A financial crunch is like a health catastrophe. It never warns you before hitting. It can be a small shortage in family budget, a big business crises or a major medical emergency. However, under such circumstances the banks and the financial institutions playing the advocate to a number of rules and regulations take a lot of time in sanctioning and finalising the loan processes.
There are a number of processes that have to be fulfilled before the loan process begins. Undoubtedly, this is more systematic and safe for both the lender and the borrower. However, the only problem with the banks is their long and time consuming procedures. Your need for the money is no longer existent by the time the loan is finally processed.
On the other hand borrowing from the private lenders always runs the risk of a number of uncertainties for both the borrower and the lenders. Additionally, there are the loan sharks posing as sober money lenders, but if you default, that is the time you get into trouble and a big one for that matter. This is one of the reasons why more people prefer bank loans over loans from unsecured sources. However, with changing times, the face of private money lending has also changed.
They have aggravated to becoming more professional in their approaches. The professional private lenders charge lower rate of interest from the borrower depending primarily on the borrower's caliber of repayment. They just need to check your salary slip. This will help them determine the amount of loan you are eligible for.
In Singapore, the financial power house of Asia, a pay-day loan is the best alternative to any long term loan for any major crisis. In a pay-day loan, you are supposed to repay your loan as soon as your salary is credited to your account. Compared to the bank loans, the pay-day loans are easier to sanction and you can get them in a matter of just 2 working days. All you have to do is read the online documents pertaining to each money lending institution and apply for the loan that suits your needs and repayment abilities the best.
In the light of advanced systems, majority financial and money lending companies have customer care departments that handle client queries. For better information you can contact the client handling teams and get a better idea about the various company policies that would be applicable to you on taking a loan from the company.
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