Money Lenders are people or an organization that has a business of loaning money to people in exchange of an interest rate. Some money lenders offer to selected people in the community while others are open to those who need cash immediately. Banks are the most common money lenders that offer personal loans to people for a pre determined period of time. They offer different interest rates depending on your credit score, however; their interest rates are lower than money lending companies. Those lenders who have higher credit score are very likely to have lower interest rates compares to those lower scores. Payment is done in increments monthly until the pre determined number of years has been met. There are times that banks give rewards to their clients with incentives or bonuses without having to pay a required amount. This kind of scheme makes their customers continue to pay diligently their monthly dues. For those who have lower credit score or have a bad credit rating, a bank can either disapprove their loan application or ask them for collateral. This is to make sure that the loan amount will be paid. If in case the person is not able to pay the loan amount the bank has the permission to get the collateral and claim it as their own. There are cases where a person has a poor credit rating but higher amount of collateral, the bank would still disapprove the loan application. Unless of course, there is an identity theft issue involved then you will be able to have the loan that you wanted. The most popular way of loaning money is through mortgage. Having a mortgage loan, a person is lending money in order for the person to buy a house. If the loan can’t be paid, the bank can claim the property and the owner of the house will have to find another home. It is always advised to those using mortgage loans to pay their dues otherwise, they will lose their homes. Government is another money lending organization that provides loans to students or parents to assist in their studies. This program is known as Free Application for Federal Student Aid or also known as FAFSA. This is the financial aid of the U.S. government to those students who want to continue to college for them to earn a degree. Another organization that offers loans to people even with bad credit rating is the car industry. These automobile companies tie up loan companies. They target those people who want to own a car even with bad credit and lend them money to purchase a car with a very high interest rate. Once the person is not able to pay the loan, the lending company would end up having the car and a fully paid amount. The high interest rate of the loan was the one paying the car company. Lastly, loan sharks who lend people with instant cash with high interest rates have become very popular. There are times that the loan amount are automatically deducted on the paycheck of the borrower if not paid on time. It may seem illegal but some countries are practicing this kind of loan. Uni Cash 88 is a money lender in Singapore providing legal financial loans to Singaporeans, Singapore PRs and foreigners.
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