SINGAPORE – 23 February 2021 – Loanhere announced today the launch of its website, a one-stop destination platform to apply for a personal loan in Singapore and receive multiple quotations and offers from licensed money lenders instantly.
Widely recognised as one of the most expensive cities in the world to live in, having the financial liquidity to cope with Singapore’s high cost of living is not an easy thing. Coupled with an ongoing global pandemic, a significant number of locals are finding it difficult to cope and necessary to take out loans to cover living expenses and other payment obligations.
According to a recent report by Finder.com, almost 1 in 3 Singaporeans have taken out a personal loan in the last 12 months, largely to cover basic expenses, consolidate their debts or pay off credit card liabilities.
Aggregating loan quotes from licensed money lenders
Although there are platforms in the market that provide aggregated information on personal loan and sme business loan, almost all of them are focused only on bank financing. There isn’t a similar platform that exists in the market for borrowing from a licensed money lender perspective.
Loanhere is launched in response to this and seeks to be the one-stop destination platform for all information related to borrowing from licensed moneylenders in Singapore.
More importantly, Loanhere provides potential borrowers with instantaneous loan quotes aggregated from a curated selection of established and experienced licensed money lenders throughout Singapore.
Loanhere saves borrowers time and hassle by prequalifying all the partner lenders in its network, to be operating with a valid moneylender license issued by Monetary Authority of Singapore (MAS), are of good standing with relevant authorities and have excellent customer reviews.
Simply by providing basic personal information such as name, contact details, and the sum of money desired to borrow, Loanhere matches the loan request via its proprietary process with suitable offers from its network of licensed lenders and sends the corresponding loan quotes and offers to the requestor’s email inbox instantly. The service is automated and entirely free to use by all Singapore citizens and permanent residents (PRs).
While banks have been the traditional lenders of personal loans, more and more Singaporeans and permanent residents have been increasingly turning to licensed money lenders as the alternative – or even the preferred – channel to take out a loan from.
With evaluation criteria generally more favourable to borrowers, shorter application processing and cash disbursement time, as well as the possibility of negotiating customised loan repayment plans, more and more locals are finding the licensed moneylender route an attractive option for personal financing.
Clearing the air on licensed money lending
Nevertheless, there remains a certain degree of misconception and an absence of clarity in the market when it comes to licensed moneylenders, such as how do they work, how to differentiate the good ones from the bad, what is considered legitimate and what is not, among other doubts and concerns.
Beyond providing borrowers loan quotes fast, Loanhere also strives to raise the public’s general awareness and understanding of borrowing from licensed moneylenders, through regular publishing of articles on the website that covers various aspects of the subject, including the clear distinction between licensed money lending and other unsavoury forms of lending.
“Taking up loans from licensed money lenders in Singapore is a viable and oftentimes more appealing option than borrowing from banks. We believe more Singaporeans can better alleviate their financial situations with a clear understanding and proper use of licensed moneylenders as a practical and legitimate source of funds, and are committed in our mission to deliver the most efficient loan quote aggregation service in the market”, explained a spokesperson from Loanhere.
About Loanhere
Loanhere provides useful and relevant information about loans and alternate financing options via licensed moneylenders to help Singaporeans and permanent residents (PRs) alleviate their financial challenges.
Loanhere is committed and dedicated to be the number 1 destination site in Singapore for loans and financing through licensed moneylenders.
