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.

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