Singapore is a country full of opportunities, and investors know this fact. Most of them have resorted to offering financial services to fund the ever-expanding business environment. Given the huge number of lenders, it becomes difficult to identify a legal money lender in Singapore.
If you are not cautious enough, you may fall into the hands of cruel, corrupt lenders. In other words, you may fall into the hands of loan sharks who are known to exploit innocent borrowers.
With the impending risk of falling into the wrong hands, you must get equipped with the right information before considering any lender. Some lenders may offer very attractive loan packages, only for you to realize hidden charges when you are already in the mess.
Before rushing to take a loan, it is always advisable that you evaluate several lenders before settling on one. Below are tips that can help you identify a Legal money lender in Singapore.
Credibility
Issues dealing with money are very sensitive and ought to be handled with a lot of care. If you are looking forward to applying for a loan facility, you need to take your sweet time and evaluate the person or the institution advancing you the loan, the rest of you fall into the wrong hands.
Although it might be a tall order, you’ll realize that it was worth it at the end of the day.
The very first step to take is to assess the credibility of the person or institution you intend to borrow with. How do you assess this? Well, two approaches can help you assess the credibility of a money lender.
First, you can visit the lender’s website and have a look at the customer’s review. A happy customer will always leave positive feedback and a dissatisfied customer will always leave negative feedback. From such feedback, you’ll be in a position to tell the character of the lender
Secondly, have a review of their website and get to see their loan portfolio. A credible lender is likely to have a very huge portfolio while an incredible one is likely to have a very small one as not many borrowers will be willing to borrow with them.
Interest Rates
Interest rates vary from one lender to the other. Every lender has a unique way of packaging their loans. To become competitive, every lender wants to offer the lowest interest rate possible. However, it is important to consider what is reasonable because loan sharks will come with the most attractive terms to lure you into the trap. When the deal is too good think twice! Meager interest rates should raise eyebrows. Consider the lender with the most realistic interest rate.
Terms of Engagement
Before signing the loan contract form, ensure you read the terms and conditions binding you. Be keen to note the interest rate, repayment schedule, processing fee, penalties if any, and consequences upon default to avoid future surprises. Avoid a lender with ambiguous clauses as they may get you into trouble in the future.
Loan Specialty
A lender who specializes in a given loan facility will always offer the best terms and best service.
Look for a lender who specializes in the loan facility you are looking for, that way, you’ll get the best interest rate, flexible loan repayment term, high loan approval rate, and best advice from professionals.
The tips given above are a sure guide to finding a legal money lender in Singapore. To save you the hassle of getting one, search for Avis Credit and all your credit needs will be looked into.
