Choosing a Moneylender in Singapore
No one is immune to financial difficulties. When you need cash urgently and you are not in a position to raise the money from your reserves, you will undoubtedly be forced to explore other options of raising money. Taking a loan from a moneylender is undoubtedly one of the most used ways of raising cash. Taking a loan, on the other hand, comes with some financial responsibility.
If you live in Singapore, whether you are a foreigner or a local, you might have realized that there is a vast number of moneylenders out there. So before you commit yourself to a certain moneylender, you need to do due diligence on your part. Be sure to use the following tips in your quest to finding a credible moneylender.
Reputation
The reputation of a moneylender tells a lot about their credibility. As such, you should be willing to dedicate some of your time to learn more about the lender’s reputation. Another way of examining their reputation is to look at their licensing status. A lender with a valid license issued by the registry of moneylenders is highly likely to have a decent reputation.
Interest Rates
When applying for a loan, you should be aware of the fact that the amount you get attracts some interest. But when it comes to choosing a moneylender, you need to go for a lender who offers you the best interest rates. While some lenders are known to offer particularly low interest rates, you also need to avoid those that offer rates that are too good to be true.
Repayment Schedule
Before handing in your loan application form, you need to think about how you will be expected to repay the loan. Some lenders offer a fixed repayment plan, whereas others tend to be somewhat flexible. In light of this fact, make sure you choose a lender who can provide you with a manageable repayment plan that you are comfortable with.
Loan Limit
The loan limit is an obvious concern for anyone who needs a considerable amount of cash. Therefore, your lender of choice should be in a position to provide you with the amount you need. Well, since most lenders operate with loan limits, the lender chosen should be able to meet your financial needs. Getting your loan from a single lender saves you from the trouble of having to borrow from multiple sources.
