Lending Money from Private Person in Singapore

Finance, Money

The army of people looking for credit on the expanses of the World Wide Web is growing daily. Many borrowers get a turn in the bank from the gate, so they try to formalize the transaction through a private lender. It is not uncommon for borrowers to pursue the goal of closing the debt to several lenders in order to subsequently pay off one loan on more favorable terms. How real is the prospect of finding a reliable private money lender Singapore company and decent private investor?

Loans from a private person

Seeking advice from a search engine is, of course, an option, but it is a sure way to spend a lot of time on calls and in vain negotiations, not to mention dozens of revised ads. Find something worthwhile is obtained in isolated cases. Increase the chances of success really at the expense of intermediaries. Today, the Internet has several resources working in the P2Prediction system. In fact, this means the organization of loans between individuals. Services intermediary sites are relatively inexpensive. If you consider that a person with a bad credit history is unlikely to be given money by private investors, the game is definitely worth the candle.

Loan from a private person against a receipt

Regardless of the type of private loan to confirm the validity of the contract, a promissory note is issued. The official status of the document is enshrined at the legislative level in the Civil Code. A loan contract from a private person is usually issued on the following terms:

  • Unsecured loan with mandatory registration of receipts.
  • A loan based on a pledge agreement is governed by clause of the Civil Code of Singapore
  • On the basis of the contract on the principle of repurchase. The signed document gives the investor the right of ownership to the property of the borrower, which is returned to him after the transfer of all payments.
  • The latter option is characterized by a high risk of loss of property; therefore it is recommended that an experienced lawyer be involved in the contract drafting process.

Loans from individuals without prepayment

The presence of potential collateral in the borrower significantly increases the chances of a successful conclusion of the transaction. Moreover, the owners of the car or apartment can also apply to the pawnshop, where they will receive the required amount on the same or more favorable terms.

In the absence of collateral, the chances of obtaining a large sum of money as a first loan are minimal. And the most important rule when meeting with private creditors is never gives money to anyone under the guise of an advance payment. If you are asking for money to bribe a bank employee, drawing up documents or checking them at a notary – you are a fraudster with a probability of 101%.