All About Loan In Singapore
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Loans From Private Lenders Can Be A Better Choice Than Traditional Lenders

In times of a sudden requirement of cold hard cash, you may find it a rather cumbersome and also a time taking procedure to get a loan from the conventional lenders like banks. These are the times when you will realize the benefit of borrowing money from private money lenders as these lenders will not only ensure that you qualify for the loan, but will also make sure that the overall processing time is much less as compared to the traditional lenders.

While the traditional lenders will offer a variety of loans at a comparatively lower rate of interest, chances of qualifying for a loan from these private money lenders are lesser as the overall processing involves a lot of formalities and documentation. If we were to jot down the various advantages of private money lenders over their traditional counterparts, the list would be a pretty long one. Here are some of the major advantages that will make you opt for the private lenders and not the traditional ones.

Easy qualifiers increases your chance of getting the loan

The first and most preferred advantage of taking a loan from the private lenders is that they will not ask as many qualifying questions as like a traditional lender. Neither are the rules and regulations very strict, nor are the requirements. Whether you are a self employed person or a salaried individual, whether you have a less than perfect credit history or not, are some factors that are not of much relevance while taking loan from private lenders.

One, two, three – Here’s your loan!

Generally the processing needed from application to disbursement takes much shorter time than that from a traditional lender. Against a standard processing time of around 30 to 45 days that the latter will take, the former will approve your loan in just a matter of two weeks. So when you are in a hurry to get some money, you would obviously go for private without giving it a second thought.

A boon in disguise

Generally the repayment period for loans is not as lengthy as that from the traditional ones. The traditional lenders will allow you a repayment period to as high as 30 years depending on the principal amount and the type of the loan. The private licensed lenders will possibly not allow you that much time period. While some may take this as a drawback, however, it is actually a boon in disguise. You would certainly not want to live your entire life under the burden of a loan and it is surely a better thing to clear off your loan as early as possible and spend your earnings on your family and for your happiness.

Taking a loan is a process that requires a lot of research about the lender and the various caveats that will come your way. It is always recommended that before you agree for the deal, checkout for the various options available and then select the right lender who is offering you the deal that suits your requirements.