Getting a loan from the best money lender in Singapore despite your credit score
Getting a large personal loan is never easy- especially in times of financial certainty. While banks may be offering personal loans, they are not that willing when it comes to borrower whose financial history is not less than perfect. If you too have a bad credit, then banks and financial institutions may not be where you are looking to go to for a loan. However, you can still get the best money lender in Singapore who will provide you a loan even with a bad credit history.
For finding the best money lender in Singapore, here are some handy tips that you will find quite helpful!
Traditional Bank v/s Licensed Money Lenders
Often, people are stuck as to what kind is the Best Money Lender in Singapore – Bank or Licensed Money Lenders. Going to your own bank may be a tempting option, but their strict regulations and lending policies may not be the best welcome for a loan applicant. You can almost forget getting a large loan from a bank with a bad credit history- but with Licensed Money Lenders, you can still keep some hope.
Licensed Money lenders are experts at helping people with low credit scores secure the amount that they need via a loan. In fact, there are many lending schemes where even a simple credit check is not mandatory. As long as you present an income level that is high enough for covering the repayment plan, you can expect to get your loan approved.
However, what truly makes this class as the best money lender in Singapore is that the interest rates that they offer are significantly less than most bank’s interest rate. Add to that a flexible repayment schedule, and you have yourself a personal loan scheme that will fit all your requirements. There is workaround to everything, including what happens in case your loan is not approved!
Cosigners and steady income
Right from the best money lender in Singapore to someone who has just entered the business, the borrower’s income will serve as the major guideline for accepting or rejecting the application for a personal loan. This does not mean that anyone with a high monthly income can secure a $50,000 loan- the amount/degree of debt that is already there plays an important role, since it decides the amount of income left for making the repayments.
This is where having a cosigner can help you. A cosigner is the one who guarantees to take up the responsibility of your personal loan in case you are not able to pay any longer. There is nothing else that a lender will need to think about if he can be sure that repayments will be made on time, and your personal loan will be approved in almost all cases!
You just need to be careful while looking for a lender- always know what every term and line of your loan contract means, and make sure that you agree to all of it before signing. With these simple things taken care of, you can expect to get a loan from the best money lender Singapore has to offer, and without too much of a hassle!