If your finances are in the doldrums then it’s better to think of alternate ways of arranging cash like payday loans or personal loan Singapore. However, prior to going to any moneylender Singapore, you need to get answers to the following questions:
#Question 1: What things need to be considered prior to applying for a loan?
You must try to consider whether taking a loan is your last resort or not. Are there any other ways to arrange the required finance? If you’re taking a loan then you are legally obliged to repay it to the moneylender Singapore. Since, you’ll be entering into a legal contract so find out whether you will be able to abide by all the clauses or not. You will be provided with the loan contract along with all the terms and conditions for the loan; read and understand every point very carefully.
#Question 2: How much amount can you borrow?
If you are applying for a secured loan then there is no limit on the amount you can borrow. However, unsecured loans such as payday loan Singapore, you will be eligible for a loan up to $3, 000 if your annual income is below $20,000. If you are earning something between $20,000 and $30,000 annually then you are eligible for a loan up to two month’s income. You’re eligible for four month’s income if the annual income’s range is between $30,000 and $120,000. There is no limit on the loan amount if your annual earning is more than $120,000.
#Question 3: What’s the rate of interest on your loan?
You will be charged a maximum of 4% interest rate per month on the loan and a late charge of another 4% shall be applicable for every month of the loan period if you fail to repay it on time.
#Question 4: How to find out whether a moneylender Singapore is licensed or not?
You should never borrow from the unlicensed moneylender Singapore and verify the license on the Singapore government’s website http://www.spf.gov.sg/ahlong/
Apart from the above there are various other questions that you need to ask yourself before you apply for a personal loan Singapore or payday loan Singapore. Do not fall prey to false or misleading advertisements and try to verify all the claims made by the moneylender Singapore before submitting your loan application. A little research prior to applying for a loan will save you from several future troubles.