Are you looking for a personal loan? Finding an ideal personal money lender in Singapore can be frustrating. We will share with you the best tips that you can use to get the best loans that you can payback within an ideal time.
In Singapore, many institutions offer different personal loan packages which can be overwhelming to borrowers. In a personal loan, you get a loan that you need to pay in monthly installments. In Singapore, most interest rates are between 3.5 % and 10.8 %.
You may want a personal loan to pay for an emergency, education, debt consolidation, medicinal purposes, and much more. Avis Money lender is one of the most reputable money lending companies in Singapore that is preferred by many.You should consider whether you want a short-term or long-term loan, credit score, interest rates of the moneylender, and credit union.
Tip #1 – Consider a long-term or short-term loan.
These personal loans can either be short-term or long-term depending on your needs. Hence, consider the use of the money to know whether you need a short-term or long-term loan.
- Long term loan
Remember to take a long-term loan if you want to make a big purchase, buy a home,fund education or pay for something major. In this, you get a significant amount of cash.
If you choose the long-term option, the equated monthly installment will also be reduced. Hence, it won’t incur such a huge interest. By agreeing to pay a loan inlong term it shows moneylenders that you are credible enough to pay loans on time.
- Short term loan
On the other hand, short-term loans are ideal for emergencies andare approved very fast. However, only take the loans if you need to. In addition, you don’t require collateral or to give up an asset like a car. They are also processed fast but can accrue high interest within a short time.
Tip # 2 –Make use of a personal loan calculator
Whether you take a long-term or short-term loan, you need to check the interest that it will accrue within that period. Try to check all the best money lenders in Singapore to know whether they will suit your needs. Yes, it will be time-consuming to compare tenures, loan interests, loan fees, and much more. However, when you find the right loan package, you will be satisfied.
Fortunately, there are a wide variety of personal loan calculators that will help you to know the money lenders’ interest rates, loan tenure, eligibility, and expense reduction.
If you are to take up a loan for five years, check the interest the money will have accrued after that time. Compare different money lenders in Singapore to know the best solution for you.
Tip #3 – Know your credit score
It is vital to know your credit score that reflects your financial history. You can check it through the Credit Bureau Singapore to know where you stand. You can see all your credit transactions and rate your creditworthiness.
The more your credit score the more reliable you seem. This increases your chances of your loan request getting approved. If your credit score is good, it makes it easier is to get bigger loans at affordable rates. They also get approved fast. Unfortunately, a low credit score can make it hard to get loans.
Tip # 4 – Validate whether the company is legal.
You need to be wary of illegal money lenders. An illegal money lender will try to persuade you to take up loans fast without doing any scrutiny. They will also have some aggressive behaviors that you should be wary of. Additionally, they will seem like they are forcing you to take up the loan so that it can accrue interest and harass you to pay it.
Hence, when choosing a moneylender, do background research to know whether they are who they say they are. If they are scammers, report them to relevant authorities. Check the “List of Registered Money Lenders” to know the legal money lenders.
Something else is that legitimate money lenders do verification inperson before approving a personal loan. For the illegal ones, they won’t even conduct verification in-person and will approve the loan in different malicious ways. They will even request to keep yourNational Registration Identification Card until you pay your loan. Also, don’t accept to be given loans through SMS, email, or Whatsapp. Additionally, they avoid contracts as much as possible.
Tip # 5 – Plan for the loan well
Yes, you are taking a personal loan that you will pay later. However, ensure you plan well for the money, to prevent using up the money without even accomplishing your goal. When you instantly get money in your account yet you were broke, it is more than likely for you to be a spendthrift.
The turnaround time is also important in cases of emergencies. Hence it is important to get information beforehand on the duration it will take for the loan to be disbursed and by when you should have paid it up. Most money lenders take as little as 24 hours. Hence, choose a company depending on your needs.
To get a great personal loan, try to research the best banks or money lenders. Check whether they are listed under the registered money lenders and rate their behavior to know whether they are legal or not.
Also, remember to read the terms and conditions so that you can get nothing but the best. Remember to ensure the loan tenure is within your ability to repay the loan depending on the income you get. Put your money to perfect use. All the best in your borrowing endeavors.