Have you ever felt the need for more finance to continue any of your work smoothly? Sometimes we all get low in terms of monetary funds while we pay out our bills, service price, institutional charges, education fees, actual commodity price, or something like that. If you fail to make payments, then there are chances that you may lose something important, something which has significance in your personal life.
Imagine not getting a particular service just because you don’t have money to make payment for that. It sounds very cheap and awkward. Who knows if the person you love breaks up every relationship with you just because you are unable to buy him or her an ideal gift?
Well, situations are unpredictable, they will never ask you before they encounter and make your life miserable and struggling, and I guess nobody is looking for an unhappy life. Friends and family members are the only hope remaining. But, sometimes, even they turn out to be useless in lending you money.
In such hard times, only a loan provider can help you. Loan providers are those individuals who lend a certain amount of cash to those who need it. Earlier, only a specific person who is capable and wealthy enough can give loans.
But now, many business start-ups and agencies are coming up to full fill the demand for money to those who are looking and searching for a legal and reliable source of immediate cash. The only difference between these two groups of loan providers is that an agency provides loan to a huge crowd at one time.
And the second one is the opposite. They can only finance money to a handful of people out there who are seeking loans.
Apart from this, there is a new category of people called moneylenders. So, what does that mean?
What is a private money lender?
Private lenders are a buzzing word in the recent 2-3 years. Bank loans are often costly because they can charge you more than 8 per cent of loan interest. The private moneylender is the solution to your financial problem. The name itself tells us everything.
Moneylenders are those individuals or an organisation that lends some money to the loan seekers on an immediate basis. But if we talk about a private one, then the only difference is that they work for a particular institution or a single person.
And yes, if you are looking for personal loans, then you must approach a private mortgage provider who is easily available in many metropolitan cities of Singapore. You do not have to think twice before you ask for personal loans to private ones. One can easily trust such types of loan providers with their eyes close.
There are many reasons as to why a private loaner is the best choice for loans, and especially when it’s time for a personal loan.
Let us know the cause why you must always approach a private moneylender if you are looking for personal loan providers.
- Low-interest rates
It’s not an unhidden fact that the multinational and government-owned banks are going to crush your back with their loan interest. After all, the only source of money for such banks is the interest amount generated by giving loans to multiple people as well as businesses.
In many instincts, they can also charge interest for no reasons. Yes, there are some cases where private banks have charged more than the given interest rate to earn extra profits from innocent people.
If you are thinking of taking legal actions against them, then be sure to spend around thousands and lakhs from your pocket directly to your lawyer and/or attorney.
Therefore, the best choice for personal loans is private moneylenders. You might be thinking about that what the personal loan interest rates charged by the private mortgage providers are? Usually, the number may vary from place to place and person to person.
Some moneylenders are also greedy and are looking for monetary gains. So, the average personal loan interest rates throughout the globe are a minimum of 3 per cent and a maximum of 7 or sometimes 8 per cent.
- Immediate approval
Are you still doubting that your favourite bank is going to approve your demand for loans?
Bank loan providers are like those drivers who never accelerate their vehicle for safety purpose. In short, they will verify every single detail related to you.
In some cases, they even check your criminal records and overall behaviour with society. If you are from those unfortunate ones, then the possibilities are that they will check your past loan records. It takes up to weeks and sometimes even month to approve your demand for fast cash.
And the worst-case scenario is that they can even disapprove after consuming much of your time and irritating and interpreting your work.
Unlike these banks, a private moneylender can approve your loan demand quickly within one week. Isn’t that interesting? They don’t have the workload if compared to the bankers. After all, they are private loaner, which means that they only provide loans to a handful of people.
- Maximum & Minimum amount
The demand for personal loans is unique. Some ask for money under lakhs and thousands, and some can even demand more than ten lakh dollars. It is the worst idea to ask for such high or loan money from a local bank.
It would sound funny for an International bank loan department to provide only a thousand dollars. And yes, it is impossible that an average loaner can give you more than ten lakhs.
They only accept and approve mortgage of those individuals who have a reasonable rate and the demand which lies in the normal range.
But personal moneylenders are not like them. If you are approaching a lender, then they will surely give you the requested amount immediately without any further delay. These loners are having a limited number of the customer, so they don’t have to think much about their money bank.
