It may look difficult, but finding a reliable money lender in Singapore is not impossible. If you have loads of bills to pay or emergency expenses to settle, then you can always look for a money lender.
It’s understood that sometimes your friends and family are not able to give you money due to their problems. So, if you are in this type of circumstance, don’t stress out. You can get a reputable money lender to fulfill your needs.
Having a trusted money lender in Singapore at your back will not only help you with your money problems but will also ensure that you will go through the right processes without any trouble. They will make sure that you don’t have any worries when it comes to payment terms and relevant arrangements.
However, there are few things to consider while finding a money lender in Singapore. To help you find some great money lenders, there are some pieces of advice given below.
Find a Licensed Money Lender
It’s always safe to work with a registered and credible money lender. It should be licensed by the Registry of Money Lenders in Singapore. On the other hand, if they have a valid license you would find it easy to trust them. It’s always a good idea to work with a trusted licensed money lender who has been in the industry for a long time.
Currently, there are 173 licensed moneylenders available in Singapore. But, you should always check the Ministry of Law website and make sure their license is still valid before you make a deal. However, if they are not listed in the directory, there are fair chances that they are not reliable. The rightfulness of a money lender is very important to establish trust. So it’s best to make your decision accordingly.
Research and Look for Reviews
Another important thing you should do is search for them on the internet. There is plenty of information available on the web which will help you in making the right decision. You will also be able to find other information such as loan choices, payments, company information, etc that can be helpful to you.
This way, you will know if the company has a good reputation or not.
The web is also a source of checking reviews of different companies. You can look for reviews and forums of the potential money lender on the internet to give you a better idea of their services. You will get to read the experiences of other people who have done business with these institutions. This way, you can get an insight into how they work.
If you are satisfied, then you can move on with the money lending. Similarly, if you see a lot of bad reviews, you can always choose to not work with them to avoid problems later.
Rational Interest Rates And Flexible Repayment Duration
It’s important to get a money lender that offers affordable and reasonable rates suitable for your financial condition. You will need to compare the rates offered by different money lenders. This way, you can choose the one with the best rates.
On the other hand, the lowest rates do not mean the best money lender. You still have to consider other things to be sure of the reliability and quality of service. Another important thing is that a money lender offers flexible repayment duration. You should choose the one that fits your schedule.
In conclusion, do your proper research on the money lenders in Singapore before submitting your application. You should always ask for recommendations from people around you to make sure you make the right decision.