Unfortunately, financial security is not something that all of us have the privilege to revel in. Apart from insufficient or unstable financial sources and heavy investments, there’s also the fact that there are unforeseen circumstances, such as accidents and the like, that can easily deplete our finances.
In times like these, all we need is a helping hand. With a bit of financial help, we are able to better solve abrupt problems, settle outstanding payments or even reach certain milestones. Besides, such assistance also offers you a temporary mental and emotional reprieve from a taxing and overwhelming financial burden.
Banks are the first agencies that come to mind when it comes to offering financial aid. But in present-day Singapore, licensed moneylenders have become another option for the populace to rely on. If you ever find yourself strapped for cash, here are 3 reasons why credible moneylenders are the better option for you.
1. Flexible and diverse loans
Banks impose a minimum annual income to be eligible for their personal loans, typically S$20,000 per annum. On the contrary, licensed moneylenders cater to clients of all income ranges.
When it comes to the loans, the latter offers a greater variety for you to choose from. Aside from the general personal loan, moneylenders also offer loans targeted for specific needs such as wedding loans, business loans, study loans, medical loans, and more.
2. Fewer requirements and faster approval rates
It’s conventional for banks in Singapore to employ other numerous criterion and regulations that decide if you’re eligible for a loan. This results in higher rejection rates due to possibly failing in a few factors they deem important, such as annual income. And if you do get approved, it usually takes banks several business days to release your money.
In contrast to that, personal loan moneylenders are much less constraining in their eligibility requirements. This unrestrictive nature naturally means higher approval rates, even to ones with bad credit scores. On top of that, fewer documents are required from applicants, and one can expect to be approved as well as receive their loan amount all on the same day. But despite all these advantages, note that the loan amount one can typically receive is far lower than what one can get from a bank. This amount usually caps up to 6 times your annual income if you receive at least S$20,000 per annum.
3. Shorter payment terms
As mentioned, since the loan amount is lesser, the payment term for personal loans offered by moneylenders is shorter as well. Typically, banks offer a repayment schedule that can go for a few years. In contrast, moneylenders’ repayment schedule only last for a few months.
The shorter the loan tenure is, the lower the interest accrued. As such, you will be saving more money. On top of that, one can clear off their debt much more quickly, which is always a good thing since nobody wants to be in debt for the rest of their life.
To be financially prepared for life’s ups and downs is easier said than that. Often times, we need a little push to help us get through whatever ordeal and loans can offer the help that we need.
If you need a personal loan that’s not too high, comes at a low-interest rate, and with a short payment term, then look no further than Goldstar Credit. With a mission to be your preferred moneylender of choice, we are a credible and licensed moneylender in Toa Payoh that offers personal loans for all your life needs.
For life milestones such as one’s studies and wedding, down to personal needs like a good vacation, we’ve got you covered with our diverse list of personal loans on offer. Give us a call and our friendly financial consultants will guide you through the entire process, from A to Z.