Basically, the moneylender offers short-term personal loans to individuals or group of people. This type of loan has a high interest rate though yet it remains attractive to those in need of cash. To a certain extent, it is due to the fact that a lot of loan applications in banks are unsuccessful. In a way, it's for the same reason that business investors choose to open lending companies.
One of the services which moneylending companies extend comes in the form of a Payday Loan. It's a type of loan wherein a small amount is lent at a high interest rate. At other times, a Payday Loan is also referred to as a cash advance. A post-dated personal check is normally written by the borrower securing a personal loan. The amount on the check is equivalent to the loan amount plus the interest charged in exchange for a relatively easier and faster access to funds. A date when a lender can cash the check is agreed upon. As implied by the name of this type of loan, that date is almost always falls on the borrower's payday.
As a licensed money lender in singapore, you can possibly take advantage of the many benefits it brings. You can enjoy the high and quick return on investment among others. With just the payday loan service alone, you can already rest assured that monetary rewards are sure to flood in. Since there is a high possibility that payday loan borrowers can't pay up the loan amount or miss the due date, you, as a lender can charge a premium fee as a form of protection for the risks involved.
There are two possible ways to start up this type of business. One is from scratch and the other is as a franchise. Inquire about the assistance that can be possibly offered should you opt for the latter. But if starting from scratch is the idea you're most comfortable with, get ready to spend for but not limited to the cost of purchasing or renting and setting up your office, finding and training your employees and having enough cash to lend to your customers.
Finally, secure the proper documents to be able to legally start your operations. Also ask for the professional help of a legal practitioner when it comes to handling legal matters as well as in drafting contracts among other pertinent documents. It's also good to market your services through various media. While you widen your reach, your chances of attracting prospective clients increase as well.
One of the services which moneylending companies extend comes in the form of a Payday Loan. It's a type of loan wherein a small amount is lent at a high interest rate. At other times, a Payday Loan is also referred to as a cash advance. A post-dated personal check is normally written by the borrower securing a personal loan. The amount on the check is equivalent to the loan amount plus the interest charged in exchange for a relatively easier and faster access to funds. A date when a lender can cash the check is agreed upon. As implied by the name of this type of loan, that date is almost always falls on the borrower's payday.
As a licensed money lender in singapore, you can possibly take advantage of the many benefits it brings. You can enjoy the high and quick return on investment among others. With just the payday loan service alone, you can already rest assured that monetary rewards are sure to flood in. Since there is a high possibility that payday loan borrowers can't pay up the loan amount or miss the due date, you, as a lender can charge a premium fee as a form of protection for the risks involved.
There are two possible ways to start up this type of business. One is from scratch and the other is as a franchise. Inquire about the assistance that can be possibly offered should you opt for the latter. But if starting from scratch is the idea you're most comfortable with, get ready to spend for but not limited to the cost of purchasing or renting and setting up your office, finding and training your employees and having enough cash to lend to your customers.
Finally, secure the proper documents to be able to legally start your operations. Also ask for the professional help of a legal practitioner when it comes to handling legal matters as well as in drafting contracts among other pertinent documents. It's also good to market your services through various media. While you widen your reach, your chances of attracting prospective clients increase as well.
0 comments:
Post a Comment