At some time in our lives probably all of us will require a loan for something or other, perhaps in order to buy a home or a car, perhaps for a vacation or for some kind of emergency but whenever that time comes and for whatever reason we may be in need of the extra money, we should know where to go in order to successfully acquire the loan. There are three main types of money lenders, the banks, licensed money lenders and un-licensed money lenders. If you comapare rates of interest for these three types you will see that usually the banks offer the cheapest rates of interest, followed by the licensed money lenders and then they are followed by some very high rates usually charged by the un-licensed money lenders. Therefore in order to pay back as little as possible, we should first consider going to a bank however, a bank may not always approve your loan or not approve a loan for as much as you would have liked and so you may have to go elsewhere and pay more. Also you may have to look elsewhere for a loan if you need the funds in a hurry as the approval and processing of a bank loan will usually take several days. For those times when you cannot get a bank loan or you need the money faster than a bank could provide it, you will want to go to a licensed money lender but money lenders are not so well known as banks and so you may be uncertain as to which one is licensed and which one is not. In Singapore, to assist with this possible dilemma, there is a website which lists all the licensed money lenders along with the rates of interest they charge for the different types of loan. This is extremely helpful as it ensures that Singaporeans do not inadvertently go to an un-licensed lender who will probably charge them an exceptional high rate of interest. In order for a licensed lender to obtain their license and keep their license, they must comply with certain regulations and those regulations include rates of interest that can be charged and time limits in which the loans can be repaid. These regulations are enforced in order to stop borrowers repaying too much for a loan and so the rates a licensed lender charges are not usually that much higher than a bank’s but, as the un-licensed lender has no such regulations to abide by, they can charge whatever rate of interest they want and that rate is often far higher than a bank’s or even a licensed lender’s. This means that when the time comes when you need a loan and you can’t get one from the bank for one reason or another, ensure that it is a licensed money lender that you go to as otherwise, as many people have found out in the past, you may need a second loan to pay off the first as the interest rates are so high.