If you’re hunting for a bit of extra capital to help you reach your financial goals, it can be a bit overwhelming to start looking. Singapore is one of the world’s most advanced and diverse economies, offering a staggering amount of choice for anyone looking for a lender. With so many options, it can be useful to have a somewhere to start your research from. We’ve prepared this blog to give you a rough guide to the lending landscape of our city, so read on and take the first step towards your financial goals today.
Look further than your local bank
When most people think ‘loan’, they think ‘bank’, but it’s important to catch yourself when you jump to conclusions that will affect your financial future. While the bank is the most obvious lender for personal loans, there are a wealth of other options that can and should be explored.
Why not a bank? For one thing, not everyone is eligible for a bank loan. Unfortunately, while most people have need for a bit of extra capital in their lives, a much smaller number of people can get that capital from a bank. Due to the way these organisations are structured and the amounts of money they play with, they generally have to be extremely discerning about who they lend to.
If you’ve experienced financial hardship in the past or a young person without any borrowing history, you can find yourself locked out of the bank’s lending market until you can meet their high standards. This can involve potentially years of working on your credit score to get it to a point that the bank recognises as respectable. In that time, your financial problems could deepen or spread to other parts of your life.
How a licensed moneylender can help
Fortunately, there is an alternative. A licensed moneylender is often able to provide the capital you need when and where you need it. Ideal for borrowers recovering from financial hardship, or for individuals who only need an amount of capital too small for banks to consider worthwhile, a moneylender offers the help you need. With a range of loan products offered with different payment schedules, conditions and principals, you’re sure to find something to suit your requirements.
Talk to the loan consultants at Fast Money and start charting the course to a better financial future.