Introduction
What is a licensed moneylender?
As a resident of Singapore, it is highly likely that you have heard of licensed moneylenders around. Yet, what are these? A licensed moneylender is a financial company that offers individual loans as a service. They are ruled by the Singapore government, and they have to adhere to the rules that are supposed to protect the borrowers.
Benefits of using a licensed moneylender
Engaging the services of a licensed moneylender comes along with several advantages. Secondly, they are legal and transparent borrowing channels that are available to the public. On the other hand, licensed moneylenders offer more flexible and convenient loan terms and repayment schedules than traditional banks. Firstly, the loan process is usually quicker and less hard than lending from a bank.
Manage Unexpected Expenses
Medical emergencies
The cases are the same as life can give a curve at any time, and medical emergencies are no exception. Being it a surgery that you didn’t expect, a chronic disease, or even a dentist’s appointment, the costs can rise very fast. A licensed moneylender can be a source of needed funds to cover the costs of your medical condition. Thus, you can direct all your energy to the recovery process instead of the financial aspect.
Home or car repairs
Your home and car are your two biggest investments, and the need for sudden repairs can leave you with little money to spare. In the face of a leaking roof and a transmission overhaul, these costs can come as a surprise. A licensed moneylender could extend you a personal loan to meet the running expenses of your vehicle, thus keeping your valuable assets in good shape.
Fund Business Opportunities
Small business loans
Do you aspire to be an entrepreneur or an entrepreneur who owns a small business? Licensed moneylenders will be the ones who have the capital needed to start your business or to expand your business operations. By taking out this loan, investment in equipment, inventory, marketing, or additional staff will be a stepping stone to the elevation of your business.
Expand existing business
In case you are a business owner who is licensed, money lenders could be a reliable source of capital for your future business expansion. If you’re looking to start a new branch, launch a new product line, or upgrade your facilities, a loan from a licensed moneylender can serve as a solid foundation for your financial needs.
Consolidate Existing Debts
Credit card debt
Accumulation of credit card debt may happen faster than expected, and the fact that it is usually associated with high-interest rates and multiple payments to be managed speaks to the risk of this kind of debt. A moneylender with a license can provide you with a debt consolidation loan, enabling you to get all your credit card balances together into one lower-interest and manageable payment.
Personal loans
If you have more than one personal loan with different lenders, the Moneylender can provide the option of consolidating them into a single loan that will help you manage money better and can also save you a lot of interest. A borrower can manage his/her debt with a single loan offering a lower rate of interest and a plan for payment.
Bridge Temporary Cash Flow Issues
Seasonal income fluctuations
Some professions, such as freelance or seasonal business, often bring in inconsistent income, as it is not spread evenly in a year. When you are overstretching yourself financially and have no means of income, a licensed moneylender can help you obtain a personal loan to meet your essential expenses until you can stabilize your income.
Unexpected job loss
It is a big financial problem when you and your family have to live on a limited income, and you have different expenses to cover. Among men of businesses, a moneylender with a license can bend over backward and get you a short-term loan to help you survive until you get a new job.
Power Credit – A Reputable Licensed Moneylender
Company Overview
When the question of licensed moneylenders in Singapore arises, Power Credit often pops up as the most reliable and trustworthy choice. In 1980, Power Credit was certified as a financial services provider, and its services were marked by transparency and reliability all this time to consumers and businesses.
Competitive interest rates
Among the main benefits of credit offered by Power Credit is their competitive interest rates. They know that taking a loan could be a vital financial decision, and they are always ready to deliver an affordable rate that goes well with the budget of their customers.
H4: Flexible repayment terms
As Power Credit is aware that every borrower’s circumstances are distinct, it offers adaptable repayment options to borrowers. No matter whether you need a short-term or a longer term loan, our loan officers will be here to help you and tailor-make your own repayment plan that best suits your needs.
Conclusion
A legal money lender in Singapore could be a smart choice to address a broad range of financial goals. Be it unexpected expenses, financing a venture, consolidating debts, or bridging cash flow gaps, a licensed moneylender like Power Credit could provide that much-needed financial support. By virtue of their competitive interest rates, flexible repayment terms as well as a commitment to transparency, the licensed money lending companies represent a reliable and more responsible lending option for both individuals and businesses in Singapore.