How to Find A Suitable Money Lender in SingaporeComments Off on How to Find A Suitable Money Lender in Singapore
Have you been in a situation where you desperately need money for something yet are broke? Chances are high you have. We all have been before, a situation where a creditor is on our neck or an exam fee is needed etcetera. You would agree that these situations are surely never pleasant. That aside, you can always find reprieve through money lenders. Best money lenders are people or businesses who loan others quickmoney with interest. Their clients are usually those with dire or pressing financial needs. The quickmoney helps them settle these needs as soon as possible.
If you need quickmoney here in Singapore, you can as well try borrowing from the country’s pool of money lenders. You would however want to take care not to get into further trouble while doing so. Remember, a slight wrong move in regards to borrowing can lead you into debts and financial quagmire. Additionally, it can even lead to your property being auctioned. In order to avoid such possibilities, it is in order that you get the right money lender. Below are 4 criteria to guide you in choosing the best money lender in Singapore:
1. Ascertain their credibility
This is the most important thing to do, to ensure that your potential money lender is indeed the genuine and can be trusted for business. The world is nowadays full of cons and scammers, you wouldn’t want to fall victim to their plots. Always take care to ensure that your choice of money lender is indeed licensed and registered to trade in Singapore. You can find some of this information online and even inside local directories.
Additionally, you should comb the company’s website for clues on their credibility. Check their about page to determine how long they’ve been in business -the longer they have, the better. Also remember to go through their reviews and see what others are saying about them.
2. Friendly interest rates
After credibility, the next key thing to consider in regards to money lenders is their interest rates. This is quite simple, avoid lenders with extremely high interest rates. Elevated interest rates are likely to be a challenge when time comes for you to repay the loan. You should also similarly avoid loans with suspiciously low interest rates. They are likely to have to have a restriction in terms of the maximum amount allowed for borrowing. Furthermore, they maybe a scam.
3. Loan repayment period
Repayment duration is also quite important in relation to loans and borrowing. Find a money lender who allows you a manageable period of loan repayment. If possible, choose a repayment period of one month and above depending on the amount borrowed.
4. Loan processing duration
When you’re in need of quickmoney, it’s only in order that the loan you’re getting comes as quickly as it can. Choose a licensed money lender whose loan processing time accommodates your financial urgency. A suitable lender should ideally process a loan within 24 hours.