Go For Money Lenders Or Banks?

Banks are not convenient for most of the people because when you need the money most, they will offer you less and when you need less, they will offer you more based on your credit and property. Thus most of the people are likely to go to the money lenders in case of need. In Singapore, there are very strict rules when it comes to money lending. All the money lenders have to register themselves which follow a set of rules that determines the interest rate and much more!

When You Need The Money At Once

There is no bank that will offer you the loan on the same day. So if you are running short on time and need the money quickly then money lenders are the only option left. All you need to do is fill out a brief form about your income and need. Submit it and wait for the approval. Most of the needs are approved within a day so that you can get your money as quickly as possible. This type of facility is provided only by the money lenders Singapore.

Comparing Interest Rates :

If time is not the limitation for you then you must compare the interest rates of both the bank and the money lender. Now here is the deal, you will be surprised to know that banks charge you low interest rates when compared to money lenders. This means that you will have to pay back less to the bank than compared to money lenders.

However it is not possible for everyone to wait in the long queues and also for the hectic procedure that one goes through. People find it more suitable paying a little more and going for the more convenient service as per their needs.