The mortgage industry implosion has caused financial institutions to enact stricter guidelines in its selection of borrowers to whom they can provide loans, rendering the services of licensed moneylenders Singapore indispensable.
Some moneylenders Singapore will open on public holiday so as to deal with these individuals regularly, making deals with the latter when others cannot or will not, much in the same way that brokers and conventional financial institutions cater to borrowers with better finances. Since this lender take more risks than normal, they can be difficult to work with compared to lenders in the mainstream – they also exact much higher rates. Nonetheless, the state of a borrower’s state may ultimately depend on their cooperation with these lenders.
Also, the moneylenders Singapore open on Sunday so that they can work with these borrowers and provide monetary assistance, as the risks are beyond those that ordinary lender is willing to consider (although the hazards are moderated by the former to ensure a transaction benefits all parties involved). One safeguard the lender has to secure his investment is the mortgage equity – typically ranging from ten percent up to thirty percent. This gives the lender a higher degree of protection and a higher return on interest. Ostensibly, the degree of risk the lender shoulders when loaning money to a borrower dictates the much higher rates.
If a borrower has fallen on hard times, and cannot enlist the aid of ordinary financial institutions to help him out, a high-risk lender, subprime lender, or licensed money lender may be able to assist even on public holiday. Remember, though, that going to any lenders in this category for cash to save one’s mortgage requires that a borrower owns real estate, or is deciding to buying property, for the amount the individual borrows is protected by how much that piece of real estate costs.