Imagining a healthy and satisfied life is everyone’s right. To do so many a times we need fund on immediate which is difficult to get fast if we visit a bank and make application for the same. There are private money lenders or loan company in Singapore which are offering fast and instant cash to borrowers. But there are many misconceptions which are prevailing in the market about the loan company in Singapore. Here we are making an attempt to share with you some common Misconceptions About Loan Company In Singapore which is important for you to know in case you need immediate cash on urgent basis for some emergency needs in your life.
Myth 1: Only salaried persons are eligible to get loan from loan company is one of the biggest misconception. Just like salaried people self employed people are also eligible to get loan.
Myth 2: There is a misconception that the procedures which need to be followed for availing loan are quite complicated and difficult for loan companies. If the loan company is a licensed one then you can make application online and disbursal will be made instantly to your account.
Myth 3: Personal loan offered by loan companies ask for security is another misconception. A private money lender from Singapore will never ask for any security from borrower.
Myth 4: Use of credit is less expensive that loans from private lenders are a misconception. Credit card gives bigger limit by at high rate of interest, while money lending companies offer it at low rate.
Myth 5: Poor credit history will not allow you to get loan. Yes, it’s true in the case when you take it from bank, but private money lenders are ready to offer you loan even you are having poor history.
Myth 6: Having an existing loan will not allow you to get loan from money lenders is a misconception. You can get it even in the case you are having a running loan.
Myth 7: Focusing on interest rate is enough to take a loan from money lender is a wrong conception. You need to check other charges while taking loan from loan company in Singapore.