postheadericon Money lenders versus bank for loans

The world is running behind money these days. This is because money has become a crucial factor for all things living under the sky. People know the value of money be it, 5 rupees or 1000 rupees. Money has its own pride. It all started from the medieval period, where money was not even invented. People started to exchange goods when they ran out of supplies. They exchanged rice for sugar and meat for seeds. This was called the barter system. It involved exchanging goods in return for goods. Later when money was invented, goods were exchanged for money. This was when people started to hide goods and when there was lack of these supplies in the country, they started to sell them for higher prices. People who ran out of it had no option but only to buy them. This was when money made its mark. Later it was not only goods but other supplies like gold and expensive jewelry were sold at higher prices. Middle class were unable to get them due to their raging prices and hence they started to get loans from bank. Every bank has their own set of rules for lending money.

Bank and their rules

Banks do not give money to anyone and everyone. They filter the candidates who have applied for loan and verify their background financial statuses. They check their three months’ pay slips and any property that they own so that they can be sure that there will be stable interest payment in the future once the loan is approved. This level of verification is very important and essential as there are many fraudulent activities taking place. This level of verification can also be difficult for people who need money but do not earn as much as what is expected out of them. This is when money lenders come into picture.

Money lenders

Money lenders are people who lend money at higher interest rates. They don’t do a background verification of the person and lend money like banks. In Singapore, it is very popular. People who need money just needs to check best interest rate mortgage loan in Singapore. Sometimes, it is important that one must make back ground checks of the money lender itself to avoid problems in the future. They work individually and do not work with the public sectors and hence it is dangerous to get money from them. But people who do not have a fair credit score cannot pass through in bank verification. They must just search for a good Singapore money lender. Their last option of borrowing money is from a good Singapore moneylender.

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