What is Moneylending

Almost everyone will have that time in their lives where they need to sink a lot of money into a certain project, event, or investment. Say, maybe they want to finally buy their own house or car. Or fund a dream vacation. Or invest in their very own business. Perhaps throw a dream wedding or anniversary. Maybe they need cash quick for medical needs.

When that happens, they might not have enough funds at the moment to pay it off. And that could be a huge problem, especially if the need is urgent. Of course, people have to be smart about their financial choices, but perhaps the most prudent financial choice might be the simplest one: getting funds from a licensed money lender, of course.

Myths about moneylending

You may have heard of moneylending and all the concerning stories and reputation that goes with it. How it could pose as a debt trap, and that loan sharks might prey on unsuspecting victims and sap them of all their funds. That once you’ve gotten your money, everything goes downhill from there. They’ll lure you in with medical loans or other important needs, and do a frightening bait-and-switch on you.

But the truth is more simple and straightforward than that. Moneylenders aren’t your enemies, they’re actually your greatest allies in times of distress. So long as you’re smart about paying and know how much you can handle, borrowing money isn’t the terrifying trap you think it would be.

Then what is a moneylender?

If you’re smart about where to borrow money from, you’ll consider an institution or investor that carefully considers loaning money to individuals before approving them. They offer tons of services for all kinds of needs, including business loans or payday loans services to help you get started on your future. They’re actually incredibly beneficial to both the average Singaporean and our economy as a whole.

Needing to find funding for any reason? Why not apply for a loan with R2D credit, an online money lender in Singapore with multiple options for all your financing needs.

Resource:
https://visual.ly/community/Infographics/business/what-moneylending