come into play. Whether your credit is good or bad, U Credit will try our best to provide you with the timely financial help that you need.
We understand that such situations require urgent attention and should be dealt with swiftly. As such, we have put measures in place to ensure that as the borrower, you will receive the money you need as soon as possible. Those measures include the following:
- Easy Online Applications – This means that you can apply for the loan from the comfort of your home or office. There is no need to go to their offices to do so.
- Quick Approval – Once the application has been received, we will give you a call and ask that you make a trip down to our office with the supporting documents. It is important that you have these ready to ensure that the process is fast and smooth. Once they are submitted and reviewed, the loan will be approved within 24 hours.
- Quick Disbursement Of Funds – As soon as the loan is disbursed, and you have signed the loan agreement, the money will be given to you.
All of the above can be done in a matter of hours. You will then be able to get the cash you need for your emergency within no time. Most people also note the following benefits as well:
- Low Interest Rates – Working with a private licensed money lender is beneficial we are strictly regulated by the government. Meaning that we cannot charge you exorbitant rates as is common with loan sharks and other illegal lenders.
- Bad Credit Is Not An Issue – At U Credit, we try our best to provide loans to everyone because we understand the urgency of some situations. Your bad credit should not be a barrier to getting the emergency cash you require to meet your needs.
- Few Requirements – Our requirements are not as stringent as those that you would find with traditional banks. We have fewer basic eligibility requirements, and the supporting documents are also quite reasonable.
I Have A Medical Emergency That Requires Immediate Attention. How Do I Go About Applying For The Loan And How Fast Will My Loan Be Approved?
Medical emergencies can be a harrowing experience. They can be made worse by a lack of finances.
When you have a medical emergency that is not covered by insurance, medishield/medisave or when your medical cover only covers part of the bill, it is important to have another source of financing that will cater to the bill.
This is where a personal loan for medical bills comes in. All you have to do is to simply fill out our online application form, present the supporting documents, and we will be able to disburse the cash to you in a matter of hours. At U Credit, we do not have overly stringent eligibility requirements. Hence, the application process is simple and quick for most people.
Private Licensed Money Lenders: How They Can Help To Take The Weight Off Your Finances
Sometimes life just happens and you find yourself in over your head with too much debt. If this is you, and the financial burden feels overwhelming, a licensed private money lender can help to ease the weight off your shoulders.
Debt consolidation can help to relieve your financial burden. We offer you one low monthly payment, reduced interest rates and fees as well.
The loan taken should also consider early payout fees for the loans that you will be clearing ahead of time, as well as refinancing costs where applicable. Unfortunately, debt consolidation cannot take care of all your debts. Here are the specific debts that it can help with:
- Credit Card Debt – Outstanding balances on credit cards are very high in terms of interest rates. Taking a personal loan to pay them off is a good idea. This because it reduces the amount of money that you pay out every month. All while lowering the cost of credit since the high interest rates will be done away with.
- Personal Loans – If you have a personal loan with less than ideal terms, it is possible to refinance it. You can do so with a loan that has lower interest rates, and better terms.
- Various Credit Accounts – These can include private loans, utility company arrears and the like.
Everything You Need To Know About Licensed Private Money Lenders In Singapore And How They Can Be Your Timely Source Of Financial Help
One of the best things that you as a potential borrower can do for yourself is to find out more about licensed private moneylenders prior to taking out a loan.
It is important that you are borrowing from a licensed money lender. This information can easily be found on the Ministry of Law website.
As a registered licensed private money lender, you can be assured that we strictly adhere to the rules and regulations set out by the Registrar of Moneylenders.
We will charge you an interest rate that sits well with you. We have reasonable charges and fees, and will ensure to thoroughly evaluate your credit score should there be a risk that you will be overextended, leading to financial strain.
Private licensed moneylenders are an ideal solution for those who have been struggling to receive financing from traditional financial institutions. They are also ideal for those who are looking for expedited services in need of fast cash.
Most people who are looking for loans prefer not to offer collateral. Hence, the loans we offer usually do not require security. That is why it is important to ensure that your credit score looks decent. Should you have bad credit though, we might still be able to work out a loan package for you.
At U Credit, we have a wide array of loan options for you depending on your needs. This makes us an ideal source of financial help whenever you need it. If you have any further queries that you wish to have answered, you can talk to us today to find out more.