Getting a Loan is Not Always Easy

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Although for a lot of people getting a loan may be easy as they just have to go to their bank and ask them for one, for some people life is not so simple and loans are not so easy to get. Although banks are of course known for providing loans to people that need them, they do have criteria which has to be met before they will approve loan and not everyone can meet that criteria. Another time when a bank loan may not be appropriate is if you need the money quickly, perhaps the same day as you make a request or at the latest, early the next day. Although banks probably provide more loans than anyone else, their approval process and the other procedural processes can take a couple of days to complete and so the funds from a requested loan will not usually be available until several days after the request has been made.

In both these cases, a bank loan not being approved or an instance when the money is needed urgently, the borrower will have to look elsewhere for the loan. At these times there are money lenders that can help but care should be taken in deciding which one you go to as there are basically two types, the licensed money lender and the un-licensed money lender. Although in some countries it may be hard to distinguish one type from the other, in Singapore there is a website,, which lists only but all the licensed money lenders so that potential borrowers are able to recognize one from another. When it is necessary to go to a money lender for a loan, except for in the most urgent instances, a licensed money lender is the one you should go to as their rates of interest, being regulated, will be far power than those of an un-licensed lender.

Of course though, if you cannot meet the criteria of the licensed money lender, which will be less strict than a bank’s, you will have no choice but to go to the un-licensed lender who barely has any criteria that needs to be met. If are forced to consider using an un-licensed lender, you should be sure that you really do need the loan as the repayment of that loan, with the high interest they will charge, will be a heavy financial burden on you until the loan is fully paid off. In some instance the burden is so high that the borrower has to return to the same money lender to acquire another loan, especially to pay off the first one and a circle of recurring debts is instigated, often financially crippling the borrower for a far longer time than they had expected or planned for.

It is perhaps unfortunate but due to our often crawl world, these un-licensed money lenders are often a necessary evil when emergencies arise and no funds are readily available to deal with that emergency.