The concept is very simple, you lend money to others and become a moneylender. Yes, you must have that much capability to help others with your funds. This idea of lending cash to others was developed back in those days when people realised that bank loans are not the best way of getting loans.
Borrower was searching out for another option that can be more sustainable and reliable than a bank’s loan. It was the time when moneylenders came into force. The ideology of lenders become so successful that even the new bank was started asking for money from these guys.
But as we all know, every story has two sides, the ones who are loved by all, the positive side and another which only a handful of people rely on. The same goes for the moneylending. After when the number of mortgagers was increasing into number, the demand for a proper systematic way of financing others entailed.
In countries like Singapore, the ministry of law has enforced certain laws in the late 19’s with regards to moneylending and those who are getting loans.
Now in the current time, those who do not follow these rules and work according to their own self while providing monetary exchange is referred to as illegal moneylender. And those group of loaners who work in the systematic method and comes under the ministry of law because of following their rules is known to be a licensed mortgage which can also be termed as the legal lender.
Both types are completely different from each other. If you are planning to borrow some cash from a loaner, then you must have the common feature of their types.
- Illegal moneylender
Usually, an illegal one will never ask for your legal documents, and he or she will not care about your eligibility. Do not be excited about that fact because their basic mindset is to somehow give your demanded money without any further queries.
The second most common feature they will possess is high-interest rates. If you have encountered a moneylender who is charging you an interest rate beyond the market level, just be sure whether it is a loan shark or not. After all, when it’s time for debt collection, your total amount of interest rate will be greater than the actual value.
The main income source of a loan shark is through illegal activities, from which they earn millions of dollars. They do not have to think much will provide you with a loan. If you have demanded a huge amount of personal loan, and surprisingly a lender proves it by showing the above-mentioned features, then you are in double trouble.
Last but not least, they will give you loans on an immediate basis. It is not unhidden that many loan sharks can approve your loan within short times. Who knows if you get your loan just on the same day of demanding from them?
- Legal moneylender
A legal moneylender can’t just loan you, but they can prove helpful in many different ways. unlike the first type of lender, they will always urge you to submit the required documents like property assets, identification proof, guarantor details and moreover, your income proof
Normally, every lender who comes under government control is limited to set an interest rate. They can only set the rate after concerning the administration approval. Although, if a licensed moneylender in Singapore is lending you cash with a high-interest rate, then you can approach the nearest administrative office and suspend their license number.
Such types of lenders will look at the demanded money. After all, they will not lend their hard-earned money to someone for fun sake. A legal one will only accept your loan if you are capable enough to pay them back on time.
You may think how much can a personal loan be in this case. Well, it is quite complicated to ask a huge amount from a legal one. As they deal with more than one customer who asks for money, they can’t afford to lend you all the amount at once.
Moreover, forget about getting loans within few days. All the groundwork of authenticating details requires weeks after your submission. But hand on a minute, because still, you had a chance to get loans on the same day.
Let us check.
How can you get a loan from a licensed moneylender on the same day?
The most time-consuming task after checking your files and documents for a licensed lender is to think whether you must have their loaning service or not. After all, everyone cares for their money.
They also take much of the time to verify the type of debtor you are. For this purpose, they check whether you have paid the previous loan (if taken from any other bank or lender) or not. If you are a bad debtor, then forget about getting loans on an urgent basis.
But wait, there is a twist here. If you are not a bad debtor, then there is a chance of getting immediate money.
But can licensed moneylender lend the same day? Yes, if you have a good reputation in society and if your business has considerable fame on the financial market, then you can get a loan from a licensed moneylender on the same day itself.
Although, you must try to demand less cash. Just remember one formula, the smaller the amount, the more the chance of getting a loan.
And yes, try to be as friendly to the lender as much possible. Ensure them that you are going to pay their loans back on time with the interest rates.
There are many benefits of fast mortgage approval. You can save your precious time by not visiting them again and again. Of course, you can pay your credit card bills, educational fees, medical service charges, etc., by getting a fast loan.
Why not try our best moneylender who is also there for you 24/7 whenever you needed?