Licensed Moneylenders in Singapore
Most people will have to take a loan or several at some point in life. However, the stringent rules by banks and other money lending institutions have turned private moneylenders into a most reliable source of income. To get the most of your loan and for a stress free process getting the right moneylender in Singapore is crucial.
To aid you in the selection and comparison process this article highlights the qualities of a good lender to look out for.
Qualities of a Good Moneylender in Singapore
First, you should check whether the moneylender is licensed. This field is a rather independent one and with the influx of several lenders you cannot rule out quacks and loan sharks. As the old saying “Be safe, not sorry”.
Ensure whether the moneylenders are licensed to carry out the business as this will help you trace them in case of any unethical practice or harassment. You also need to consider the length of experience and the size of the business that you are getting a loan from.
The experience of the moneylenders is testament to their reputation and business practice. With a larger size it means they are able to service several clients and in a wide range of loan amounts.
They are also able to afford to provide cheaper rates which mean you can get favorable terms on your loans. The other quality of a good and legal moneylender is his or her flexibility.
The licensed money lender should be able to tailor the loan to your needs and repayment ability. Given the independence they have, moneylenders are not tied down to stringent procedures and practices thus their terms differ widely. They should be able to understand your financial needs and give you the best financial option at a low interest.
You do not want to get a loan that will be a burden to repay due to high interest rates.
It is important that you look at the conditions offered by the moneylenders. This includes the terms on various loans and the interest rates especially on the amount you are applying for.
Most private moneylenders offer loans even with bad credit and you should avoid those who consider your credit rating too much. The final part which will tell you whether you have a great and reliable moneylender is the length and complexity of the process.
The process should be simple and short. The company should have great customer service both at their sites and when you visit as you look for clarifications. Avoid moneylenders that do not provide information willingly.