Indeed, your income matters! It helps in paying the bills and rent, purchasing food and other basic needs for you and your family, keeping the utilities running and more. However, in case you find yourself not having enough money to cover even the basic expenses, this is a financial dilemma that needs to be solved right away. It’s good if you have family and friends who can lend you a considerable amount of money. But if you don’t or they don’t have excess money to lend you, what would you do then?
With numerous bills piling up and expenses to be paid, it can be nervewracking to think of the best possible solution to your problem. If you have thought of, tried, and exhausted every single possible solution to get your money problem solved, but still nothing, the next best thing that you should do is start looking for a licensed money lender. Money lenders are very popular in different places around the world, including Singapore. With the standard of living getting higher and higher, most individuals face rainy days and the financial assistance that these money lenders offer are a great help.
With the abundance of licensed money lenders offering their financial products in the market today, it can’t be that difficult to find a suitable one. However, if it’s your first time applying for a loan, then here are some tips to give you a helping hand in finding a lender that suits your requirements.
Tip #1: Look for licensed money lenders.
Being your first time to apply for a loan, it can be a bit overwhelming especially with the many different choices of money lenders today. However, it is advisable that you make sure you apply for a loan with a licensed money lender. You can determine if the lending company is licensed if they registered their business with the Registry of Moneylenders in Singapore. If not, then you know you have to look elsewhere.
Tip #2: Research about how long the lending company is in the business.
When you start your research, it is necessary to know more about the money lender you are considering of applying for a loan with. Aside from making sure that they are registered and have the right to operate their business, you should take a look at how long they have been in the industry. A company that has been operating for a number of years and receive legit positive testimonials from customers are sure to meet your financial expectations.
Tip #3: Make sure to compare the interest rates of each and every money lender.
Because you are applying for a loan to get you out of a sticky money problem, it is advisable that you find a lender that can offer you reasonable interest rates. Don’t settle with the first one that comes up in the search engine or is recommended by your friends. Make sure that you do enough research and take a look at the interest rates first. Compare it with the rates offered by other money lenders and see which one suits you and your financial situation the best.
Tip #4: Take a look at their repayment terms and see if it’s flexible and realistic.
When it comes to looking for money lenders, it is not enough that you know how much you can borrow and what the interest rate is. You should also know about the repayment terms and if it’s flexible or realistic enough for your current financial situation. Remember that you have to pay the loan according to the agreed schedule so make sure that you will have money at those times.
Looking for a money lender is easy with the use of internet and recommendations, but finding one that will cater to your financial needs is another thing. Make sure to follow these tips and you will find the suitable one for you in no time.