Growing up is a difficult process. It is hard to manage a job, bills and debt. During the major changes of life like marriage, house redecoration and in emergencies like accidents you need some extra money from your budget. You consider taking loans. Some people turn to banks for personal loans but it has some restrictions so a licensed money lender is helpful in this condition. A licensed money lender is a better option than others. The best licensed money lender in Philippines will help you to avoid any legal cases.
Are they loan sharks?
Loans are the unlicensed money lender. de have a skyrocketing interest rate and use hard harassment to extort money. A licensed money lender is different from a bank and loan shark. They are somewhere in between. They can provide you money in any circumstances or without collateral and the interest rate is acceptable. The fees charged are not very high. The loan from a licensed money lender is passed based on credibility. They abide by the law for taking money back.
Why a licensed money lender?
- Taking loans from licensed money lenders is faster and has very few restrictions. The bank has a lot of restrictions and it takes a long time to approve a loan. The licensed money lender approved the loan fast and released the money in minutes.
- A licensed money lender can give you a loan even if your annual income is a little low. It depends on the trust they have in you to repair them back.
- They can give you a short-period loan that is beneficial for small and urgent issues like getting your car fixed, paying for plane tickets or going to a clinic. They are best for small emergencies.
- Taking a loan from a licensed money lender will barely affect your credit score and with a fixed interest rate you can repair them fast.
- The money from a licensed money lender is fully legal so there is no risk of getting into illegal money cases.
Conclusion
In times of emergency, we need money and in that hustle, we didn’t investigate much about the license of money lenders and the interest rate because of our needs. Licensed money lenders will never port high-interest rates or harassment for money.
