The Best Licensed Money Lender in Singapore: How to Find One
Sooner or later, you will likely find yourself in a situation where securing a loan from a licensed money lender is necessary.
But, with all those licensed money lenders in the market, how do you find an appropriate one?
The following information helps you choose the most-suited licensed money lender for your specific loan needs.
Things to Check When Choosing a Licensed Money Lender in Singapore
Below are the things to look out for when examining whether a licensed money lender is best suited for you or if you should move to the next in the list.
Their Reputation
Reputation says a lot about a money lender and the experience you will likely get. You may read the reviews online or ask around from your friends or colleagues. Some websites aggregate customer feedback, giving you a fair sense of service quality and professionalism.
How They Treat Customers
Are they amiable and willing to explain their loan products to you straightforwardly? Do they respect their customer privacy and personal data? A good moneylender will be transparent, patient, and clear, never hurrying you toward speedy decisions.
Interest Rates and Fees
Although it can be very tempting to jump onto the first loan that solves your immediate problem, take a step back and look at the interest rates and fees. While licensed moneylenders in Singapore are capped at charging only a maximum of 4% per month, some might give better terms than others.
Importantly, even consider the tiny added-on fees, which become helpful as late payment or administrative fees. Also, always read between the lines in any document or have the costs and expenses explained clearly for full disclosure because you may have to pay far more in fees than initially borrowed.
Loan Conditions
These terms vary for different money lenders. For instance, some may have shorter paying periods, while some may give more flexible schedules.
Therefore, remember your ability to repay, and do not over-obligate yourself.
Professional Financial Advice
A suitable licensed money lender should offer expertise in explaining all your queries and make one understand what exactly lies in the contract. The explanation should entail everything to help you make an informed financial decision. Notably, the borrower should not be rushed or coerced to take a loan when not satisfied with the explanation about the implications of the loan.
Also, during the guidance session, the borrower should be allowed to explain all the misconceptions and get clarity before signing up for the loan. Notably, one should feel comfortable asking all the questions and not be embarrassed, especially when some questions seem apparent.
Customer Service
The way the lender treats one, from application to process, is much about the service. Do they make one feel important, or is it to hurry up and get the papers signed? Do they listen to what you need or want to close a deal?
Good customer service is crucial because it reflects how you’ll be treated throughout your loan tenure. Trust your instincts and look elsewhere if something feels off during your initial interactions.
Final Thoughts
Securing a loan is a commitment. The right moneylender will see you through this responsibly. Therefore, take your time, make a very informed decision, and let the moneylender you choose to borrow from truly help and not burden you.
Lastly, as a borrower, you choose and settle with the best-suited money lender offering premium loan services, even if they are your first on the list. Therefore, always be open-minded and patient during the selection period.