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.
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.
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.