Ever been out of cash? Ever faced the difficulty in taking loan from a government managed loan providers? If you have been tired of all this, then you have come to the right place.
This article completely focuses on the private money lenders. There are numerous money lenders in and around the world. Not all are safe and reliable.
So, the government created a registry in which the private money lending companies should register themselves as a legal company.
Singapore is famous for its private moneylenders and the Singapore Government created the Registry of Moneylenders in which all the private moneylenders details are available.
There are so many procedures to become a money lending company and obtain a proper license for the company. Only then, the private company can be listed under the licensed money lender list.
The method of money lending started with the Money lenders Act. In India, the act was passed in various states from 1938 onwards.
The borrowers/ people can look at the various loan packages and interest rates given by the money lenders and should make a wise decision. These private companies provide loans for various events such as emergency loans, education loans, payday loans, business loans and so on.
It is important to mention the company “Worldwide capital lending” as they offer loans all over the world for various sectors.
There are also brokers available who will guide you to the proper money lender as per your requirements.
The main advantage of the private money lenders is the flexibility and fast availability of cash whereas in Government managed companies, it takes long time in processing, verifying documents and finally sanctioning the loan.
Another major advantage is the time period. Government agencies do not provide loans for a very short period. They have a minimum value for the duration of the loan. But the private lenders can provide payday loans as well.