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.

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.

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.