It was a tough period in my life. I had recently suffered a major injury at work that left me unable to walk for 3 months. As the sole breadwinner for my family, this put us in a terrible financial situation. The medical bills were piling up, rent was due, my kids’ school fees needed to be paid. But without an income, I had no idea how we would get through this.
In desperation, I turned to borrowing from friends and relatives. But it was barely enough to cover the medical expenses. My landlord was threatening eviction if I didn’t pay 6 months of overdue rent. My kids’ school was talking about holding their exam results. Each day, the debt collector calls became more frequent. The bills kept piling with no way to pay them.
My injury was taking longer than normal to heal. The doctor said I needed to avoid stress to recuperate, but that seemed impossible in this situation. My wife and I spent many nights unable to sleep, worrying about how we would survive this.
It was one of the toughest periods ever for my family and me. Every day was filled with stress and uncertainty as the bills piled up with no income to pay them. We came very close to losing our home and having the utilities cut off.
It was then that a close friend suggested borrowing from a licensed money lender. I was hesitant at first, as I had heard loan sharks tended to have outrageous interest rates and used ruthless collection tactics. But my friend assured me that licensed lenders were legal, regulated businesses.
Out of desperation, I decided to approach KBB Credit, a licensed lender in the Bugis area of Singapore. The loan officer was very understanding of my situation. He explained that as a legal business, they had an interest cap of 4% per month. Repayment could be over 12 months so the monthly instalments would not be a burden.
Within 2 days, my application was approved and the full S$25,000 I needed was disbursed into my bank account. I was so relieved that I could finally pay off the bills, my kids’ school fees, and have some cash to cover ongoing expenses while I couldn’t work.
Over the next year, I faithfully repaid the loan on schedule in manageable monthly repayments. Eventually, I recovered and went back to work. We managed to get back on our feet financially thanks to support from the licensed money lender KBB Credit.
Today, we are debt-free and doing well. I am incredibly grateful that the licensed moneylender KBB Credit was there to help tide us through that tight situation. The timely loan they provided gave us breathing room to get back on our feet financially and keep our home. We will never forget their support and timely assistance when we had nowhere else to turn. While paying interest is never ideal, the reasonable rates and instalment structure makes licensed moneylending an invaluable last resort when you have urgent bills to pay and nowhere else to turn to. I hope this story gives others in a similar pinch the confidence to approach a licensed money lender like KBB Credit for support.
