Singapore is often counted amongst the most expensive countries globally. Surviving as a Singaporean can be a costly affair, and saving money can seem like a tough task. Amid inflation in prices and rising living costs, more often than not, you may find yourself without sufficient savings to back you in case of any financial emergency.

Financial assistance is, however, a big relief and can be of great help when in need. The options of online money lending are, without a doubt, the most reliable choice to make in Singapore. With the rising competition in money lending companies, we shall highlight why you should opt for them and how to choose the best credit company for you.

What is a Credit Company?

In its broadest sense, a credit company is a kind of licensed money lending platform that’s not a traditional bank. Several online credit companies are often referred to as online money lenders because they are an alternative to a conventional bank. In earlier times, the term was introduced to refer to government loans, licensed credit unions and other such loans but from sources other than banks.

The main difference between loan and credit is

Credit Companies are not traditionally part of the financial industry.

The method of communication between the lender and borrower is different. The base rates and approval in credit companies in Singapore are determined by metrics rather than a credit score or other such methods used in traditional banks. A credit company Singapore may or may not ask for security before lending money.

Why Opt for a Credit Company in Singapore?

More and more people are opting for credit companies than banks, as credit companies in Singapore offer several additional advantages to the borrowers.

Due to strong competition and wide choices in the money lending business, a lower interest rate is a huge attraction for the borrower.

The fast and hassle-free process allows speedier access to monetary resources. Especially in times of fiscal business emergency, this is a very big advantage.

Unlike traditional banks, in reliable credit companies in Singapore, the metric system facilitates credit lending to individuals with below-par credit scores too.

For small businesses, the greatest attraction is the facility of small loans without the need for premium payments available with credit companies in Singapore. To grow their business, moneylenders offer various additional facilities and lower interest rates. Moreover, they provide infinite categories of money lending, serving all kinds of borrowers. Some of the commonly offered modes are:-

  • Lines of credit
  • Factoring
  • Peer-to-Peer programs
  • Working capital loans
  • Merchant cash advances

There is at least one option available for each of the different types of businesses and individuals, if not more. Credit companies offer more options than ever before, bringing a revolution in the finance assistance world. With growing digitalization, cybercrime, data theft, and scams are also on the rise. It’s only prudent to have concerns over the security of any internet transaction. While some lenders might not be as safe as others, on the whole, It’s fair to say that the best credit companies do focus on the security of their customers and applicants. Whatsoever may be the case, it’s only prudent to do some research and be alert while choosing a credit company and after that. It’s always better to be double sure, especially when dealing with money.

How to Find Safe Online Lenders?

Doing some research on potential credit companies before applying for online financial assistance is a must. When the internet has made everything as easy as a simple click, it will be the biggest foolishness to not cross-check before applying for an online loan. The various methods to evaluate the security of any credit company in Singapore before trusting them with your hard-earned money are highlighted below:-

Third-party verification of the credit company based on research:- Check out the website or web page of the concerned credit company for verification purposes. Various websites rate the performance and privacy security of the companies based on the feedback of their clients. Check the rating and feedback of the company at these sites. Good credit companies go out of their way to earn your trust by seeking third-party verification. This is a small manifestation of their dedication towards their work and their clients.

A record of the physical address:-

Keep in mind that even online money lending Companies are supposed to display physical addresses on their website. The mentioned address can be easily verified by google search. Also, make sure that the credit company is licensed.

Look for reviews from other business owners:-

In these times of the online market, the biggest and most reliable way of verification is feedback from previous clients of the credit company. Although you cannot completely form your opinion based on other’s reviews, still it gives you a green/ red signal. The two key points here are patience and research. Always keep in mind that clients usually put out reviews when they are particularly dissatisfied with services. The second point of concern these days is the fake reviews bought by the company to build the trust of potential clients. Still, the review comments can work as a guide in selecting the right credit company in Singapore.

Check the website’s ownership and license:

One can perform a background check within seconds. Get complete information about the ownership and existence of a credit company with the help of an online examination almost immediately. It is a principal aspect to make sure that it is a licensed money lending company.

Avis Moneylender: The best credit company in Singapore

Avis Credit (SG) Pte Ltd is licensed with the Registry of Moneylenders under the Ministry of Law. This makes it a legal credit company. Our top priority is to provide financial support to every client based on their needs and situation. We try our best to proffer the best credit services to our clients in the market. Our company stands amidst the most reputed and most trusted credit companies in Singapore. Being recognized as the best money lender in Singapore, we are very particular about protecting our client’s money and privacy. Our skilled team is trained to analyze every client’s situation and come up with customized plans most fit for them. Along the way, Avis Credit Pte Ltd has helped a great number of people in financial need all over Singapore. People in need of credit facilities can contact us as a reliable lender.