Factors to Review before Applying Loan from Licensed Money Lenders

Factors to Review before Applying Loan from Licensed Money Lenders

Here’s the truth – licensed money lenders will not come close to traditional banks we are used to. They cannot be compared. To the latter, you have to observe measures so that you will not be rejected in applying for a loan. This can be quite complicated.

Not everyone has the capacity to go to a tedious process of loan application anymore. This is the reality. If you are one of these people – it will help for you to discover other money borrowing avenues in which you may benefit from. That is when non-traditional loans come to place.

Once you have decided to pursue an application to licensed money lenders instead, the next step follows – searching for the right company. Do not underestimate this. This can be a bit tricky because there is a tenfold options available around. As this is the case, you have to be knowledgeable.

 

How Do You Choose the Right Money Lender for You?

Here are the important factors that you have to review in order to find the right company. Please take a look at them before hiring anyone. What are these?

  • Connections to the industry – This speaks about the lenders, and the investors they are partners with. It is crucial to ensure that they are well-affiliated. This is where their tools, and purposes will somehow depend on. As you do this, you can access more cash without having a hard time at all.
  • Background and Experience – In the midst of your research, do not fail to ask for the background, and experience of the lender. Know if the provider comes with a portfolio of successful deals in the past. This is a chance for you to take a peak on their expertise. This is also a way to know more about the feedback of the customer so that you can be guided in picking.
  • Focus on the local market – This implies that you have to check on the local estate market before you go for the loan. If it is performing really poorly, then there is a great chance that the rate crash may skyrocket. We are trying to avoid this. So, take time to facilitate a research for the local market. This should be done keenly. This will ensure that you only go for decisions that are working on your best interest.
  • Learn from character references – At this point, it is important that you check the competence of the provider you are eyeing for. There is no other way to confirm this than to talk to the people you know. Maybe, they have used the same service before. Their personal experience can be a point of reference here. At least, you get to enjoy reliable comments which you can really use in choosing.

 

The aforementioned are just some of the tips you have to employ in working with lenders. As an addition – look for their state licenses too. This is too important not to be given attention.

Dos’ and Don’ts for money lending in Singapore

Dos’ and Don’ts for money lending in Singapore

Seeking licensed moneylenders in Singapore? Are you going to buy your new home or a new car or willing to set up your new business? Money lending has now become the easiest way of achieving your all dreams at very reasonable interest rates. But you may sometime get in trouble if not take a proper care and proper research before lending money. Sites like Loan Advisor, consolidates and rate the top 10 most reliable moneylenders to make life easier for you so you don’t have to go through the hassle of researching from the list of 160+ licensed moneylenders in Singapore.

Money lending is one of the best ways for fulfilling your desires, but you should need to go through its every aspect before getting involved in the deal. Research the market thoroughly and make a right decision.   Here, in this content, we are going to provide you with some dos’ and don’ts while seeking money lending in Singapore.

Do’s

  • Make a thorough research about the firm, its interest rates, procedures, reputation in the market before going for getting into the deal of money lending.
  • Calculate the amount which you exactly needs for fulfilling your needs, so that you could easily repay it in easy instalments.
  • Go through all the contractual terms and conditions and financial obligations very carefully in order to reduce the chances of getting any fraud.
  • Shop around different moneylenders in the market so as to get most favourable terms.
  • Get a copy of loan contract so as to make it useful as a proof for you it is you need as well your right to get that.
  • Keep all the copies of the instalment repayments and the main copy of the contact in safe hands.
  • Always make your payments be on time in order to reduce the chances of getting any penalties.
  • Get ready for the repayment also if you are not able to make your routine payment on time.
  • Never sign the copy of the agreement without reading it. Read all the clauses very carefully and never get into a deal where you provide the authority to the moneylender for selling your property in case of failed repayments.
  • On the successful granting of the loan; check the principal amount very carefully so that to check whether the money lender is not deducting the extra charges from it. The government of Singapore only has permitted to deduce the 10% of the principal amount.
  • Your name, date of issuing of the loan, signed the receipt, fee receipt and amount of money you are going to borrow should be properly and correctly mentioned in the note of contract.
  • Make sure that you should get a statement of the loan at least once every 6 months.

Don’ts

  • Never sign any note of contract without reading it carefully.
  • Never sign any deal of money lending in hush-hush.
  • Never ever trust the money lenders who make you call, and send money or any other personal references for money lending.
  • Never sign an incomplete copy of the note of the contract as there are the chances of adding clauses which may harm you financially.

Never, become a guarantor for a person whom you don’t know on a personal basis or is not capable of refunding money.