It is inevitable for you to encounter financial concerns at certain points in your life. When such situation comes along, you need to choose a reliable and licensed money lender in Singapore that can provide you with professional assistance whenever necessary. Moreover, the money lender should be able to offer you with credible advice, as well as reasonable loan repayment schemes that will suit your situation.
If you are in search for a reputable money lender in Singapore, it is important to consider the following aspects that can affect your choice of consulting a money lending company.
1. Credibility of the MoneyLender
Before you choose a specific moneylender in Singapore, it makes perfect sense to determine the company’s reputation among clients. You should look for their licenses, so you could be certain that these lenders are entitled to operate business legally and with a valid licensed issue by Registry of Moneylender Singapore. Online research and interviews can help you find the perfect consultant that will guide you in making an informed decision prior to applying for a loan. Moreover, you should choose a moneylender that has been in the industry for a number of years, as the length of time in the business serves as a reflection of one’s performance and good reputation.
2. Interest Rates
You must accept the fact that when you apply for a loan, you will need to pay interest rates on top of the borrowed amount. In Singapore, you can find several moneylenders that are licensed and credible enough to operate their business. However, a legal money lender provides interest rates that may differ from what others offer. In this case, you need to compare interest rates before you make a final decision. Check for hidden fees and a few other important details that are indicated in the contract’s fine print before you start signing anything. In addition, you may have to think twice if the lender offers very low rates that seem too good to be true. The last thing you want is to lose more money because of a fraudulent moneylender. Take your time in choosing the right lender for you, and conduct thorough research before making any commitment to one company.
3. Application and Approval
Everyone knows that it is a rather daunting task to apply for a loan from any banks, specifically those who have been in the industry for years. For individuals with poor credit ratings, having their loan application approved is nearly impossible. After all, a trustworthy lender will not conduct an extensive background check and approve your application for a loan when you have a bad credit. Yet, there are certified and reputable money lending companies in Singapore that consider those who have bad credit as capable of improving their rating when given the chance. Hence, make sure you do your homework and choose lenders with less stringent policies, which you can determine by browsing through the application procedures and requirements of the specific lender you have in mind.
4. Flexible Loan Repayment Schedules
Before you begin sending in your loan application form, identify your preferred loan repayment amount. You should also discuss with the lender your choice of repayment scheme, as this can affect your ability to repay your loan in full. After all, you may end up encountering even deeper problems when you find a money lender who can provide you with the amount you need, yet the payment terms are non-negotiable. Such company may even fail to provide you with any support when you face serious issues in terms of repayments. Choose a lending institution that will take the time to discuss with you every topic that will affect your decision of applying for a loan including repayment terms, interest rates, loanable amount, and other issues relevant to getting the best loan package.
5. Loan Products and Services
After you have assessed the lender’s credibility, reputation, interest rates, and approval process, you should take a look at its products and services. It is better to choose an institution that offers a range of loan products since you no longer need to look further when you will require multiple loans from one lender in the future. Common loan packages that companies offer include personal loan, payday loan, foreigner loan, business loan, unsecured loans, vacation loans and debt consolidation to name a few.