Even as little as a few years back, it was quite difficult to get a loan in Singapore. Fortunately, in recent years, it has become easier to get a loan due to the increase in the number of money lenders here. There can be many reasons for Singaporeans to take a fast cash loan such as paying medical bills, accidental bills, or funding a house investment, for example.
However, there are certain things you need to pay attention to while acquiring a loan from the money lender. The first thing to consider when applying for a loan is to search for a licensed moneylender in Singapore. There are unauthorized moneylenders in the market which are not recommended for getting loans from, as their rate of interest is high and failing to repay the loan may lead to severe consequences.
Here’s a look at some useful tips on getting a cash loan from a licensed money lender Singapore:
1. Necessary documentation
You will need several documents for identification purposes while applying for a loan. It will be helpful to bring proof of your job such as an ID card from work. The lender will provide you a loan when they feel you are reliable and are able to repay the loan.
2. Spotting an illegal money lender
When applying for the loan, you should find out if the lender is licensed. If they are not licensed, choose another lender and always make sure to get all documentation and identity proofs back.
3. Make sure to sign the contract and get a copy
If you don’t have a copy of the documents, your loan could be considered fraudulent. Also, avoid signing a contract that looks incomplete. It should state all the terms of loan such as the payback period and interest rates.
4. Inquire about collateral
Before agreeing to a loan, confirm the collateral requirements. In case you fail to repay the loan, the money lender in Singapore can claim whatever you have put up as collateral.
5. Mutual respect
Choose lender that treats you with respect. Never go with a money lender who intimidates you or treats you in an unkind manner.
Explore the web for more information and tips on how to find the best money lender in Singapore.