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Hard money lending businesses have risk that is reduced based on the quality and value of the collateralized hard asset. It is similar to the interest rates charged to Mr Goh Meng Leong, who appeared in the news last week when a judge quashed one moneylender’s bid to bankrupt him even after he had paid back twice the principal sum. Here comes Moneylender Singapore Happy Cash Foreigner Loan, we offer fast cash loan to foreigner holding valid employment passes in Singapore.
The lender must then prove that he either does not carry on the business of moneylending or possesses a moneylending licence or is an exempt moneylender”. Singapore personal loans are offered to you at realistic rates whenever they are necessary for you. Mr Goh’s case highlights two things: It illustrates that there is an alternative to borrowing money from illegal loan sharks but it also shows that turning to licensed moneylenders is not necessarily problem-free.
Most of the money lenders I approached offered me interest rates of 25% to 30%. New expats think that getting loans from a foreign lender is just about impossible especially if one is a foreigner. To project money lending as an important and integral part of the business of financing individuals and businesses.
It should also be noted that late interest fees do not compound like regular interest; they accumulate monthly on the late portion of the principal. You should use this money to pay off your hire, medical bills, replace damaged equipment, pay your tuition fees, among many other things.
It is important to note that these fees are not universal, and different hard money lenders will bring different terms to the table. They also insisted that they did not target low-income borrowers, and usually turn them away, as it made little financial sense to loan small sums to them, given the limit on interest rates.