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Published on: 15 Feb 2017 by susanlau
Before you decide to approach a licensed money lender Singapore to help you, you must know why you should prefer a licensed money lender to banks. Almost all the banks seem to be mechanically imposing straight-jacket norms when people approach them for loans. This is one of the main reasons people prefer licensed money lenders to banks. In other words, people justifiably expect that they can enjoy more flexibility with these lenders.
Another positive aspect about a licensed money lender in Singapore is that you can get your loan more quickly. In fact, licensed money lenders are aware that banks are their main competitors and hence, they ensure to put in place quick processes for speedy disbursal of the loan amounts so they can have a competitive edge over banks.
Documentation in banks is laborious. You will be forced to sign on a number of documents. Of course, it may not be possible for you to openly say that banks do not have faith in you. But you can feel the vibrations when you sign the documents. On the other hand, a licensed money lender in Singapore may release the money after taking your signatures in a few essential documents. Most importantly, cost of the loans will be much lower with licensed money lenders than what they are with banks. But while choosing a licensed money lender in Singapore, you should consider a few points. Let us delve a little deeper into these aspects.
1. Track-record of the lender
Though you are considering only licensed lenders, it may be wrong to assume that all the lenders will be of the same caliber. That is why you are advised to study the track-records of the lenders so you can choose the best among them. Visiting their websites or reading the reviews written about them may throw light on this aspect.
2. Speed of disbursal of loans
Unlike banks, licensed lenders in Singapore may have simple documentation and so, their approval may be quicker. But you should choose the quickest among them because when you need a loan, the money should be available to you on time. Otherwise, the very purpose of availing the loan may get defeated.
3. Choose the lender with the right repayment schedule
Your repayment schedule will mainly depend upon your monthly income, your household expenses and other loan commitments. You should opt for a licensed money lender Singapore who offers the flexibility of choosing the repayment schedule that suits you.
4. Rates of interest
By and large, the interest rates at which licensed money lenders in Singapore lend their money may be the same, though the rates may differ from one loan product to another. However, it is imperative you check this aspect because you must be certain that you are getting the loan that comes at the rate of interest that suits you.
5. Loan products
Licensed money lenders may have various types of loan schemes. You should be clear about your needs. Not only that, depending upon your urgency to have the money, you should choose a lender who offers the right loan product to you and ensures timely disbursal of the loan amount.
In short, you should do you homework thoroughly while choosing a licensed money lender Singapore.