Borrowing money is very easy now, at the same time, it doesn’t mean, there are many lenders. Actually licensed money lenders are very less. The reason is the government is very strict in providing the license for the lenders. Of course, at the same time, there are many other money lenders are operating their business and they are called five and six. This means, the lender would be offering five dollars today and the next day the borrower should have to pay six dollars. This is very expensive for all the lenders. The gate is open for the people who have their debt and they can eliminate easily their debt money in a short way. The Licensed Money Lenders Singapore is offering their money to all the salaried persons, business persons and for the foreigners. There is no interest difference for any person and all people are same for the lender. There are three types of people suffering for money, first is lower class, all these people are working for the low salary, and second one is middle class people this kind of people are a bit better than the lower class people and these people are able to manage their money with the monthly budget. The third is higher class people all these people need big funds but only for the short term. Within the small duration these people would be earning huge money from their business. The pay day loan only is helping the lower and middle class people. The reason is these both the cases are receiving their money only on the first week of the month.

Licensed Money Lenders Singapore

The pay day loan works well to  the lower and middle class people, all these people need to show their last month salary slip, the same amount is provided by the licensed lender. With the little interest rate, the interest rate is payable by these class people. The business class people should have to show their bank transaction for three months based on that they get their loan amount. It would be easy for them to repay the money because the lender is demanding only little interest rate for the principal amount. The lender also accepts only interest money from the borrowers. In many cases, the person would not be in a position to pay the principal amount, in that case, only the interest money is collected from the borrower.