When borrowing money in Singapore, it is always advisable to get cash from an approved lender. It ensures that you are safe. Furthermore, the ministry of law has a set of guidelines to follow to avoid taking too many borrowers.
But, again, another problem arises. While getting a licensed lender is solving one part of the problem, then choosing from the variety of institutions in Singapore becomes a problem.
Instead of being stuck, we are here to help you. Here is how you can find the best – licensed money lenders Singapore.
You come first – Remember that
After you answer the question of why you need the money, you should think about certain things first. For instance, at the back of your mind, remember that different institutions package their loans for different customers.
Make sure that whichever lender you choose gives your needs a priority. You should, too. Things like the interest rates and the repayment period should be flexible for you. Otherwise, do not stop shopping until you find a lender that you would like to work with.
Remember: these lenders are in business. You, on the other hand, are the ones to pay the loan. Therefore, if you are to pay the money, look for something that would be a solution to your problem, regardless of the kind of pitch the institution gives you.
How simple is the application process?
Any lending organization needs to ensure that clients have an easy time applying for a loan. The representative from the bank should explain the loan application process to the customer before anything else.
Then, they should leave him or her to decide for themselves.
In Singapore, some organizations have made the application easy.
How?
You may ask.
They have an online application process. Meaning, you do not have to go to their offices. You can check their website to find out if they have an application form.
Understand the loan terms
A loan is a risk. That is why you need to think about it before you apply for one.
If you think that you have every good reason to get one, then the next thing is to understand what the loan terms are. Read the document provided before you sign anything.
One of the essential things you should note is the repayment period. Get to know how much time the lender will provide. Also, get to know the fines that you will accrue for late or early payments. By the way, note that some do fine their clients for early payments.
Besides that, get to know what the interest rate for each package is. It should also be flexible for you; otherwise, you might end up having more baggage than you can bear.
What other clients are saying about the lender’s services
Assume that one of the lenders you select passes all these tests. Should you go ahead and apply alone immediately?
For some, the answer is yes. But to be sure that what they are saying is not just sales but true, get to know what previous are saying about their loan packages.
What should you be keen to note?
- Their tone when writing the review
- If they liked the service or not
- Limitation of the lender
- Were the customer care representatives’ kind to them?
- How long did it take to acquire the loan?
The reason you should note all these is that some lenders pay reviewers to mention them. But that should not bother you. There is yet another shorter route.
Consult friends and family before you make a decision. At least, for them, they will not provide a biased opinion. Hence, you can make an informed decision.
Extra tip:
Do not forget to examine each loan package provided to you. If you need specific alterations made (for instance, the repayment method or interest rate), ask the representative if they can change that for you. Some banking institutions do that to make their loan packages flexible for their clients.
By the way, it is possible to get institutions that do not look at your credit score in Singapore.
Wrapping up
Taking a loan is something you should think about critically. Do not decide in haste. Otherwise, you could end up with so much debt, which could be challenging to manage, and this could hurt your credit score. Additionally, make sure that your needs come first. Do not be tired to shop around for the best lender for your needs.