Want to buy your dream car but can’t get your loan approved from banks? Do you need some extra cash for your dream house? Don’t Worry! Now you can skip unnecessary problems and borrow money from reliable money lenders almost instantly. Here is a guide for borrowing money from licensed lenders where you won’t get cheated:
What Do You Mean By Money Lending?
Money lending means providing cash loans which are repaid at different levels of interest over a period. Banks, Credit unions, insurance companies are considered to be the traditional sources. But these days, you can get Money Lender Singapore online.
The Benefits Of Money Lending
Most people prefer traditional money lending institutions like banks when they are in dire need of money. Even if banks provide loans at lower rates, it is not the best option. Banks can have several criteria which might slow down the whole process. Several self-employed individuals face a problem while dealing with banks as they have to show lots of writes offs in their tax returns. Credit issues can often delay or even deny the whole process of getting a loan from banks. If you can’t secure a loan from banks due to poor credit history or because of the type of property you want to invest in then private money lenders can be the remedy to your problem. Money lenders are way more relaxed and flexible in their not-so-traditional approach.
Doing Things Online
You can find many of the Money Lender Singapore online who will provide you with negotiable contracts. Banks can create a lot of hassle while providing a loan where they want a lot of documents whereas money lenders can provide you with a loan in a shorter period. Private money lenders will eventually check your credit score, but their decision to give you the loan doesn’t solely depend upon it. They put more stress on the plan of work and the collateral which would give excellent returns. They want to see strong equity and strong exit strategy.
Selecting The Right Company
In case you are doing something like this for the first time, you must know that you should always borrow from Money Lender Singapore otherwise you are bound to get cheated. Verify whether the money lender is licensed or not by checking the list of licensed money lenders. Be alert if they use foul language or try to use unfair means of the trade like providing you with the incomplete contract. Report immediately in case any such events occur to the Registry of Money Lenders with the related information such as the business name, license number, etc.
Issues To Consider
The money lenders are bounded by law to provide you with the terms and conditions of the contract in a language which you will understand, as well as provide you with a copy of the contract. Terms of the contract as well the interest rate and the fees applicable should be crystal clear to you. This is mainly why it is always advised to browse through many licensed money lenders before fixing one. Try not to rush during the whole selection process and only select the money lender when you are thoroughly satisfied with his contract. Wondering how one can check whether the advertisement is a licensed money lender or not? Well, it’s not that hard as licensed money lenders can only advertise through these three ways:
- Business or consumer directories
- Website of the money lender
- The Advertisement within the premises of the money lender.
If the money-lender uses any other means, then you should not opt for him or her.
Some Steps To Follow
Check whether the company is giving you the right principal amount of money or not. They are only allowed for 10% deduction of the principal amount of the loan approval fee. Try to pay the loan installments on time to avoid any problems such as late payment fees or late interest. They are bound to issue you a dated and signed a receipt for each of the installments you pay for. You should retain all the receipts issued in your name and keep a record of everything.