Money lending is a business in which a lender lends money to another party at interest. There are 2 parties involved, one lender and the other one is the borrower.
If you are looking for a loan then you can contact Power Credit. We are good at money lending in Tanjong Pagar.
There are many benefits of borrowing money, some of which are listed below:-
Benefits to Borrower
Easy Loans – It is an easy process to borrow money from lenders. Because nothing is as complicated as those in banks and other financial institutions. You will get your loan in less time and longer, like no other.
Less paperwork – Less paperwork is required if you borrow from lenders rather than banks and financial institutions. You will need to collect a lot of paperwork if you choose other ways to get a loan.
Credit rating – If you don’t have a high credit rating, it may not be possible to get an approved loan from a financial institution. When applying for a loan from a lender, you don’t have to negotiate with the bank; Instead, you get a loan from an individual or group of lenders. You don’t have to give them a lot of information to approve a loan and they don’t have to worry about your poor creditworthiness or deep debt.
Collateral– Lenders usually focus on the value of the property you are developing. The property will be used to offset the loan, not for the current financial position. If you want to use some other property as collateral, talk to your lender about other options. They may also receive other assets that are yours, as long as those assets must be in your name. Lenders are known to be more flexible than banks, so meet with a lender and see what options are available.
Low Income – If you have a low income, you may be denied loans by banks and financial institutions. But you are more likely to borrow from a lender than others.
Benefits for lenders
Money Making – In today’s world, everyone wants free money for a better life & the best option is to make money with no effort. If you have the extra money in your bank account, cash, or any other form & you want to get out of it, you can make money by lending money to those in need.
High-interest rates – If you start this business, you may have higher interest rates than banks or FDs. Since you only get 4 to 6 percent interest in banking, you get huge interest rates in this business. It depends on the interest rate agreed by both parties.