If you are looking for a licensed moneylender in Singapore, take your time in exploring your options before committing to a lender. It is not difficult to find a licensed Moneylender Singapore; however, there are certain factors that you must check before choosing one. Here are some pointers that will help you compare Moneylenders Singapore and also choose the right one.
- Their charges and fees
Whether you are in need of a payday loan Singapore or personal loan Singapore, you must take your time in searching for the right moneylender. There might be hidden charges and additional expenses that are not mentioned up front. You could be charges for insurance fees, processing charges and others. This way, the total cost can add up to an unexpected amount. Hence, get to know the charges thoroughly and then consider a loan package.
- Interest rates offered
The interest rates vary from company to company in Singapore. It is important to know the interest rate before considering taking a loan from a moneylender in Singapore. The amount you have to pay back will be completely dependent upon this. Look for a credible source that has a low interest rate. The higher the rate, the greater will the amount be. Therefore, compare several companies and check the interest rate for each.
- The term and conditions
To avoid confusion and complexities, read through the terms and conditions thoroughly before taking the loan package. No matter how credible the loan source is, you must be aware of it all. Moreover, the moneylender might have certain restrictions and requirements regarding the loan. You have to follow the guidelines demanded by the lender. Inquire about late payment and the penalties you will be held accountable for.
- Check out their websites
Websites speak volumes about a business. Whether it is an individual moneylender or an established company, you must take a good look at the website. Check out the features, and read about their services, rates and packages. Also, check out the reviews and see what other clients have to say.
Ask your friends, family and acquaintances for recommendation of credible and reliable moneylenders. Personal experiences often reveal deeper insights, hence, factor this into your search process. Compare various sources before settling for one. Lastly, use your own judgment and analytical skills to determine which moneylenders you should approach and which to avoid.