Licensed moneylenders are those lenders who are regulated by the state, provincial or national government. These lenders are bound to certain restrictions imposed by the government which helps to keep them under check, so they will not do anything to offend or mistreat the borrowers. If you feel in any way that you are not being treated properly then you can complain to the concerned department. They can take an action against the complaint accordingly, and fine the lender or even cancel the license.
Licensed money lenders are your best choice to get a loan from if you are unable to get loan from the bank or loan companies. If you need instant cash then you should get loan from the licensed money lender. Banks take several days and weeks to process the loan application and you don’t know if your application will be accepted or rejected until after few days. If you are in emergency and you need cash fast, then you cannot afford such delay.
Normally, licensed moneylenders provide loan on the same day of loan agreements. When both parties meet the terms and sign the agreement, then it will take few minutes before you can get the funds. There is very minimum chance of application rejection. You do not have to worry about the credit score or bad credit, because getting a loan from the lender do not require you to give your credit history. You will get a loan even if you are deep in debt. Credit history will not be checked or asked.
Licensed moneylenders are required to explain the terms of the loans and guide you properly on the type of the loan you need. They are also required to provide you will the copy of the loan contract. You need to make sure that you fully understand the terms of contract because once the contract is signed then you are obliged to fulfil the conditions of agreement. You should also understand the terms in case of late repayment to avoid any trouble.
Getting a loan is a serious matter, so you should think carefully before signing the contract and getting the loan. You should visit different lenders and choose the one who have most favorable terms. Do not rush yourself and do not get a loan if you are confused. You must be fully aware of what you are getting into and you must be satisfied with all points of agreement https://easycredit.com.sg.
Normally the interest rate fixed by the government is 4% per month. So if the lender is charging more then you should complain about it. Always get a loan from a licensed lender because there are so many loan sharks these days who are not licensed by the government but they act like they are. They trap people in bad loan agreements and borrower ends up paying the interest amount for the rest of his life. You can check on the government website if the lender is licensed or not.