August 14, 2022

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Why Use a Licensed Money Lender in Singapore?

Unfortunately, for many Singaporeans, the rising house market makes it impossible to purchase a home through traditional methods, so turning to a licensed money lender has become a habit and a necessity. A Singapore Licensed Moneylender can take care of your case and provide you with all the necessary assets to obtain a loan that is advantageous in all aspects of your situation. After all, one of our goals in life is to become the masters of our destiny, and to achieve this requires, in most cases, some significant investments.

A Matter of Perspective

The dream of owning your own home is one of the goals of many Singaporeans who want to take their professional and personal lives to the next level. Renting can give you some flexibility that you may not enjoy with home ownership, but having your property is necessary if you are thinking of starting your own family or if you want to benefit from increased stability in all aspects of your life. But we don’t have to talk only about real estate mortgages, as there are many loans you can get in Singapore and ways in which a moneylender can help you when applying for them.

Use the Services of a Licensed Money Lender When Applying for a Medical Loan

Singapore is perhaps the most developed country in Southeast Asia, considered the nation with the best quality of life on the continent. But life is unpredictable, and sometimes unfortunate events can happen that require specialist help, and one of these tragic events may be related to your health. After all, this is an element we cannot control, and it can strike us unprepared regardless of our social status or financial resources.

Singapore benefits from universal healthcare, one of the best in the world, but the way it is provided to the population is not free; instead, it is delivered through a mixed funding system, which can be quite expensive. Therefore, one of the primary investments ex-pats make when planning their stay in Singapore is private health insurance which in many cases can prove to be more advantageous than the universal plan offered by the state. A Singapore Licensed Moneylender can provide you with the necessary resources to acquire a medical loan which can prove particularly useful when purchasing health insurance that covers the investigations or procedures you need.

Use a Singapore Licensed Moneylender When Applying for an Education Loan

Although the education system in Singapore is a highly developed one with excellent results in most international metrics, perhaps the most essential aspect when it comes to the later success of our children is related to the experience they can gain from an early age. Because of this, many Singaporean parents aim to send their children to study abroad, especially in English-speaking countries such as England or the United States. Universities such as Massachusetts Institute of Technology, Harvard, Cambridge, or Oxford dominate the landscape regarding the number of students who end up in critical positions in STEM and economy-related fields.

The different lifestyle, the experience gained at reputable universities, and the opportunities that open up to future students with the internships that can be found after graduation can prove invaluable to your offspring’s success. But unfortunately, the costs of studying abroad, especially at a prestigious university, can be very high. One of the only ways parents in Singapore can send their children to study abroad is by taking out an education loan through a Singapore Licensed Moneylender.

Is it Hard to Get a Loan Through a Licensed Money Lender?

Not at all, and if you are a permanent resident of Singapore, you will only need proof of your identity, such as a government-issued identification document, a health card, or a passport, and evidence of a steady income, such as a copy of your central provident fund or bank statements showing the income you have earned in recent months.

Things are just as simple if you are a foreign national who does not have Singaporean citizenship. In this case, your licensed money lender will ask for a copy of the work permit issued by your employer, proof of your current residence, such as a mobile phone or utility bill, and copies of your bank transactions over the last few months showing your income.

The success of your application will depend on many factors, including your credit score or the number of loans already active in your name. But solutions exist for any situation, and by contacting a Singapore Licensed Moneylender, you can rest assured that you will receive a response to your application in the shortest time possible.

Is it Necessary to Use the Services of a Moneylender?

Yes and no. It depends on your financial situation and how you want to invest your hard-earned money. But the housing market in Singapore is complex, with astronomical prices for some properties, and the general cost of living in this country is one of the highest in the world, with significant differences between Singapore-born residents and ex-pats who enjoy bursaries from foreign companies.

It must be said that Singapore is indeed a competitive city where it is hard to find anything that can be called genuinely inexpensive, and because of this, a good number of residents are forced to use the services of a licensed money lender to take their livelihood to the next level. A Singapore Licensed Moneylender can provide you with the resources you need for you and your family to enjoy a stable and prosperous life. Perhaps you want to send your children to school or want to buy your first property. Or maybe you want the financial resources to rent a commercial space and take your business to the next level. The professional services of a moneylender can prove to be one of the wisest economic decisions you make in your life and can provide you with the stability and comfort you and your family deserve.

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