The year 2017 has seen a massive momentum in the moneylender Singapore segment. Because of the rapidly changing global economic scenario and the subsequent change in the Singaporean economy, borrowing money from the financial institutions and banks is getting a difficult and cumbersome process. Licensed moneylenders Singapore provide the feasible alternative to the people in the financial need. However, it is important to be cautious while choosing the right money lender in Singapore, with the below easy steps-
- Pick the licensed moneylender
The first and foremost rule is to never borrow from unlicensed moneylenders indulging in the bad practices such as-
- Misinforming the borrowers on the loan terms and time periods
- Indulging in wrong practices such as offering “re-loans” to pay off existing loans when the first loan is not fully repaid and charging random administrative fees from the borrowers to roll over the existing loan without any structure
- Charging the random late payment charges from the borrowers
Do your research to find the right licensed moneylender with all the licenses and accreditations. Other things to consider while picking the right moneylender-
- Staff should be courteous and helpful
- Efficient due diligence and transparent processes
- Follow a proper procedure with completion of the documentation
- Communicate the interest rates and repayment conditions properly
- Ensure to go through the legal document entirely
- While choosing your Moneylender in Singapore, remember to always read the entire contract terms and conditions thoroughly.
- If needed, get your loan consultant to explain every detail to you so as to maintain the transparency in the communication.
- The right Moneylender Singapore will provide a clear and concise breakdown of the administrative charges, interest rates, late payment charges etc. Ensure to read these conditions and breakup of charges carefully.
- Beware of the unfair loan tactics and wrong practices
The times of financial crises can be straining and the wrong moneylender could take the undue advantage of the situation. Ensure to not fall into the trap of the wrong loan tactics such as the process of granting “re-loans” to borrowers in order to reduce existing known debt at the cost of recurring administrative charges. The right moneylender Singapore will never indulge in such unfair and malpractices.
As a borrower, make sure to read the cautionary statement or make the same read to you by your loan officer. QV credit is the professional and renowned licensed money lenders in Singapore abiding all the rules and regulations so that the borrowers are fully aware and understand the terms & conditions before signing the loan agreement