How To Identify Licensed Moneylenders In Singapore
A moneylender loan is essentially a marriage between a borrower in a tough spot ,either from a time sensitive perspective or due to their poor financials, and a lender who is risk adverse and is willing to take a chance for a higher return. While moneylender loans may be a last resort for many, there are plenty of scenarios when hard money is the only way to go.
Have you tried self-proclaimed licensed moneylender Singapore and you are unable to find much difference between the guidelines of these lenders and conventional lenders? Are you in search of a genuine licensed moneylender Singapore, who could fund you in like less than seven days without much hassle?
There are some basic differences between the so-called and legal money lender in Singapore, which you need to understand first. Apart from that, there are some solid reasons for choosing a legal money lender in Singapore over a false one.
A true money lender isn’t interested in your credit history. A real lender will never put a condition that if you don’t have a good credit history, you won’t get financing. There are many hard money lending companies, which will say that they don’t care about your credit, but at the end of the day.
The reason behind this is these lenders are packaging their loans banks, so ultimately they’ll have to conform to all the legal requirements set up by these traditional lenders, which can’t be afforded by a person who has a bad credit history.
On the other hand, legal money lender in Singapore cares about your collateral you are willing to invest in. They will get your property evaluated by professional independent evaluators, who will look at your property without any preconceive notions. They will give a purchase price, repair cost and estimated after repair value (ARV) of the property to the lender and if they find it good enough, they will fund you there and then.
Whereas, the imposters will put your credit score, job history, salary and other finances at the top of their loan requirements list before offering you a loan, which is exactly same as conventional lenders work.
Licensed moneylender Singapore for more information are private lenders who either lend you their own money or get it from places such as private equity groups, hedge funds, mortgage pools, or deep pocketed individuals. Common underwriting techniques are present and naturally the higher the risk means higher rates for your loan.