When an individual or group tries to lend interest to another individual or group, this company is called a money lender and this company is called a money lending company. (Lenders are generally individuals).
Here you can confuse the bank and the lender. But these are two different groups even though they both have the same role.
There are several advantages and disadvantages to borrowing from a lender:
- Fewer documents on loans.
- Even someone with lower or no creditworthiness can borrow money.
- Moneylenders usually get gold, jewelry, or land as collateral. (But it can vary from lender to lender).
- The recovery process is rigorous and tedious when the loan is not repaid.
- Interest rates are set by the lender and are usually very high compared to banks and other financial institutions.
- There are many illegal Moneylenders in the market.
If you need a moneylender then you can check out Power credit because they are good at money lending in Tanjong Pagar.
Here are the signs that you need a Money lender:
Low Credit Score – If you need a mortgage, personal loan, business loan, or any kind of loan, but can not get your loan due to low or no credit, you need to visit a lender. Because the lender focuses on the future of your asset that you are improving, not your previous creditworthiness.
Security– If you need a loan but do not own real estate for securities or own real estate for securities but do not want to get the land and the property then you should contact the loan. Because they take gold or other gems as collateral.
No documented income – Many have no registered income but need a loan. For example farmers, small entrepreneurs, people with money, and many more. If these people apply for loans from banks and financial institutions, there is a very high probability that they will be turned down. But lenders will lend money to these people at interest.
Low income – If your income is not high, you may find it difficult to get loans from banks and other financial institutions. So, people on low incomes are advised to contact lenders, it is possible to get easy loans.
In short, if you are struggling for a loan at banks and financial institutions for some reason and you are not yet getting the loan you need then there are many lenders listed out there. You can easily meet and get your loan.