Monthly Archives: January 2018

People with bad credit score also can avail the loan without getting rejected

People who are living with bad credits have a tough time finding creditors to fund them. It is tough for loaners to lend money to people who have continuous record of bad credit because of the fear their money will never come back to them. Think of a situation where your credit score is bad and you badly in need of money. Don’t worry; there are creditors available to fund you without any security called the payday loaners. How to find such creditors? The best option for this is to go online and browse to find the best creditor to suit your needs. Getting loan from best Singapore money lender is much easier than hunting for a creditor from one place to another. As many payday loaners expect the debtor to be within their area, it easy to search for a creditor online near your place itself.

The online application process for these loans by best Singapore moneylender are very simple and you will come to know within minutes whether you application is accepted or not. Once your application is accepted you are granted loan irrespective of your bad credit status. Payday loans has its own set of problems coming along with it and in many countries payday loans are banned and  in many other countries, high control is exercised because of high interest rate charged compared to banks and other financial institutions.

You can always avail loans from best Singapore licensed money lender very easily. Payday loans have a long list of criticisms following it and let’s see them one by one

  • Low income groups lose more money as interest on payday loans which makes them poorer. Except for the reason that these loans are granted immediately without any security there are no other positive aspects here.
  • False and incomplete advertisements without clearly mentioning the interest rates and loan period.
  • Increase in the number of unauthorized firms cheating debtors using the name of genuine firms.
  • Causing undue disturbance to the borrowers by using abusive and unlawful practices which involve cheating, aggressive collection of money, calling debtors at odd times involving late night calls or when they are in their work place.
  • High interest rates giving more profit to lenders compared to the normal profit gained by banks and other financial institutions.

In this particular article we have seen both the pros and cons of payday loans and it is up to the borrowers to decide whether they want payday loans or not.