When you want to borrow cash or take up a loan, get one from a licensed moneylender. In Singapore, there are a good deal of money lending companies and if you are not careful you can be a victim of loan sharks.
However, you need to always follow the right path and borrow from a licensed moneylender. In the case that you are really in need of money, you can fall prey to illegal moneylenders.
Thereby, choose to borrow from financial institutions like banks or, money lending companies like Avis Credit company. They are reliable, transparent, and credible. Don’t miss out on borrowing from a legal moneylender.
What Is A Licensed Money Lender?
A licensed moneylender is a financial institution that complies with all the rules about getting loans. They offer different kinds of loans like personal loans, business loans, business working capital loans, entrepreneurial loans, short-term loans, etc. They also tend to have a website that shows all the services and financial products that they offer.
In most cases, you will find that on their websites, they have written their physical address, where you can get them to in case you need to go there in person.
For example:
Also, licensed moneylenders are normally found on the Minlaw website which shows all the registered moneylenders in Singapore. Therefore, if you stumble upon a money lending company head to the MinLaw website to check its authenticity. Don’t just make rush decisions because you need money.
How To Borrow From A Licensed Money Lender In Singapore
Step 1: Research Online
When you want to get a good legal moneylender in Singapore, try and research first. You can research and even find some crucial information that will make you choose or refuse a certain money lending company.
While on this try and even check forums on the same to see customer reviews and what they are saying on the same. Also, while on the website try and check the kind of loans that they offer.
Most reliable moneylenders tend to have a wide variety of loans that you can apply for. Also, try to find out how long they have been in operation and if they have ever been part of a controversy.
Step 2: Check the Financial Products And Service They Offer
Once you settle on a certain legal moneylender, check the kind of products and services that they offer. This also includes the kind of loans that they offer. Also, check whether they allow debt consolidation in the case that you have many loans that you want to consolidate into one.
Some certain money lending companies only specialize in personal needs while some specialize in business needs. This will determine whether you will get the help you need.
Also, if you need quick cash, check their rules and what you’ll need to get a loan for a specific emergency. Research well to find a loan that will satisfy your needs.
Step 3: Check Their Credibility, Transparency, and Reputation
While borrowing from a legal moneylender, also consider checking their credibility, transparency, and reputation. Are they known to be some sort of way? Their track record will help you make a sober decision.
You can check their website or Google to see any testimonials or reviews they may have. Also, ensure you don’t leave any stone unturned. You can also seek reviews from your family and friends to certify the company’s reputation.
Step 4: Check Their Interest Rates
Also, check the interest rate of the legal moneylender to see whether you can be able to pay the loan comfortably once you get it. It won’t be fair if you get a loan, then be unable to pay it back well because of the accrued interest rate.
Therefore, after verifying the credibility, check the interest rates for the kind of loan that you want. Luckily, there are no hidden charges when you get a loan from a licensed moneylender unlike when consulting a loan shark that can easily blackmail you into paying more.
Once, you are satisfied with the interest rate that they offer proceed on. How long is their repayment period?
Step 5: Check For Eligibility
Most legal moneylenders tend to have eligibility criteria that allow borrowers to take up loans. However, at times, you may be caught off guard having not read the terms.
Therefore, if you are in Singapore check all the terms to get the utmost benefit of the loan without feeling disappointed when your loan is refused. Also, check their approval rates; is it fast or slow?
Step 6: Check Whether They Have Flexible Terms
Next, you need to consider whether they have flexible terms. Inquire about their payment schedule, terms, and conditions. You need to consider a legal moneylender that has flexible terms before signing any contract.
In most cases, you find that you can apply online, before submitting your documents online or going to their physical location. If you are not sure, inquire from the loan officer or agent to get all the kinds of clarification that you need.
How Can Licensed Moneylenders Help You?
A licensed moneylender can help you during these instances:
- You have an emergency that needs to be catered too
- During a financial crisis and you need a fast loan.
- When you need funds for your education, business, SME, long-term loan, or short-term loan.
- When you need a loan from a company that offers fast approval.
- When your salary has been delayed, and you have some needs to cater to.
- When your income has been cut.
- When you want to build your business or startup
Conclusion
A licensed moneylender can help you to cater to your needs fast without any delay. You just need to ensure that all the documents are ready so that you can submit them when needed.
Therefore, always strive to check the website to ensure that you meet all the terms and conditions to ensure your request is not refused at the last moment. Always try to do thorough research before applying for any loan. Get a customized loan today from a legal moneylender.
