Ten year back taking a loan mean loads of paper work and loads of checking and loan become sanctioned after many months. People need to go to individual illegal lenders since the banks and institutes take too much time. These Individual lenders charge higher interest rates according to the length of the repayment. Moreover if the person delays payment they charge another amount for the delayed payment. These individual illegal lenders drown people with charges and they end up borrowing more to pay the other loan. This was the plan of the individual illegal lender from the beginning. Hence, now a day’s borrowing money is such an easy task from banks and institutions.
Loans those are available now
There are so many types of loans available in the world that it is flexible and easy to take. Some banks give loans within hours or even within a day. These loans are called Instant cash loans in Singapore this loan can be obtained within hours and the bank does not even check your credit rating since the purpose of the bank is to somehow get many clients as possible therefore these loans are given immediately and according to the request of the customers.
These quick cash loan is only for a limited amount and it does not exceed more than ten thousand dollars. Since these amounts if not repaid due to the person being fraud the bank can afford to make it a bad debt. People feel that these loans products are developed to make it easy for them and it is quiet true since these loans have brought so much ease for parents when they need cash for some sudden medical or educational expenses. The flexibility of being able to obtain the loan within hours has reduced the stress level of people. But the repayment should be planned out properly before the loan is obtained since it should be within the limits of your payment capacity.
Monitoring of individual lenders
Unlike before people does not have to go to illegal individual lenders who make them bound to them for life by making the people keep on borrowing money from them to repay them. Therefore higher authorities need to monitor the banks and institutes to make sure that they do not make borrowers life a misery. Also the authorities need to seek out these illegal individual lenders and bring them to justice since they are rigging the system and making life hard for people in need of money. Educating people not to go to these individual illegal lenders as well as encouraging people to point out these illegal individual lenders should be made public so that these lenders are eliminated from the country. Financial crimes and illegal lending has led to many suicides by individual not being able to pay off these illegal individual lenders.