As per a concept, moneylenders have always been unloved as they exploit people with higher interest rates. However, in Singapore, this concept is changed as Licensed Money Lender is the most important option to help you at the time of financial crisis. They have great value and this is well understood by the below points.
The flexibility of contract: Most of the household with low income, managing financial emergencies is hard. These moneylenders offer to support people to get the required credit to maintain their lifestyle and overcome an emergency situation.
Flexibility in repayment: Moneylenders offers doorstep repayment option also with various modes of repayment. An expert also helps in planning and analysing the capability to repay.
Timeliness: The loan is approved instantly so that an individual get ready cash at the time of an emergency. Moneylenders provide enough time to repay as per the individual capability.
With so much importance, the demand of moneylenders services is increasing each year in Singapore. They charge slightly higher interest rates over the banks, due to the operating expenses. So, when you fall in an emergency situation, you will definitely find that service of moneylenders is extremely important. They are the most reliable source to apply for the different loans and get the cash ready within few hours. The high-interest rate on the loans is not because they have a monopoly, but they have high transaction cost, limited money and charges of cash collection from the doorstep. This will definitely explain that moneylenders are still the small person and not a millionaire.