Moneylenders tend to get a bad rep from the bad optics that media tends to show loan sharks, and this subconsciously makes people wary of moneylenders in general. However, this can be further from the truth in the case of licensed moneylenders, basically legal moneylenders who are approved by the government. In this article, we will be looking at how licensed moneylenders are good.
Licensed moneylenders give you a peace of mind
Because licensed moneylenders are licensed with the government, they are safe to borrow from, and most of them will ensure that you are able to repay your loan before even allowing you to borrow from them.
Licensed moneylenders give you your money fast
Licensed moneylenders, when compared to banks, are vastly superior in their processing times, with banks usually taking a long while to get you your money while some moneylenders have the option to immediately give you your money on the spot.
Which licensed moneylender should I take my loan from?
We recommend Fast Money, an authorised moneylender in Singapore. Because Fast Money is licensed with the government, they give you a peace of mind when you take a loan from them, and additionally, they also boast one of the lowest interest rates in Singapore.
How do I borrow with Fast Money?
The process for borrowing is simple, with the first step being to come down to the Fast Money office in person to find the best terms and loans for you. Remember to bring the following:
-your NRIC or Passport number
-your phone bill or Singapore power service bill
-your latest 3 months computerised monthly payslip or 15 months CPF statement or Income Tax Statement
-or for self-employed individuals, your past 2 years income tax statements
-your original valid employment pass
-your original passport
-your tenancy agreement for your rental premise, PUB bill or handphone bill
-Appointment letter from your company
-latest 3 months payslip
-bank statement- for proof of your company crediting your salary
These are all relevant documents needed for the approval of your loan.
After determining the best loan for you, all you will need to do is to simply fill in the relevant forms and you can go to claim your loan after that.
There are some eligibility requirements however, so please do ensure that:
-You are a Singaporean, Permanent Resident or a Foreigner with a valid Singapore Employment Pass
-Be above 21 years old
-Be a full time employed personnel
For more information about Fast Money, go to fastmoney.com.sg or call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.