legal loan

#1 Legal Loan in Singapore

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When it’s time to borrow money in Singapore there are two different approaches that you can take to obtain funds to help pay bills. One of these methods involves contacting a moneylender in Singapore to apply for a legal loan in Singapore, and the other approach involves using illegal activities to obtain money for your unexpected expenses. While it may seem easier at times to look into illegal ways to obtain money, these tactics can often cause problems. There are several advantages when it comes to obtaining a legal loan which are outlined below:

Peace of Mind

When you apply for a legal loan in Singapore with a licensed money lender in Singapore registered with the Ministry of Law, there is no need for you to constantly look over your back to see if someone is out to get you for not paying back your loan. A legal loan has significant paperwork, and you can rest easy knowing that you are doing things the right way. As long as you pay back your loan based on the agreed upon terms, you will not have anything to worry about.

Favorable Terms

A legal loan in Singapore will typically have much better terms than an illegal loan. Although at the start it may look to you as higher interest rates, but the implications of not repaying accordingly to the time-frame is negotiable since it is done with a legal money lender as they work under strict ethics. Do not fall victim to an illegal loan scam. Do your proper research when applying for a loan in Singapore so that you do not have to resort to illegal activities. Even if one licensed moneylender tells you no, try others until you find one that will work with you.

Government Regulation

Legal loans are typically regulated by the government of Singapore. This means that you do not have to worry about a moneylender taking advantage of you. In any case you feel suspicious that you are being taken advantage of by a moneylender, contact the proper governing authorities to report the problem. Tight banking regulations in Singapore are meant to protect the borrower from scams which can cause financial ruin.

Support Businesses in Singapore

When you apply for a legal loan in Singapore you are most probably supporting a small business that is based here in Singapore. As a business owner it can be difficult to stay afloat especially in today’s challenging economy. Therefore when you borrow money from a local moneylender and upon loan approval, you will be glad that there is actually someone out there that is able to help you continue to provide for your family.

If you are ready to apply for a legal loan in Singapore, it is important to do your research before deciding on a moneylender. Research multiple moneylenders so that you can decide who offers the best terms as well as the best customer service. When in doubt do give Credit 21 a call to find out more and let us give you a hand.