Most people are familiar with moneylenders, at least in passing. They’re the guys who give money when you need it most, right? Well, that’s not actually what they do. Licensed moneylenders like QV Credit are money lenders by profession– they loan money for a fee to people looking for quick cash with no questions asked about credit history or employment status (which is one of their benefits).
But where did moneylenders come from, and how did they grow into the business we know today? Let’s find out!
What is a Moneylender?
A lot of people will or have gone through a lot of financial difficulties during their lifetime. Moneylenders give money to people when they need it the most – in times of financial difficulties and through emergencies. This is because moneylenders are not just any kind of lender, but a business that offers money for rent, car repairs or even home maintenance fees.
Moneylenders nowadays are regulated by the money lending act of 2016. This moneylender is a credit provider that offers short term loans with interest rates as low as 0% p.a over 180 days and up to 30% p.a for periods of less than 90 days, depending on how much they are borrowing from you!
You must be aware of unlicensed moneylenders that are currently in the market and charge ridiculously high-interest rates that can go up to an annualized rate of 100%!
What is their History?
Like what we mentioned earlier, moneylenders have been around for a very long time. They have been around since 600 B.C., where farmers would take out loans from money lenders during harvest season–and then repay them later after selling their crops at market value (this was also one of the benefits). By 200 A.D., money lending had become an integral part of many societies worldwide, including Europe, China, India & more!
Today, moneylenders have become more convenient with our needs. From moneylenders that lend money for rent to money lenders who will provide a quick loan with no questions asked, moneylenders have come a long way from their humble beginnings.
How can we Benefit from Moneylenders?
Moneylenders are the perfect solution for people who need money urgently without having to go through a credit check. There are so many benefits to borrowing money from moneylenders. Some of these benefits include:
- Quick cash: One of the biggest reasons why moneylenders became a huge success overnight was because of how simple and easy it is for individuals to get quick cash. Moneylenders provide money as quickly as the same day, which means that you can have money in your hands within 24 hours!
- No credit checks: No one wants to deal with complicated loan systems and stringent bank requirements just so they can borrow some money from their banks. That’s where moneylenders come in–they make borrowing simple by not requiring any documents or paperwork before lending out money!
- Easy repayment options: Unlike most loans from banks, there are several ways for borrowers to repay money lenders, including installment payments over time (this benefit also makes repaying easier).
- Get money for whatever needs: When money is tight, and money lenders are there to help, they can provide money for whatever you need it for. Whether that’s moneylenders who will lend money for rent or money lenders who will loan you money as a last resort–they’re there to give back your financial stability!
- Competitive interest rates: Another reason moneylenders became a hit overnight was because of the competitive interest rates they offered to borrowers. Moneylenders provide money at incredibly low-interest rates that can go as high as 30% for some money lending companies while going down to 0% per annum over 180 days!
- Easy loan application: taking out a loan has never been this easy! Moneylenders make it easy for you to apply by having a short and simple application form that won’t take long to fill out.
What Loans do they Offer?
With the various moneylenders in the market today, money lenders are capable of offering loans for various things. Some money lending companies offer loans to purchase cars while others lend money for home renovations or even business purposes!
Quick Loan
These moneylenders give out quick cash so you can deal with an emergency no matter what it is. They would require a few details about yourself and your employment status before giving out instant cash that’s deposited into your bank account within 24 hours!
Business Loans
Moneylenders provide small businesses with easy access to capital by helping them get short-term financing backed up by their assets. This means they’re not required to put any collateral just so they can borrow money from these money lending companies. This way, borrowers don’t have to worry about their credit score and can focus on expanding their businesses!
Car Loans
Moneylenders understand that sometimes you need a car for work or emergencies, which is why they offer car loans. They also provide low-interest rates, so borrowers don’t have to break the bank just to get a new set of wheels! Most moneylenders would require you to be employed and show proof of income before lending out money for a new or used car purchase.
Home Renovation Loans
Moneylenders know that not everyone has the cash readily available to fix up their homes. That’s why some money lending companies offer home renovation loans that are easy to apply for and come with competitive interest rates. With this loan, you can renovate your kitchen, bathroom, living room and even add a new coat of paint on the walls!
Personal Loans
Moneylenders also offer personal loans that come with low-interest rates to help borrowers get through tough times. These money lenders give money for debt consolidation and other purposes like paying off high-interest credit card bills.
Links:
https://www.moneysense.gov.sg/articles/2018/10/understanding-the-types-of-loans?sc_lang=en
https://www.encyclopedia.com/finance/encyclopedias-almanacs-transcripts-and-maps/car-loan
