Why Should You Choose an Online Money Lender in Singapore Instead of a Bank?

Regardless of the reason why you need a loan, you have several methods that you can use to get the money you want. The most common choice is to go for a bank and choose one of the loaning options they offer. But is that the best choice? In most cases, choosing from the loans provided by an online money lender in Singapore is a much better choice.

This article compares a bank and a certified lender. By the end, you will understand the pros and cons of using the services of both types of loaning institutions, and you can make an informed decision that will maximize your financial benefits.

An Online Money Lender in Singapore Provides More Convenience and Accessibility

Have you ever worked with a bank? If you did, then you should have an idea about the complexity of all the services they provide. If you want a loan, then you will need to go through many steps until you can get the money. On the other hand, the services of an online money lender in Singapore are a lot more convenient to use. Moreover, they come with much greater accessibility.

Simply, the fact that you can make the application online with just a few clicks is enough to convince many to use the services of a licensed lender. You can save a lot of time that you can use for any other purpose that you want to achieve, and don’t waste it on a bank’s complex application process.

Another advantage you must consider is the fact that you can get a loan at any moment of the day. If you need a small loan at 3 AM, there won’t be any problem. You can apply for it online at any moment of the day. There’s no need to wait until the bank opens tomorrow morning.

You Can Expect Faster Processing and Disbursement of Funds from an Online Money Lender

While banks still remain the most popular choices because of their track record boosting their reliability, they also provide many different services that require massive amounts of processing and disbursement of funds. As a result, you will have to wait for significantly more extended periods until you get the money from a bank than an online money lender.

As you can imagine, this advantage can only be convenient in many general situations. But if you are in urgent need of the case, then it can be a life-saving opportunity. For example, if you find an investment opportunity that is limited by time, then a reliable certified lender may be the ideal solution.

You will also be able to get the money through many different types of disbursement alternatives from an online lender. You can get the can directly in your account, or you can get it in you e-wallet. If you want them cash, then there won’t be a problem with that.

The Online Certified Lenders Offer More Flexible Loan Terms and Options

To properly compete with banks and win as many potential clients as possible, certified lenders tend to offer more flexible terms and options. As a result, you can make use of these advantages to maximize the benefits that you will get from a loan.

• Variable repayment period. Banks are usually very restrictive when it comes to the repayment period because they try to maximize their profits. Although they are forced by law to provide you with a certain degree of flexibility, you can only benefit from it through time-wasting processes. On the other hand, an online lender is a lot laxer when it comes to the repayment period.
• Wider loan variety. Keep in mind that certified lender specializes in this type of service. As a result, they have a wide variety of option that you can choose from. In general, they will provide more types of personal, business and payday loans when compared with banks.
• Better borrowing limits. Because the eligibility criteria of a certified lender are laxer, the borrowing limits are also much better. So, if you can’t convince a bank to give you all the money you need, you can try to get them from an online lender. Your chances to get the amount you need to cover your needs are higher.

Certified Lenders Strive to Provide the Best Customer Service and Support

Another powerful method that certified lenders use to compete with banks is through better customer service and support. The main reason for that is the standardized systems and procedures implemented by banks. Their massive size doesn’t allow them to focus too much on the customer support they provide to clients. As a result, online lenders can use more of their resources to address this service and attract more clients.

If you consider customer service and support essential, then your best choice is to use the services of a certified lender. For example, you can expect many top lenders to have a specialized team that is dedicated to their clients’ needs. So, if you have any concerns or questions, you can get an answer in the shortest period possible. Moreover, the channels that you can use for this purpose are always maintained and ready. You can not only use the dedicated e-mail and phone number. But you can also live chat with an employee of the lending company any time you want.

Another form of support that you can expect from the top lenders is through the educational content they provide. If you want or need to accumulate financial knowledge, then the best way to start is through the learning opportunities that certified lenders offer. On the other hand, banks very rarely publish such informative articles. They are generally focused on informing you about their service and what advantages you can expect from using them. But this won’t be very helpful if you don’t have the necessary knowledge to maximize the use of their services for your financial well-being.