Securing a loan is no more a task where as you have to go through complex bank procedures. With many legal money lender schemes now offering variety of loans for different needs, ranging from Personal Loan, Payday Loan, Bridging Loan and more. However, choosing the best licensed moneylender this is not as simple as it may appear, as there are still a lot that the borrower must take note of before taking up a loan. As the money lending market gets crowded, many moneylenders might have also begun to relax their regulations. First time borrowers might get intimidated and confused as there are so many legal money lenders around Singapore, and most are worried about the charges the moneylenders can charge. If you are stuck in this situation, then here are 5 factors that can help you in your search for a legal money:
1. License The first thing that you must ensure that the lender is licensed. To become a legal lender in Singapore, the company must be licensed with the Registry of Moneylenders. This is something that you must ensure, so as to know that any contract that you enter in to with the lender is valid and binding. To make things convenient for you, we have selected a list of trusted licensed moneylender that you can select from instead of going through the long list of moneylenders provided by Registry of Moneylenders that will confuse you even more.
2. Professionalism Any money lender who is professional or has been in the game long enough will tell you immediately if he cannot provide you with a loan. You should check various sources, including the lender’s website, lender’s reviews and be aware of what may appear as a misleading advertisement. Always avoid lenders that uses abusive language towards you. In addition, under no circumstances should you let the terms of the loan be modified at the last minute. Any of these factors serve as a warning light of unprofessional conduct.
3. Specialized Lenders Any lender who specializes in just a few kinds of loans could be a better option than those who claim they handle every kind of loans for all people. Specialists can provide you with specific and thorough knowledge and advise, which is necessary for choosing the best loan as per your situation.
4. Advertising As most people are not aware of the medium of advertising for legal money lenders. They are only allowed to advertise through directory in print or online media, internet websites belonging to the lender and advertisement placed within their place of business. Some of you might have received text messages from companies asking you to take up loan from them and claimed that they are a licensed moneylender. Usually these people are not licensed, because any licensed lender advertising through SMS will be risking their license to get revoked.
5. Experience Though this may sound a little too obvious, but you should always go in for a company that comes with a solid reputation based on trust and reliability, and has been around for quite some time. You should always check out the good or bad reviews that are available around so that you can avoid companies that has records of unfair practices or contracts. A skilled and legal money lender will be able to craft up a scenario that will be a win-win for both the parties in the loan. These are some simple yet highly effective factors that you must consider as you go out to get a loan- so that you get what you are looking for as well as pay only the minimum for it as time goes by!