Both individuals and businesses in the Clementi area of Singapore sometimes find that the funds which they have are not sufficient to pay for their expenses or new investment. In these cases, they would like to take a personal or business loan. Usually if the loan amount is more, the lender would like to meet the borrower personally, check documents and other proof of income before approving or rejecting the loan application. So if the borrower is living or working in Clementi, it is better to borrow from a money lender in Clementi to save time and money.
Processing time
While banks may charge a lower interest rate for the business or personal loans, the processing time for the loan applications is more. Banks are usually large organizations which have systems in place, so the time taken for processing the loan will be usually at least one week. So individuals as well as businesses who require a loan urgently will find it more convenient to contact a money lender. Most money lenders are smaller businesses, so the decision making process is faster, and the loan applicant can sometimes get their application approved within one day for faster access to funds.
Risk profile
A major consideration while approving a loan application for the lender is the risk profile of the borrower. If the borrower is a well established business making profits every year, it will be easy for the business to get a loan. Similarly a well paid employee with a high salary also does not face any problem getting a personal or payday loan. However, a startup or small business making a loss will often find it difficult to get a bank loan. In these cases, they will find it easier to take a loan from a money lender, especially if they can offer some kind of collateral.
Documents required
While the loan approval process for smaller loans like payday loans is simple and does not require much paperwork, for many other loans, the lender will want some documents as proof of income, collateral before approving the loan. The money lender or his staff will usually check the documents, to ensure that they are genuine, before loan approval. Hence the borrower will often have to make multiple visits to the lenders office to get the application approved. So if the money lender is located in Clementi, a borrower from Clementi will find it easier and cheaper to visit the lenders office. The lenders credit monitoring solutions provide the most security so that your account be saved.
Other information
There are many websites which provide quotes from the different money lenders in Clementi to a borrower, so that he can conveniently compare the interest charges, and take a decision. However, it is advisable to check whether the moneylender is registered with the Singapore government, since this ensures that the money lender will not indulge in unethical practices and conforms to the code of conduct specified. Another advantage of using a money lender is that they are more flexible in their terms for repayment, and will modify them if the borrower has a genuine problem.
