In Singapore, looking for loan is similar to looking for a loan anywhere else in the world; you first have to decide where to go for that loan. Banks are of course the traditional lenders of money but sometimes they can be a little too rigid in their format which determines if you qualify for a loan and besides, they always take long before they can give you a decision whereas other, less traditional lenders may not be so rigid in their loan criteria and will nearly always be faster in giving you a decision. Although most people, if they can wait for the loan, will go to a bank first but there are also many people that will go to licensed lenders if they need the money faster than the time a bank will take to approve the loan. Licensed money lenders are not what are commonly referred to as loan sharks as they do have set criteria in which they must operate or lose their license however, their criteria are often less rigid than a bank’s and they are quicker in approving a loan so you can receive the money almost immediately. Although these licensed money lenders exist in many countries, they are not always as easy to find as they are in Singapore as there, there is a website, https://www.loansingapore.sg/moneylender , which lists all the licensed money lenders in Singapore, making life a lot easier for someone that wants a quick loan. Although many people may know of licensed money lenders, most of those think of them as only providing loans for small amounts of money but in Singapore at least, they can give loans to buy a house or anything else you may want however, they may not allow as long to pay it back as a bank might and although they do have interest limits which they can charge, those rates may be higher than a bank’s. A licensed money lender though is still far more preferable from a loan shark that, as they have no license to worry about, may charge an extremely high interest rate and be very inflexible when it comes to repayment of any loan.
In this modern age, even though we are told that are life styles are improving, it would appear that we are still in need of a loan, perhaps even more often than we were in the past and so banks and money lenders will always be around to loan the money. Often though it is not the loan amount that causes us concerns, it is more often the interest which is charged on the loan which cripples our finances and so when we look for any loan, we must ensure that we get the best deal that we can and often, as we need the loan in a hurry, we would opt to use a licensed lender but unfortunately, unless we live in Singapore where they have a website that lists them, one is not always easy to find.