Hougang is a mainly residential area in the northeast region, and is one of the largest townships in Singapore. In some cases, people face financial problems because they are not managing their finances properly while in other cases, they require funds urgently because of some unexpected problems. Some of the financial emergencies can be caused by accidents, unexpected illness, natural disasters like floods or earthquakes, vehicle breakdown, electrical or plumbing problems. In most cases, the person facing the financial crisis does not have any savings to pay the expenses, so he is looking for an affordable loan, which will be processed quickly.
Applying to a bank for a loan is time consuming, since the bank will require a lot of documents for accepting the loan application. They will also take a longer time to process the loan application since they have procedures which the bank staff have to follow to reduce the risk involved. This is not suitable for the borrower from Hougang, since he requires the funds immediately to pay the expenses. Hence most people who require a loan immediately will prefer to use the services of a money lender to get the funds. The money lenders are smaller businesses, and their staff is trained to process applications quickly.
Hence residents of Hougang would like to get more information about the different money lenders in Hougang, so that they get more information like the interest rate charged, other terms, conditions, how fast the loan application will be processed. They will prefer a local money lender from Hougang, so that it is easier to contact them to get any clarifications which the borrower will require. For some loans, documents may have to be submitted, and it is more convenient to do so, if the money lender is living in the area, since less time will be spent traveling to the office of the money lender.
Realizing that residents of Hougang and other areas in Singapore are preferred to borrow from the local money lenders, loan comparison websites are now listing the money lenders in Singapore based on their location. The money lenders are aware of the financial status and profile of the people living in the area, so it is easier for them to accurately assess the risk involved in giving the loan and finalize the loan terms accurately. It is also easier for the money lender to do a background check on the local borrower, and recover money from the borrower, in case there is a delay in repayment.
The procedure for getting quotes from different Hougang money lenders is fairly simple. The borrower only has to provide some personal information like his name, contact details, the loan amount which he requires, and his average income in the last three months. Based on the demand for loans, and other factors, the money lenders will send their best offer for the loan required. The borrower can then compare all the loan offers, interest, fees charged, terms and conditions before finalizing a suitable money lender from the Hougang area. Usually the loan application will be processed within one day.
