There are plenty of money lenders in Singapore, but how does one go about choosing the right money lender when applying for personal loans? It may be difficult but not impossible. While the choices are aplenty, taking the time to research and pick the right money lender goes a long way in making your personal loan journey more pleasant.
Intrigued? Read on for our round-up of handy tips and tricks you can follow to help yourself narrow down and choose the right money lender for your personal loan needs.
Prioritise credibility
It can be tricky looking for money lenders especially when there are so many options available. What should you look out for?
With increasing reports of scammers and unlicensed money lenders swindling people of their hard-earned money, the first thing you have to find out is if the money lender is registered with the Ministry of Law. Dealing with a licensed money lender is one of the safest ways to take out a loan if you find yourself unable to get one from the bank.
It is also important that you look for money lenders with good reputations. This can come via word of mouth from your friends and family or even online reviews. Don’t be afraid to ask 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 it comes to deciding on whom you should borrow from.
The Internet is a great platform for you to conduct thorough research on the various money lenders in the market. Keep a lookout for information on different loan packages, interest rates, and charges that can help you determine whether the money lender is legitimate or not.
Consider how fast you can get your loan
This pretty much explains it. Time is of the essence when you need urgent cash loans. In times of emergency, finding a money lender that can offer you quick and efficient loans (e.g. instant online loans) can make a huge difference.
While every money lender has its own operating procedures, choosing a money lender that can address your needs promptly 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.
Compare interest rates and the repayment period
Make sure to compare interest rates and loan offers to find the best one in the market that best suits your budget and needs. Avoid accepting the first loan offered to you; 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 money lenders have repayment terms of up to 12 months, with some even offering loan tenures of up to 24 months. Discuss with your money lender the best repayment term for your unique financial situation as this would affect your ability to repay the loan on time. This is very important — being able to afford your monthly repayments lowers your chances of making late repayments, hence avoiding unnecessary late payment interest and penalty charges that add up quickly.
Bottom line
There is no one-size-fits-all approach when it comes to applying for a loan. It is therefore important that you choose a money lender that can best address your needs and concerns. Choose a money lender that is credible and efficient, and half the battle is won.
Be aware of seemingly low interest rates that appear too good to be true. Take your time to conduct proper research on the interest rates and repayment terms before choosing the right loan package for your needs. Most importantly, ensure that the money lender you’re interested in borrowing from is fully licensed and registered with the Ministry of Law’s Registry of Moneylenders!
96bm Credit is a licensed money lender with over 2,200 5-star Google reviews that you can trust. We offer tailored loan solutions coupled with top-notch professional service for all your loan needs. Contact us today to find out more.
