Tips to sourcing out the Best Money Lender in Singapore

Always wanted to look for one of the Best Money Lender in Singapore? In terms of their Customer Service, their loan specialists, their waiting time, loan approval process, and the interest rates that they have to offer? These are a couple of things to look out for when you are qualifying a Money Lender in Singapore yourself.

Tell yourself that when it comes to Money Lending, there is no shortcuts to it. Doing your prior research and ensuring that the Moneylender that you are qualifying under your list fulfils the basic requirements, are they legalised? Meaning do they have the license to loan cash loans out to Singaporeans, you do not want any illegal “loan sharks” to be harassing you around your residence or your under your HDB block when it comes to repayments.

1) Enquire on the Waiting time and Customer Service

Waiting time is crucial as when we need to take out loan, it should be for an emergency use else why would we need to borrow money? If you are needed to wait for a long period of time, then it would be much safer for one to take out a loan with any local banks. Always check with a couple of Licensed Money Lender in Singapore, to see if they are able to offer you the loan that you need urgently under the shortest period of time that you are comfortable with.

Another essential aspect would be the Customer Service portion where the loan specialists that are there to serve you and your enquiries. These loan consultants play a very important role as they are suppose to guide and walk you through every detail, clause and term of a Loan Application that you are taking out. Making sure that you are crystal clear of what you are in for before affixing your signature onto that loan contract in black and white. If the loan consultants are not serious in explaining to you, or does not bother to even answer the simplest of the question that you have, then you will have to think twice before taking out a loan with that Moneylender. The Best Money Lender in Singapore will not allow their customers to wait too long as they know that this is a case of emergency.

2) Convenience and Loan Approval Process

Convenience is the key in our everyday lives now. Check to see the different modes of receiving your loan is possible. Either through Internet Banking, or to collect a cheque or cash down at the Moneylender’s office. If you have already furnished all required documents to the loan consultants, they should offer you the most convenient means of transferring you the loaned amount. The Loan Approval Process should not be too complicated and time consuming as well, because this will only heighten your stress levels and leave you hanging by a thread, not knowing if you will be granted a loan or to look for another Moneylender concurrently if there might be a chance that your application process might get rejected.

3) Interest Rates and Flexibility in the Repayment Schemes

Interest rates are one of the top most important factor when you take out a loan, if the money lender is imposing an unreasonable interest rate that is higher than most banks or the rest of the moneylenders, you have no obligation to take out a Personal Loan with them. Simply walk away and let them know that you are not comfortable to sign any contract and take out a loan with them. Repayment plans have to be worked out mutually and you have to play a part to make your prompt payment so as to avoid any late charges or snowballing the interest rate which might be quite hefty overall. Plan a date either monthly or weekly where you are comfortable to make your repayments to.

These couple of tips would eventually help you qualify more Reliable Money Lenders in Singapore.

Are there still Reliable Money Lenders in Singapore?

Can we still Rely on the Money Lenders in Singapore?

Often you have to confront with situations where you need to pay for any emergency expense such as hospital bills, unpaid electricity bills and so on. Some individuals might find these types of situations quite challenging given that they suffer from lack of sufficient funds. An ideal solution to fix their problems will be a source of emergency cash which can be easily provided by Reliable Money Lenders in Singapore. This money can prove to be a real life saver for these individuals in times of emergency.

A personal loan will enable you to cover all your unexpected expenses without any headache. In fact, you should not face many problems in taking out and also repaying these Personal Loans since the application procedure as well as the payment procedure is quite simple. On top of this, it is also possible to qualify for these types of loans even though you might have a poor credit rating.

How to come across a licensed and Reputed Money Lender in Singapore?

A question might luck in your mind, “Are there still Reliable Money Lenders in Singapore?” Although, there is no doubt about the fact that the majority of the lenders in the country are reliable, there are always a few exceptions. Therefore, it is imperative to ensure that these money lenders are quite reliable prior to starting filing for any loan application. Preferably, you should go for a Licensed Money Lender who can provide you with an opportunity to pay your bills plus other expenses instantly. Make it a point to check the list of the certified money lenders in the country which will allow you to comprehend whether the company is trustworthy and legitimate. You will be able to find a complete list of the lenders as well as institutions which operate legally in Singapore. This will help to assure you that you are dealing with genuine companies or businesses. Thus, this will prevent you to be scammed by any counterfeit company in the long run.

Besides checking out the list of certified money lenders, it will also be a smart idea to ask your friends and known persons for referrals. They might have worked with some Reliable Money Lenders in Singapore in the past and should be able to give you a fair idea about whether you should go for these lenders are not. In all probabilities, these lenders will also not disappoint you. Therefore, it is essential to verify the consistency of the quality of service offered by these lenders to their previous clients.

You can commence taking information about the application procedure and other requirements once you have come across a certified and reputed lender. Usually, these Reliable Money Lenders in Singapore require only a few things from their clients. There should not be any problem for your application to get approved so long as you’re employed, you are of legal age and you’re able to present evidence of your income, residential address and other essential documents. After taking out your loan, you will be able to pay off at least a significant portion of your expenses whether it is for utility bills, school fees, medical emergencies, minor home renovation and other important financial concerns which you might have.

Taking all the above factors into consideration, make it a point to take the advice of certified and reputed money lenders in Singapore who will definitely provide you with a top quality service for which they are known for many years.

Payday Loan- A Common Form Of Borrowing In Singapore

Payday loans can be defined as short term loans that are essentially based on the borrower’s personal check that are held on electronic access to the bank account of the borrower or for future deposit. Borrowers are required to write a personal check for the amount they borrowed in addition to receive cash and finance charge. In some instances, borrowers tend to sign over the electronic access to the bank accounts they own so as to receive and consequently repay the loan. Lenders withhold the checks until the following payday when the principal loan in addition to the finance charge are compulsory paid in a single lump sum. In order to pay the loan, borrowers are allowed to redeem the check so as to pay the loan using cash, permit the check to be deposited at a bank or simply pay the finance charge to forward the loan for the next pay period. It is a common form of borrowing in Singapore.

Requirements
Consumers require an open account that has a standing that is relatively good, identification and a reliable/steady source of income so as to qualify for the loan. Lenders often fail to conduct a comprehensive credit check or even make inquiries on whether a borrower can actually afford to repay it.

 

Pros
Payday loans have a number of advantages for borrowers in Singapore and all over the globe, the main ones include the following:

Fast approval and simple process
A major advantage of payday loans is that the whole process is quite simple and very quick. This is unlike the traditional loans we are accustomed to as the paperwork involved is less and the process is painless. All one has to do is to access an office, inform the lender the quantity required, submit the necessary documents and walk away with your cash in hand.

Privacy is secured
A majority of lenders dealing with payday loans will normally grant the requests of clients without further enquiries. The borrower will only be required to prove their ability to repay the loan and their employment status. Borrowers do not have to explain what they need the money for.

No credit checks
This is arguably the best part in the payday loan application. The applicant does not have to suffer embarrassment over their previous credit check performance. All that is required is the preparation of bank statements, pay stubs as well as a post-dated check. This is beats conventional loans that involved many hours or even days of paperwork and credit checks.

Instant cash
It takes as little as fifteen to twenty minutes to receive funds following a successful payday loan application. Successful application refers to gathering and submitting the required documents in good time. This reason makes the loan ideal for emergency cases.

No collateral required
Payday loans are unlike secured loans that needed collateral for people who have bad credit. The post-dated check is the only guarantee required in the application process. This makes the loan suitable as the applicant’s property will not risk repossession.

Conclusion
If you are planning to go for payday loan Singapore, you are now knowledgeable on the facts. It is perfectly fine to borrow money from a licensed money lender and what better way than taking a payday loan.

, ,

Local bank Loans VS Legal Moneylender Loans

When emergency expenses come along, what can you possibly do to settle these if you do not have any access to extra funds? Should you head off to the bank to take out a loan, or is it more practical to contact a legal moneylender instead? Here, we feature a comparison between the two, so you can decide what to do when you need extra money for a difficult financial situation.

Local Bank Loans Pros and Cons

With so many banks in Singapore, you may think it should be easy finding one that could provide you with a loan to cover your needs. While this may be true for some, it may be worth looking into the reality you are dealing with when it comes to taking out bank loans.

Pros:

1. Dependable

If you are looking for credibility, then you can have the assurance that well-established banks in Singapore meet this criteria. When you go to a bank for a loan, you know that you are dealing with a trustworthy company for your financial concerns.

2. Legitimate

Borrowing money is a crucial decision to make. It is important that the institution where you are getting extra funds from is legitimate to operate its business. With a bank, you can never go wrong with this.

Cons:

The major drawback of taking out a regular bank loan is the long processing times. From the time you send in your application to the moment you submit the required paperwork, the entire process can take forever. If you need the money right away, it is not a practical move to go for a bank loan because of the lengthy demands for every borrower. Moreover, there is a risk of not being approved of a loan if you have a poor credit rating.

Legal Moneylender Pros and Cons:

If you want a shorter waiting time, lower interest rates, and an instant approval for your loan application, then you may consider borrowing money from a legal moneylender in Singapore. I personally recommend this option if you do not want to wait too long before you can get the amount of money you need. What’s more, if you have a low credit rating, an instant cash loan Singapore moneylenders offer should involve an easy and quick process.

Below are among the benefits that a licensed moneylender in Singapore can offer:

– Simple loan application steps

– Minimal paperwork required

– Open to people with low credit rating

– Lower interest rates

– Flexible repayment plan

– Instant approval

As long as you choose a licensed moneylender in the country, you are on the right track. With just a few steps involved in the entire process, you can get a low-interest fast cash loan Singapore licensed moneylenders offer minus the long wait. This can significantly reduce your stress level and get back on the right track with your finances set in place.

Be sure to choose the right moneylender for your needs. Consider the lender’s background, ratings from clients, rates and fees, and never hesitate to ask for clarifications whenever necessary.

What You Need to Know About Getting a Loan in Singapore

It goes without saying that life has its ups and down, especially in regards to money and finances. Although some of us are lucky enough to have plenty of funds available when we need them most, most of us aren’t quite so lucky. Of course, we all try to save toward the future or in case of a rainy day, but far too often life just doesn’t work out as perfectly as we’d like. That’s why it’s so important to have a back-up plan in place in case of emergency.

Loans can definitely provide you with the security and additional help you need. However, it’s important to make sure you completely understand all of the choices available to you before you decide which loan option represents the best solution for you. Let’s take a closer look at the different types of Singapore loans available to today’s modern consumer, examine the processes that go along with qualifying for each one, and determine what the best course of action for you might be.

How to Go About Getting a Loan in Singapore

Before you decide once and for all that a loan of one type or another is the right solution for you, it’s important to make sure you really understand the ins and outs of how to get a loan in Singapore. The process will vary according to the kind of loan you’re applying for. However, all will require the filling out of an application, the making of various inquiries, and possibly also a credit check depending on the loan type and amount being borrowed.

Applying for a Personal Loan

When you apply for a personal loan, you’ll receive the money you need relatively quickly – usually within 24-48 hours depending on the policy of the lender. However, you should be prepared to pay the loan back relatively quickly as well – within a month or possibly two. You’ll need to fill out a thorough application and submit to a credit check. If the loan amount you’re requesting is large, you may need to put up some sort of collateral.

Applying for a Business Loan

Much harder to qualify for are business loans, as there’s much more at stake. As touched on above, you should be prepared to explain how and where you’ll apply the funding you’re asking for in the building of your new business. The more details you can give, the better your chances of being approved. If you’re asking for funds to upgrade or remodel a business that already exists, you will need to share information and documentation on that business and prove that it represents a good investment.

Applying for a Payday Loan

Payday loans are by far the simplest to apply and qualify for. Many agencies simply require that you fill out an application and be able to prove that you’re gainfully employed. However, if you’re applying for the loan online, you may also need a checking account in order to receive the funds. This is also one of the fastest ways to obtain emergency funds, as some agencies can get you the money within mere hours of requesting it.

Regardless of the type of loan you would like to be considered for, it’s always a good idea to have all your ducks in a row in regards to your finances. Let’s take a closer look at how you can make sure you’re prepared in the event you ever do need to apply for a loan in order to increase your chances of qualifying.

,

Increasing Your Chances of Qualifying

At the end of the day, whether or not a given lender approves you for a loan has everything to do with how safe a risk you are. The more of the following characteristics you have to your advantage, the better your chances of having your application accepted and the more likely you are to be able to count on a loan as a source of emergency funds should you need them.

Reliable Income

Whether you’re applying for a simple payday loan or something more complicated, such as a business loan or even a home loan, it’s imperative that you have a steady source of income. It’s also important to be able to prove that you have one. Make sure you save pay stubs from your job, as well as recent bank statements. If you’re in business for yourself or work as a freelancer, be sure to keep detailed documentation in regards to all of your clients. The more proof you can show that you do well for yourself when it comes to earning, the better.

Clean Credit

One of the most important factors that will determine whether or not you’re approved for a loan is going to be your credit history. After all, lenders are going to assume that the best predictor of your future behavior in regards to financial obligations is going to be your past behavior. If you’re defaulted on a lot of other financial commitments, then they have no choice but to assume that you might do so with new commitments you make, too.

This is exactly why it’s important to know what’s in your credit history and keep it as clean as possible. Order a copy of yours and go over it with a fine-toothed comb. Go through the process of disputing incorrect items that may be negatively affecting your credit. Pay off as many legitimate ones as you can. Everything you can do to improve your credit report will increase your chances of being approved for future loans, so it’s important to stay on top of it to the best of your ability.

Co-Signers

In the event you’re unable to qualify for a loan in your own right, having someone in your corner who is willing to vouch for you by co-signing can be a big help. However, it’s important to make sure to honor your financial commitment if you go this route, as the lender you choose can and will go after the co-signer in order to collect what’s owed to them.

Professionalism also goes a long way toward making a good impression with a lender. Always put your best foot forward and approach lending agencies with respect.

,

Applying for Loan Online

We’re living in a day and age when it’s never been easier to take care of business thanks to modern technology and the internet. In fact, it’s even possible to apply for loans online. Like many modern day businesses, money lending firms have taken to the web as a way to expand their reach and draw in new clients.

The process of applying for a loan of any type online is similar to the one you’d be dealing with if you applied in person at a brick and mortar lender, but with a few simple differences. You provide the lender with your basic information via a simple application form and then wait to hear back in regards to whether or not you’re approved. Choosing to apply for your loan online comes attached to a number of advantages.

Simple

Applying for a Singapore loan online doesn’t require you to make an appointment with a lending agent or wait in line. It’s really as simple as filling out a simple form and giving some basic information. You don’t have to worry about business hours either. Whether you’re applying for your loan at 2AM or 2PM, you’re completely covered.

Fast

When you apply for a loan online, you tend to hear back about whether or not you’re approved relatively quickly. If you’re looking into payday loans, it will probably be mere hours or even minutes before you hear back. Business loans may take slightly longer – up to a couple of weeks – but you’ll still know where you stand much more quickly than you probably would with a brick and mortar establishment.

Selection

Last but definitely not least, your options in regards to the lenders you have access to are numerous when you decide to apply for your loan online. Take your time and do some comparison shopping in order to determine which firm has the best rates, is able to lend you funds closest to the amount you need, and has the highest rates of customer satisfaction. Reading online consumer reviews in regards to the lenders you’re considering could be really helpful here.

,

The Benefits of Choosing Licensed Singapore Money Lenders

licensed-money-lender-singapore

No matter how badly or how quickly you need your funds, it’s important to make sure that you’re dealing with a reputable lender. The best way to make sure of this is to consider only licensed money lenders and accept no substitutes. This is certainly the case if you’re borrowing money from a traditional brick and mortar establishment, but it’s doubly so if you’ve decided to let your fingers do the walking and apply online instead.

Absolutely anyone can build a website, claim to be a money lender, and offer you financial help. Some of these people will be scam artists to be sure, but others may be independent business owners that aren’t particularly serious about what they’re doing. A license is your proof that the company you’re dealing with is everything it claims to be and actually deserves to be trusted with your very sensitive financial information.

Proof of Stability

Anyone you’re trusting with your financial future, as well as your personal information, needs to be proven stable above all things. In order to obtain a proper license, a money lender needs to fill out all of the government-required documents. They also will have needed to demonstrate good character. The money lender in question will also need to prove that they don’t have any sort of a criminal record. Proof of a license is your guarantee that a given lender meets all of the requirements that they should as dictated by the law.

Protection of Your Rights

When borrowing money in Singapore, it’s important to make sure that your rights are 100% protected. This is the case both for Singapore natives, as well as foreigners who need to borrow money from Singapore lenders for reasons of their own. A Singapore-specific license ensures that your rights are completely protected throughout every step of the process. It also ensures that any and all information you receive is accurate and can be trusted to apply to your situation.

Peace of Mind

Last but certainly not least, knowing you’re borrowing from an establishment that is proven to be on the up and up will add to your peace of mind. After all, being in a situation that requires you to borrow money from a third party already comes with its share of stresses. It’s a great comfort to know that not only are you within reach of the assistance you need, but that you’re getting assistance you can really trust to boot.

Before you sign on the dotted line with a given lender, be sure to look into whether or not they’re properly licensed. Proving the existence of a proper Singapore lending license is actually quite easy. All licensed lenders will appear on a list known as the Money Lender Registry. If the lender you’re considering doesn’t, then keep looking. Don’t simply trust someone who says their license is pending. Accept nothing less than an official appearance on this very important list.

,

Choosing the Right Lender for You

Even once you’ve narrowed down your choices to only licensed professional money lenders you can trust, you still might find that you have quite a few choices to pick from. Consider the following in order to determine which is right for your unique situation.

Customer Feedback

Nothing prepares you for the experience you’re likely to have with a given service provider quite like the experiences of the people who came before you. Make sure you read your share of consumer reviews before you decide on a given lender. Don’t be afraid to approach a rep from the actual agency and ask for references either. Make sure that you call each of the references you’re given.

Customer Satisfaction

Pay attention to whether or not the agency you’re considering seems to be dedicated to customer satisfaction. Do they offer any kind of satisfaction guarantee? What safeguards to they have in place to protect your interests in the service they offer? Is there a way you can easily get in touch with a customer service representative when and if you need to? The answers to all of these questions are vitally important.

Interest Rate and Hidden Fees

Lenders make money by charging interest on the money then lend. However, not everyone is going to charge as much as everyone else. Taking the time to do a little comparison shopping before you agree to a given set of terms can amount to a great deal of savings. Don’t forget to determine whether or not the lender charges any kind of processing fee or other charge to the cost of doing business with them.

User-Friendliness

Whether or not you plan on actually applying for your loan online, take a moment to visit the lender’s website and make sure everything’s as clear as it should be. Does the site clearly answer all of your questions in a way that makes sense to you? Is the presented information clear and concise? Is there a way for you to speak with a representative if you have any questions?

It’s always a good idea to speak with an agency rep to discuss your unique situation as well. This allows both you and the lender to determine whether or not the two of you are a good fit. Try making a list of questions and important concerns beforehand so you remember everything you wanted to bring up.

Applying for a loan can certainly represent a challenge if you’re new to doing so. However, it quickly becomes a simple process with a little careful research, consideration, and thought.