Licensed Money Lender Interest Rate

At present, you need some extra money to meet up your needs and requirements. As far as your financial income is concerned you find it too low when a sudden need arises and you look for financial help. To help out you in such financial crises, licensed money lenders will be able to help you out with your needs. They provide you the money you need and you can get it whenever you like. They offer terms and conditions which of course you have to fulfil. One of the important measures in this regard is the interest rate over the loan that you take from the money lenders. You can get two different types of loans according the situation. Money Lender in Singapore offer you secured loans as well as unsecured loans. You can get both the loans according to your financial background. However, the interest rate over both the loans are different. Since in secured loans you seem assure to return the loan at ease the interest rate is low while in case of unsecured loans the money lenders put their money at risk and moreover they help out you at times when you are financially completely broken, so, they put larger amount of money as interest rate. Generally, the percentages of interest rates over different loans are as follows:

  • 13% on secured loan
  • 20% on unsecured loan

The interest rates are charged for specific time period like twelve months or six months. However, the discussions with money lender give you much benefit. For shorter period of time, the money lender charge low interest rate as compared to if you take loan for longer period of time. Moreover, your monthly income affects the interest rate as the money lenders also consider your financial conditions and your expenditures as well. If you earn more than $30.000 annually, the interest rates mentioned above may be changed after having discussion with the money lender. Furthermore, the minimum 4% of monthly income is charges as interest rate in general irrespective of monthly income or loan type: secured or unsecured. Whatever loan you take, whatever your financial condition is, you have to pay at least 4% as interest to your money lender. Moreover, it is also to be noted that the interest rate is applicable over the remaining amount that the loan borrower has taken. Furthermore, the loan borrowers must be aware of late interest rate. If you failed to repay loan after paying some installments, you have to pay late interest rate. The late interest rate is applicable over the due amount not over the whole amount that you have taken as loan. So, before getting loan it is necessary to get the information about the interest rate that money lenders can charge. Whatever the loan you get, you have to pay interest rate. The interest may differ but you should be aware of general information regarding the interest rate so that you get a reasonable interest rate over your loan.