With Singapore being one of the most expensive countries to live in, there is no doubt that paying off your expenses such as medical or school bills can be difficult at times. Moreover, if you plan on starting your own business, saving up for it is a huge part of the planning process which can be difficult when your expenses are steadily increasing.
4 Reasons a Licensed Moneylender in Chinatown Is Better Than a Credit Card Loan
With the rising cost of living, a huge chunk of your monthly salary will have to go to your living expenses, leaving a small sum for paying off debts and loans, which is usually insufficient.
While solutions like bank and credit card loans are common, they incur exorbitant charges in the long run.
Fortunately, licensed moneylenders provide an alternative solution that is more attractive and financially safe. This licensed moneylender in Chinatown, Soon Seng Credit, is a one-stop solution to help pay off hefty debts while maintaining credibility and honesty.
Located in the oriental landscape of Singapore, Soon Seng Credit is a licensed moneylender in Chinatown that provides a range of loans from personal to business options.
On top of their transparent repayment schemes and low-interest rates, this moneylender in Chinatown also customizes your loans to meet your needs and financial capacity.
Here are four reasons why Soon Seng Credit is the better option for your everyday loans compared to a credit card loan.
1. The Process Is Fast With Little Restrictions
Credit card loans take a while to payout and on top of that, it requires an extensive list of documents to be eligible.
Paperwork such as your income review, credit rating, and citizenship documents are needed and may even be rejected and called for resubmission if they do not comply with the bank’s policies.
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The credit card loan is definitely not for those who require immediate cash on hand. Moreover, credit card loans have a limit per month which means that existing loans cannot be overridden with an urgent payout.
Overall, the credit card loan option takes a long time and expects a good credit rating to be an eligible candidate.
Unlike credit card loans, loans made through licensed moneylenders, Soon Seng Credit, are recognized as unsecured loans. Unsecured loans are less restrictive as your credit history is not as thoroughly analyzed.
This would mean that you could head down to the city and loan out cash from this licensed moneylender in Chinatown within minutes.
Moreover, they do not require a minimum loan amount like banks usually do and will recommend the portion you require.
Soon Seng Credit is the ideal solution for those who are in need of urgent funds for debts such as medical and mortgage bills.
2. Cost-Effective With Affordable Interest Rates
Credit card loans are known to have wildly high charges when it comes to their interest rates. On top of their high processing fees, interest rates for credit card loans can go up to 30% per annum.
Making matters worse, these rates can even fluctuate throughout the years, making it harder to pay back your loan without a proper long-term plan.
On the other hand, Soon Seng Credit promises transparency with their loans and interest rates which remain at a range of 2.27% – 4% per month. Personal loans also have a fixed interest rate, unlike credit card loans.
Having a stable interest rate can greatly help with proper financial planning and paying off your loan.
3. Lesser Repercussions on Credit Rating
Not only are the high interest rates of credit cards heavy on the pocket, they could also impact your credit rating. As interest rates increase and debts accumulate, defaulting your payments will lower your creditworthiness and rating.
This rating reviews your portfolio such as credit history, open accounts, level of debt, and repayment history.
A low credit rating will prohibit you from taking any more loans in the future, possibly causing an even more financial burden on you and your family.
With Chinatown moneylender, Soon Seng Credit, their debt consolidation loans help to manage all your existing debts without the financial stress of multiple bills.
The debt consolidation loan streamlines all your debts into a single bill and focuses on just that loan repayment.
Moreover, Soon Seng Credit offers a flexible loan repayment plan for up to 12 months which can immensely help when you are tight on cash.
With their various repayment aids, there will also be less impact on your credit rating, ensuring future approval of loans.
4. Lenient Late Payment Penalties
When it comes to credit card payment penalties, leniency is unheard of. Instead, some of the leading causes of high credit card debts are their interest rates.
It does not come as a surprise that these late payment penalties are also costly and can further burn a hole in your pocket.
The late fees are usually charged at a flat rate or sometimes at a percentage. Making matters worse, credit cards fundamentally encourage overspending with their swipe-to-pay functionality.
This only creates a build-up of debts, higher interest rates, and increased penalty fees. At Soon Seng Credit, their loan officers are equipped to accommodate your specific needs by customizing a personalized plan with the right loans, reducing your risk of incurring a higher debt that you are unable to pay off.
This licensed money lender also provides flexible loan repayment plans to help manage your finances better and ease your financial burden.
When urgent bills have to be paid off and your bank account balance is not sufficient, sometimes a loan can help ease your struggle.
However, loaning smart is the key to keeping you on track with your finances and reducing the risk of incurring bigger debts.
With the increasingly steep charges of credit card loans, a licensed moneylender like Soon Seng Credit is a better option to maintain financial stability in the long run.
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