There are plenty of moneylenders in Singapore, but how does one go about choosing the right moneylender when applying for personal loans? It may be difficult but not impossible. While the choices are aplenty, take time to research and pick the right moneylender as it can go a long way in making your personal loan journey more seamless. To help you choose the right moneylender, here are some tips you can follow.
It’s all about the credibility
It can be tricky looking for moneylenders especially when there are so many options available. What should you look out for?
With increasing reports of scammers and unlicensed moneylenders swindling people of their hard-earned money, the first thing you have to find out is if the moneylender is registered with the Ministry of Law. Dealing with a licensed moneylender is one of the safest ways to take out a loan.
Looking for moneylenders with a good reputation is important too. This can come via word of mouth from your friends and family or even online reviews. Don’t be afraid in asking for advice from the people around you, especially if it is your first time applying for a loan. A recommendation from someone you trust can help put your mind at ease when you make a decision.
The Internet is a great platform for you to conduct thorough research on the various moneylenders in the market. Keep a lookout for information about different loan packages, interest rates and company backgrounds that can help you determine whether the moneylender is credible or not.
Time is money
This pretty much explains it. Time is of the essence when you are in need of fast cash loans. In times of emergency, finding a moneylender that can offer you quick and efficient loans can make a huge difference. Fast loan processing should be one of the criteria to look for as this would mean that the moneylender has the experience and services required to offer you a loan solution.
While every moneylender has its own policies and considerations, choosing a moneylender that can address your needs in a timely manner can help get your finances going. When you are stuck in a crisis, you wouldn’t want to sit around and wait for long background checks and approvals. It is important that your loan request can be promptly addressed.
Interest rates and repayment period
With the first 2 tips out of the way, you should then focus on the next important factor – interest rates and repayment period. These factors can affect your loans in the long run. Make sure to compare interest rates and find competitive prices in the market that best suits your budget. Avoid accepting the first loan offered to you, as chances are there will be a better option out there worth considering.
Agreeing on a repayment period that is suitable for you is just as important. Most moneylenders have repayment terms of up to 12 months, some even 24 months. Discuss with your moneylender the best repayment term within your budget, as this would affect your ability to repay the loan on time. While it is advisable to avoid non-negotiable repayment terms, you can always discuss with your moneylender the best approach for you to repay your loans.
That being said, you should also be aware of seemingly low interest rates that appear too good to be true. Take time to conduct proper research of the interest rates and repayment terms before choosing the right packages for your needs.
There is no one-size-fits-all approach when it comes to applying for a loan. It is therefore important that you choose a moneylender that can best address your needs and concerns. Choose a moneylender that is credible and efficient, and half the battle is won.