Moneylenders come in handy when you need money for facilitating a huge purchase or when you want to expand your business. You can also approach them when you need money to help with paying school fees or even medical expenses. In Singapore, moneylenders are organized into a large pool of lenders known as the loan academy. The good thing is that they offer the funds instantly without making you jump through unnecessary hoops. In fact, this is the number one reason why the majority of people prefer to borrow money from them instead of relying on their friends or relatives. But that’s just the tip of the iceberg. Here is a list of reasons why the moneylenders academy has become very popular in Singapore.
1. Stay Safe
There are many scammers out there that prey on innocent people that are simply looking for financing options. In most cases, the scammers are actually the ones that initiate the borrowing via spam calls, emails and text messages. They usually offer terms that are out of the ordinary to lure their victims into applying for the dubious loans. After that, they change the terms of the loan to favor their own interests while milking their clients run dry on cash. But when you deal with legal moneylenders in Singapore, your safety is guaranteed. This is because every lender that wishes to be listed on the platform is screened first by the authorities to protect the interests of the general public. For a start, the lender must be registered and have a physical address. In fact, the platform displays the license number and contact details of every lender.
2. They Offer Flexible Terms of Repayment
Anyone that has ever used moneylenders academy will tell you that they offer flexible terms. For a start, they allow you to repay the money the way you can afford to. This means that, you can request your loan repayment duration to be extended by the lender. With other lenders, the repayment period is usually fixed meaning there is nothing you can do in case an unavoidable situation hurts your finances. And that’s not all. The academy offers loans at a reduced interest rate so that you are able to pay without feeling the pinch. With other unregulated lenders, the interest rate keeps changing.
3. Package for Everyone
When you apply for a loan in other platforms, the chances of getting it approved are normally dependent on your financial status. If you don’t meet the minimum requirements that are specified by the bank, you will not even smell the money. But when you seek for financing at the loan academy, you will definitely get the money regardless of your financial situation. In fact, they have a wide variety of financial products that include loans for people that have poor credit score. They are therefore the best alternative for borrowers that have been turned down by the banks.
4. Offer Opportunity for Growth
Most businesses consider loan academy as their safe haven. This is because it guarantees that they are able to get money for financing the operations of their businesses when they need it the most. And since there are many lenders on the platform, borrowers can’t run out of options. With the banks, you have to take what they put on the table or hit the road. Many businesses rely on these lenders when they need money for hiring new employees, buying equipment, getting more inventories and so much more. Before the lenders came together to form loan academy, many businesses were collapsing due to lack of funds.
Obtaining loans can be tricky but legal moneylenders is a safe option for financing needs when necessary.