A money lender is a group, or person, who offers private loans at high interest rates, instead of a bank or bank. Usury -- the custom of earning unethical, immoral loans which unfairly enriched the lender -- has been regarded as a sin by the Christian Church for centuries, and lots of different religions and countries have frowned on such practices.
Move forward to the 21st century, and pay day loan lenders are greatly criticized and, oftentimes, forced out of business in countries such as the UK due to dishonest business practices.
However, what about legal money lender, such as Quickmoney Singapore? Are they about the level or merely a conservative usurer in contemporary garb?
The first aspect to think about is if they're legal and possess the right licenses. This gives the borrower some defense against abuses on the part of the lender, and puts some regulation on them, such as restrictions on the degree of interest rate charged, limits on the amount that may be given, and removing a range of hidden fees frequently found in the industry. You'll not have a security under the law and might open yourself up to some number of sharp practices.
Some, for instance, won't contribute for students, part-time employees or holders of temporary residence permits, although some might require that the possible borrower have to be making a minimum yearly income. Others might take a recommendation from a current client or skilled mediator before they may lend money to some other client.
One more factor to consider is the degree of instruction required by the lender before they progress any money.
Although some of this might seem like unnecessary bureaucracy, it may be argued that the further checks a lender makes in advance, the more professional they're very likely to be when handling your repayments and loan.
A solid recommendation prior to going to any legal money lender would be to read the online reviews, and find a good feel for who's reputable and ought to be prevented with the proverbial bargepole. If you visit a money lender, you know that you are very likely to pay higher rates of interest, have steeper repayment schedules, and pay more in fees than you'd deal with a conventional bank loan. You have to bear in mind that legal money lenders have been regulated, not not to the same level as a bank; as a result, the degree of protection given to you as a customer isn't not as great.
Regardless, it might be that you want to attend a money lender to get a short-term loan, or because you cannot get credit elsewhere. If that's true, be certain that you go in with your eyes open, and comprehend what's being given to you, on what conditions and for how long. Most importantly, ensure that your money lender is lawful. If they're not you're by yourself!