Why Borrow from a Licensed Moneylender

There are a lot of reasons why many Singaporeans opt for getting a loan such as having extra cash, helping a family or friend and other important factors but whatever the reason you have for having a loan, you should think first where you will apply for the loan.

We can already find a lot of moneylenders in Singapore today but which one is the best when having a loan? Applying for a loan isn’t an easy process where you will have a new responsibility of repaying the loan amount in a certain time, and if you aren’t able to choose the right lender, it would just place you to a bigger consequence.

Moneylenders are increasing nowadays in Singapore, and there are a lot of them in the malls and other crowded places in the country where they can be seen and noticed easily. So, what are the reasons why you should opt for those moneylenders and not the bank when you intend to get a loan?

6 Reasons Why You Should Borrow Money from Moneylenders

Easy to Locate

If you are going to apply for a loan from a moneylender, you should make sure to it that the moneylender is easy to locate; this way, you can already see how reputable the moneylender is.

The good thing when your moneylender is easy to locate is that if you have any concerns regarding your loan, you can easily talk to them about the matter and fix it right away. There are also a lot of moneylenders nowadays who have their website where you may get in touch with them anytime.

Trustworthy

Of course, when looking for someone where you can have your loan, it should be a trustworthy one. What’s good with most of the moneylenders are that they always put their clients’ situation first and see to it that they can give their clients the best services they can offer.

There are already a lot of schemes today where you can borrow money and if you want to look for one that is safe, then going to a licensed moneylender is the key for you. Through a licensed moneylender, you are sure that you won’t get tricked such as being charged with too high interest rates.

Licensed and Legal

Most of the moneylenders in the country are licensed. Hence we are sure that they can be trusted. Another good thing with licensed moneylenders is that they compete with each other when it comes to who got the best offers to their clients hence you now have the chance to choose which one has the lowest annual interest rate and save money.

But we also have to remember that there are a lot of unlicensed moneylenders in the country today that we should avoid. Unlicensed moneylenders tend to have higher interest rates compared to those licensed moneylenders thus making you spend more for the annual interest rate.

No Hidden Charges

There are instances where after having a loan, you would suddenly be shocked after knowing that you are being charged with fees that you don’t know where it came from but with the help of the moneylenders, they would assure you that they will provide you with the right price for the repayment.

Aside from the interest rate, some lenders would charge their client a processing fee and a lot more, but with a good and reputable moneylender, they will tell you right ahead of all their fees so that you can determine if you can afford the total amount you are going to repay them.

Flexible Repayment Terms

The good thing with moneylenders is that they will give you various repayment terms where you can choose which one you can afford. Many moneylenders have monthly repayments, but there are also some who has daily or weekly repayments for you to choose from.

Having a loan is not easy for a person if they are being loaded with the monthly repayments; some borrowers can’t afford the monthly repayments anymore which leads to unpaid loans but if you can choose the right moneylender, having a loan is not a problem for you.

Free Consultation and Advice

Deciding to apply for a loan isn’t easy for several borrowers especially if it is your first time and you don’t have that much idea when it comes to personal loans, but with the help of moneylenders, they will help you understand how a loan works.

Conclusion:

Many people think of loans as an additional problem and burden to someone but if you can get the loan from the right person where the lender will help you understand how personal loan works and give you options on how you are going to repay the loan amount, you will surely have a smooth finish of your loan.

Tips On Getting Payday Loan

Most Singaporeans do not consider payday loans because they do not know what they are. When you would like to take out the payday loan. Below are tips to help you determine whether they are right for you.
Confirm What The Late Payments Penalties Are

At times life challenges interfere with your financial responsibility. Thus it means you need to understand what the contract indicates.
However, you need to know that there are lenders who will offer you help with debts repaid in the past. Often they do not require you to do anything for them to help you. They even can give lower interests on your debt.

Singaporeans Who Require Funds To Handle Difficult Financial Situations

Many times turns to lending companies using their paychecks. For those individuals who would like to take out a loan. It is advisable that you do your research on your potential moneylender by checking out https://www.moneylenderreview.com/ for reviews on licensed money lenders in Singapore. Do this before you choose to deal with them. When you only read and hear good things regarding them. Then you can continue and borrow from them. Only chose to work with lenders who are reputable and hold a valid license.

Utilized For Contingencies
This loan type is a short-term type of credit and needs only to be utilized for contingencies. Thus they are not ideal for paying household bills or covering ordinary living costs. In using this loan type for some of these costs. You might be risking getting penalties on the payday or other monthly bills.
In the present day, payday loans stand for an important amount of business. The reason for this is that lenders can earn big profits from this. Therefore, compare the rates from many different lenders as possible ahead of choosing them. When there are fees in addition to the interest, include them in your loan cost.

Who Qualify For The Payday Loans
For individuals who are in the army or are unemployed, they might not qualify for the payday loans. Even then, always take the time to find out more about your lender carefully. This way you will be able to avoid the illegal lenders who might be trying to acquire your information. They do so with the intention of stealing your identity.
Limit use of payday loans only to cases of emergency. Avoid using payday loans for buying unnecessary items. Neither should it be used as a way of enhancing your cash flow.
In Summary

Through learning more about payday loans, you can anticipate success in acquiring your loan approval. You will need to keep these tips in mind as you work through the process. Get more info before you sign the contract for your payday
Do not believe the advertising you see regarding payday loans. Some lending institutions might deceive you thus get you to borrow from them. Then once you take out a loan, they will charge hidden fees as well as rather high rates of interest. Always choose to make this decision for yourself.
As you choose the right loan for you, it is vital that you remember one thing. To always first learn all you need to know concerning the money lending services.

5 Tips for Getting Your Bank Loan Approved

5 Tips for Getting Your Bank Loan Approved
A bank loan is something we may all need at some point, for one reason or another. However, with today’s economic problems, it’s not as easy as it may seem to have one approved.
Banks need to be sure that when they give you the money, they’ll also be getting it back. No one would lend you money without having some kind of insurance – so to maximize your chances, here are some tips that you might want to consider.
1. Improve Your Credit Score
A good credit score is practically a mirror of how true you are to your word. Whenever you make a timely payment, regardless if it’s an electricity bill or another bank loan, the facts go on your credit history.
When the bank takes a look at that credit score, they will know that you are not likely to default on the loan – therefore increasing your credibility.
2. Add Some Collateral
Collateral means, once more, that you are bringing some insurance for the bank. This can be any kind of asset: a car, your house, or even your savings account. By adding collateral, you are practically giving your bank the right to repossess the asset in case of a default.
If you make your payments on time, this should not affect you in any way. If anything, it will only prove to the bank that you have all the reasons to stay true to your payments.
3. Have Some Stability
One of the most important factors for getting a bank loan is to create a sense of stability – in other words, have a stable income. If they see that you often change your job or have fluctuating income, they are less likely to approve you a loan.
On the other hand, if they see that you have had the same job for the past six months and that your income is stable, they will be more inclined to accept your application. Anything else that is considered a “risk factor” is generally rejected.
4. Don’t Make Multiple Applications
Many people make the mistake of applying to different banks for a loan in hopes of maximizing their chances; however, that may only backfire. Each loan application is registered – and if your lender sees this, they might think that you are “credit hungry.”
If you don’t want to give your lender the impression that you can’t fund your expenses, you should apply just to one loan at a time. If your application gets rejected, you may proceed to apply to another bank.
5. Know Your Limits
When you apply for a loan, make sure that you can actually afford to pay off that loan. A good tip would be to borrow no more than 30% of your income. For example, if your salary is $60,000 a year, your loan should not go over $20,000. Banks will only give you the loan if they know for sure you’ll be able to handle it.
Getting your loan approved is, most of the time, a battle in itself. However, if you can prove that you are trustworthy, there’s no reason why they shouldn’t approve your application.