moneylender 3Almost every moneylender in Singapore is empathic on smaller loans only. They’ll usually offer you 2-4 times your monthly income or even less. Customers in need of payday loans are the ones they are interested in and they simply don’t want to bear the risk of your $20,000 renovation. In other words, lending institutions here are ideal for urgent, small fees, for paying a clinic, a plane ticket etc. If you need money for renovation or a business start-up, most money lenders in Singapore are simply not interested in those loans.

moneylender 4Provided you can produce all the necessary documents, most moneylenders offer to approve the loan within an hour (or even less). This is because the amounts are not so big and there are not so many bureaucratic layers compared to a bank. So, if you need the money right now, for example for medical reasons, banks are rather slow, while moneylenders will be able to help you.

moneylender 5Talking about fast cash, a moneylender is your only alternative in case you don’t have a credit card. On the other hand, a credit card is arguably cheaper than licensed money lenders. However, we all know that banks are quite obsessive about credit rating. If your rating is too low, they will most certainly deny your loan application, while a moneylender will be less fussy about borrower’s credit score. But, even though licensed moneylenders, such as , are more forgiving, they will most certainly do background checks, just in case. If you have significant credit card debt and/or outstanding loans from other lender, your loan might also be denied.