Searching for the Right Money lender for Your Personal Loan

When money is a little tight, it can get quite overwhelming and stressful as you try to find someone who can loan you the amount of cash that you need. Meanwhile, your urgent expense is just waiting to be paid, yet you are not exactly sure how to make it happen since the last thing you want is to take some money out of the bank. In this case, what’s left for you to do when it seems tough to get money for your immediate and emergency expenses?

In this world, there are two primary players in the economy – the debtors and the creditors. Since life offers unexpected events in our lives, at one point or another, there is a need to have some kind of access to fast cash when emergencies arise. This is why creditors are here to help us with this need. We cling to them during times of financial difficulties whether it may be for the purpose of financing our startup business or for purchasing a brand new car or other properties.

Choose the Right Money lender in Singapore

In Singapore, you should be able to find numerous licensed money lender that may be willing to offer you the amount you need. In particular, if you are looking to take out a personal loan, you can borrow a certain amount at a faster time than how it normally takes to get other loan types. There are also personal loan packages that you can choose from, since the Singaporean government features several licensing firms that are registered and recognized by the Insolvency and Public Trustee’s Office or the IPTO. Thus, you should be able to find suitable loans that will work for your specific needs.

Generally, personal loan comes with a high interest rate and a shorter repayment term. It usually does not take several years for you to pay off the loaned amount because of the short-term range of payment that this loan entails. But this is not entirely a bad thing at all, as the short term of the loan can take you out of debt faster. Now, the main thing you have to think about before approaching just any money lender is to make sure that you find the right one to provide you with the amount you need. The real test is to identify a reputable money lender in Singapore with a solid track record that will ease your worries about the terms and conditions involved in the contract. What needs to be considered when you search for a money lender? Aside from a wide selection of loans, responsive customer service representatives, and options for financial security, you want to be sure that the money lender is registered and licensed. So, to help you in finding the best licensed money lender in Singapore, here are some things that you should consider during your search.

1. Don’t be lazy and do your homework

The very first thing that you should look for in a money lender is the license. It is important that you deal with a licensed money lender since you can be certain about the legal terms and conditions they implement in the loan contract. You should begin by checking with the IPTO’s website, which offers information on the different licensed money lenders in the country. You will be able to verify the registration details and licenses of the lending companies in question by visiting this website. Keep in mind that a moneylender that does not have a valid and up-to-date license number is not registered with the Registrar of Moneylender’s office in Singapore. So, you should avoid doing business with the said lender to avoid getting scammed.

Aside from making sure that the license is updated and valid, you may want to check actual customers’ reviews and ratings about the money lender. You can learn more about the quality of service offered by hearing about the lender from people who have worked with them.

Related article: The Benefits Of A Licensed Moneylender in Singapore

2. Maintain Communication with the Borrowers

You should look for a money lender that makes sure you are updated with the status of your loan application. In fact, they must require you to drop by their physical offices where you should collect the loaned amount. This is also a way for you to submit all the paperwork required before you sign the contract.

Also, make it a point to review the details of the contract before affixing your signature on it. There are terms and conditions that you need to abide to when you take out a loan, and you should be sure about these details prior to agreeing with the details stipulated in the agreement. If you have questions or clarifications, you should never hesitate to present your inquiries to the lender. This is the best way to ensure your safety and peace of mind before you take out your personal loan.

Furthermore, it is essential for you to read up on Note to Borrowers before you decide to take out a loan from a licensed moneylender in Singapore.

3. Advertising Protocols are Followed

Be wary of money lenders that advertise their products and services through certain means such as emails and mobile phones. The Singapore government only requires money lenders to use their legal and registered landline numbers for the purpose of spreading the word about their services. So, if you come across texts or emails from money lenders, then this only means that these messages are sent by shady and unscrupulous loan sharks. Please do not reveal any important particulars such as your NRIC and SingPass. Thus, you should steer clear of these lenders to avoid getting yourself into deep trouble due to their illegal services.

4. Transparent Terms and Conditions

Go for licensed money lenders that are willing to explain to you all the details of the contract they provide before you take out a loan. The information must be set in a language that can be understood easily and clearly by the borrower. This way, you can be certain that all the items presented in the contract are clear to you, and this will allow you to abide to them without any problem at all.

In addition to making sure that the terms and conditions are understandable, you should make sure that these are in accordance to the regulations of the IPTO. Consider checking the website to learn about the information that must be included in the contract.

Additional Information You Need to Know

There are challenging situations in a person’s life, and mostly these include a lack of finances that could cover payments for urgent expenses. It may be insufficient funds to pay for your renovation project, or perhaps your inability to settle your rental payment and other similar concerns. Although you may have some money saved in the bank, it is not quite ideal for you to dip into it for the purpose of paying off these expenses even if they are urgent. After all, there is the concern of experiencing another emergency that may only leave you penniless if you decide to get some money out of your personal savings.

In this case, a personal loan can help a great deal to cover for these needs. By getting some money out for your immediate financial concerns, you can find a way out of your worries without jeopardizing your bank account. The only thing you have to be sure of is your ability to repay the loan after calculating the fees and interest rates included to the principal amount.

Be sure to do your search carefully when it is time for you to take out a loan. Compare various money lender singapore and consider the quality of service that they offer. Always choose an established and reputable money lender with a valid license, as this would prevent you from getting scammed in the end. Never act on an impulse when it is time to borrow money since the last thing you want is to end up dealing with an illegal moneylender, which you may only regret afterwards. Check the licenses, consider the reviews by actual customers, and review the contract well to make sure you have the right decision in choosing the moneylender for your financial concerns.