Throughout the Covid-19 pandemic, the world has suffered more than a few setbacks, such as plummeting employment rates, increased working hours across healthcare workers, and the shutting down of businesses.
However, the most common struggle experienced worldwide, for both businesses and individuals, was the lack of money.
While everyone struggled in one way or another, moneylenders, on the other hand, have never been more relevant. When cash flow was compromised, people turned to moneylenders because they needed a financial boost.
Given that moneylenders have different loan options one could apply for, it does not come as a surprise that they indeed have helped people stay afloat despite the limited resources and health hazards.
Read on to find the reasons that made them more relevant during the pandemic.
1. People needed immediate financial assistance
Since the pandemic came unexpectedly, not everyone had the resources or time to prepare for it. Those who had saved up for such situations mainly used their savings to stock up on essentials and other necessities.
On the other hand, others had to seek financial assistance in various forms, one of which is to apply for an instant cash loan from a licensed moneylender. By doing so, they can better stay afloat and strategise on how to survive the global situation.
2. People needed the capital to start new alternatives
While the global pandemic has seen people losing jobs and businesses shutting down, it has also increased online business start-ups. People are finding unique ways to earn money, from selling homemade food to selling arts and crafts.
Such start-ups are not easy if you do not have the necessary capital to do so. Many aspiring entrepreneurs apply for a business loan from an approved moneylender to give them the financial boost needed to start their business.
3. People needed to make wiser financial moves
Finances are one of the most significant limiting factors in the pandemic. At the start of the pandemic, many mishandled their finances by turning to their credit cards to sustain themselves. Many had to re-strategise their expenditure to keep them afloat through the season.
Doing so led to many of them being stuck with multiple debts that were hard to keep track of. To avoid incurring late payment fees and high-interest charges, many had to apply for a debt consolidation loan from approved debt consolidation companies.
These companies help synchronise the multiple debts and payment due dates, making it easier for people to track what they owe.
4. Expats were equally as affected
It is not just the locals affected by the pandemic but also the expats who call Singapore their home. Many struggled because they were away from their family, making it harder to seek financial help.
It is even more challenging to apply for bank loans as they were not residents of Singapore. Thankfully, several moneylenders in Singapore offer foreigner loans that expats can benefit from.
As the struggles of the pandemic continue to go on, money lenders are offering a variety of loan options such as instant cash loans, business loans and foreigner loans, as well as helping people put together debt repayment plans. It’s because of their services that many people and businesses are still able to stay financially afloat in these difficult times.