Average Interest Rates At Licensed Money Lenders In Singapore
Walnut Street Finance is a hard money lender who eliminates the stress and anxiety from project financing with a refreshing approach to serving the entrepreneurial builder and developer. Banks may even give you zero per cent interest over a short term period, such as six months. Since October 1st, 2015, the maximum interest rate has been set at 4% per month. Not Money Lender Singapore unlike private money lenders, hard money provides short-term, high-rate loans, and will also typically cover the cost of purchase and rehab expenses.
When you borrow S$500, paying S$20 in interest 1 month may not sound like it’s exorbitant. In fact, private money lenders are awarded more safety than many other investment vehicles can boast. If you need the money right now, in order to avoid legal complications, or you need the money for medical reasons, the bank might be too slow.
You are assured that the list of moneylenders on our website comply with the rules and regulations set by money lending act in Singapore. A: At Swift Credit, We had more then 95% approval rates as we do not look at just credit rating when reviewing a loan application.
If all of your answers is YES, get your personal loan from a Bank in Singapore such as DBS which will give you better interest rates. Because licensed money lenders are targeting customers that were forgone by banks, they have distinct characteristics that serve needs of a different set of customers.
People want money for various personal as well as professional causes and the lender always try to meet their demands by providing them different packages or offers to fulfill their monetary need. Moneylenders in Singapore are allowed to charge up to 48 per cent interest per annum.