A loan can assist you to pay loads of bills that you had been unable to pay. It can also help you boost your business where it had slacked behind. However, you need a reliable and credible licensed money lender in Singapore to assist you.
With money lenders in Singapore, the loan processing period is very short and the application is not as lengthy like that of banks. You can even apply online and wait for less than a week before you get the funds you requested for.
Since money lenders in Singapore offer different rates of interest it is important to look around for the most suitable one. Therefore, to avoid even more debts after getting your loan, you should consider the following factors:
1. Interest rates should be reasonable
Try and shop around and compare and contrast the different rates of interest that money lenders in Singapore offer. Then you should be able to choose the most affordable interest rate that will suit your financial problem. However the most affordable rate of interest does not always give the best loan since quality and credibility of services also matter.
2. Valid license
A valid license offered by the Registry of Money Lenders in Singapore makes the money lender’s business credible. You can check the license number from the money lender and confirm with the license number in the Registry of Money Lenders. Moreover, a money lender that has been in business for quite a while also signify good business and is credible since it could not have been in business for that long if it gave unsatisfactory service to its clients. Satisfied clients mean credible business.
3. Repayment terms should be flexible
Check the repayment terms with the money lender before you take the loan since it is not logic to take a loan with a repayment schedule that you are not able to meet. A good lender has a variety of repayment terms for you to choose from. Therefore, you can choose the best one suitable for you.
Hence, you should always do a good extensive research on the best money lenders in Singapore before you apply for a loan. This will avoid you a lot of fees for late payment of a loan, high-interest fees and unscrupulous deals by unlicensed money lenders. Always sign a loan contract in which you understand all the terms and the terms should be in your favor, not the money lenders.