Money lending firms usually use interest rate tactics by lending a small amount of money and ask for a higher rate of interest in order to make profit. People choose money lending company on normal banks for crediting purpose because bank usually requires different documents and other lengthy process and then make sure that you are such credible to pay the money back. The one with bad credit history and they can’t find help in the form of debt from their family and friends usually prefer this money lending institutes. Getting license is mandatory for every single company of money lending. As we have already discussed before that after submitting your application the procedure takes 3 to 5 months and once the a is accepted, you got license for a year, then after one year you have to give the application for the renewal of the license. So if are Money Lender Singapore gets your company license at first.
Documentation required for application of license:
Usually in the license issuing process one looks for credibility for your company. They see whether a person is willing to run a money landing company or you have proper business strategic plan and proper place to run your business. Then they seek further documents such as application form, passport size photographs, financial statement of a company, paper proof that you are willing to run business properly. There are some specific factors other than the documents in processing an application for a money lender license such as the qualification and experience background of money landing owner. After getting the license it is your responsibility to provide best and fast service. Visit the website of crawfort in order to get Fast Loan Singapore service.
The procedure of getting a license:
First of all get application form license landing institute or as this is the era of technology you can get form online. Then applicant is responsible for reading that form carefully in order to cover each and every point before filling the form. Step 3, they have to deliver all required documents stated above or as per the requirement. Lastly with all the attached document your application would be submitted. Within 5 months you will get response for the approval of license. Once you get license you can freely offer your service. Getting license can result in boosting your potential customer’s trust and can turn your customer to lifetime loyal customers.