Most Well-Known Myths About Money Lending
Money loans can quickly resolve some of the unexpected scenarios that life can throw. Top money lenders often take the role of providing financial support for individuals, families and businesses for a quick fix. Online money lending has even provided convenience and easy access to resources in the quickest way possible.
With the transaction process and approval rates taking place, without a doubt, loans/money lending still often failed to understand by many. Myths usually stem from the misunderstanding and lack of proper facts and truths in how it works. There are some myths that are commonly associated with money lending that we are going to look at.
Myth 1: Low credit score means a lower chance for approval
Most borrowers are inclined to continue the loan transaction process especially if they are aware of having a low credit score. When in truth credit scores don't really have much or only hold little influence on the approval rate. Chances are, most lenders would require you to ask for a stable monthly income to determine if you can afford to pay the loan. Others would ask for a monthly bill as documenting proof. Needless to say, the main point is, there are several ways that lenders would require as evidence prior approval instead of relying on credit scores.
Myth 2: Money lending take some time to get approved
There is some age-old belief that money lending can take a long period of time to get approved. Most people have experienced this in the past, where it often takes a couple of working days to know if you pass for approval. This is some of the challenges and difficulties faced by most borrowers which is one of the main reasons why they sometimes lose interest in applying. The process may be quite lengthy with papers/documents involved however, most reliable money lenders nowadays can only take hours to even minutes before you can know your approval result.
Myth 3: Personal loans have higher interest rates and difficult to get approved
Not all personal loans take higher interest rates and difficult approval curves. This might be true for those with bad credits but applying for personal loans nowadays are incredibly fast and easy with lower interest rates at around 10%. You should remember that interest rates may vary so be sure to ask your trusted moneylender for the APR info.
Power Credit Enterprise provides personal loans, business loans and marriage loans in Singapore for life’s unexpected scenarios.
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