It is common for people to face a financial crisis at some point or other in time. When such a situation arrives, you might need to look for a reliable, licensed moneylender who can give good financial help when needed. He or she should offer legitimate advice and information on loan repayment schedules.
Singapore has several money lenders which can make it challenging to find the best option. If you are looking for a licensed moneylender in Singapore, it is important to consider the following aspects:
Before choosing a moneylender in Singapore, you should find out the reputation of the company in the market. You should also inquire about their license so that you can rest assured that the moneylender is eligible to operate legally. You should also take into consideration the duration for which the company has been in the industry. This can be considered a reflection of company’s performance.
2. Interest rates
Once you apply for a loan, you will need to pay the interest. In Singapore, there are several moneylenders and each of them may offer different interest rates. In such a scenario, you should compare the different rates before making your final decision. Do not forget to check for any hidden fees before you sign a contract.
3. Application and approval
Applying for loan from a bank is never straightforward. Banks have a stringent process for loan approval. Especially for people with poor credit rating, it may be next to impossible to get a loan. One of the significant benefits in choosing a moneylender in Singapore is the lack of a background check. Even if you have a poor credit history, they will lend you money though you might be charged more interest.
These benefits make moneylenders one of the ideal options for people who can’t wait for loan application and approval. You simply need to analyse the terms and conditions of loan repayment so that you don’t end up struggling to repay the loan.
Search the web for more information and suggestions on choosing the best licensed moneylender in Singapore.
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.