Personal Loans in Singapore27 February, 2012
Many have drawn parallels of moneylenders to loansharks in lieu of the high interest rates that are being charged. However, such opinions are generally expressed without taking into consideration that these are necessary costs to cover the high default rates by habitual borrowers.
Let’s face it, to even consider borrowing from a moneylender, a borrower would probably have exhausted all resources where banks, friends and relatives do not trust you enough on your repayment to make you a personal loan in Singapore. It is not a practice for moneylenders to prey on your misfortune but such costs are merely an arbitrary of risks that Moneylenders are willing to venture where no others would.
Many have heard horror stories from friends of friends and tabloids about extreme harassment and in some unfortunate cases, experience first-hand encounters themselves. Unlike Loansharks, you will not receive any hell notes in your letterbox nor XXX O$P$ scrawled across your lifts and staircase landings if you, in any unanticipated circumstances, delay payments with a moneylender.
Of course like any other businesses, delayed payments are frowned upon. But rest assured that every case of debt recovery is handled legally and professionally. Moneylender’s licenses are strictly regulated by the Registry of Moneylenders and no operator would be willing to jeopardize their business to recover your debt through despicable means. Debt recovery is an expensive and tedious procedure and initiating a negotiation with you on a realistic plan for repayment is always a preferred first step by all moneylenders. Legal proceedings will only commence where all avenues have been exhausted and trust me, it is an alternative moneylenders dread to execute.