Archive for the ‘Finance’ Category

postheadericon When you have financial difficulties money lending can be of help

Financial difficulties are a common problem to the middle class and lower class of society. A sudden requirement of money crops up when there is an emergency or when a need occurs. At that time mostly we won’t have ready cash. Either the money we have is tied up in some investment that cannot be immediately withdrawn or we have no cash altogether. This is a classical example. It is at times like these that the requirement of cash crops up. In such situations money lending is a method that can be considered along with mortgaging.

 

Money lending:

This is a process by which you loan an amount from bank, a firm or a person. This method involves you to sign formal documents stating that you have lent some amount. Once you have enough money you need to pay back the amount back to the firm or bank or person. An interest is levied on the sum you lend. The money you owe can be paid back in installments or a fixed period can be fixed to pay back the whole amount. When you pick this method ensure that you lend it from an excellent money lender Singapore. This is because the reputation of the person has to be taken into consideration. The excellent moneylender Singapore have to be a licensed person that owns the rights to do the lending business. Ensure that the interest calculation is appropriate and that you are expecting the same amount as the lender in return. Failing to pay back or failing in any conditions written in the official document can lead to prosecution for both the parties.

 

Mortgaging:

This procedure is very similar to lending except that you put n article and the sum of money is against the item kept for mortgaging. In this kind, the needed party can put any item of value for mortgaging. Let’s say he put a car that he owns which is two years old for mortgage. The value of the car is estimated based on the model, how long it was used, the condition and the current market value. The equivalent sum can be loaned from this best mortgage broker in Singapore. Once you have the money you pay back along with the interest in a lump sum or in installments. The only difference here is that failing to pay back the firm which loaned you the money can confiscate the car and sell it back in the market and gain back the money they lost.

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