Of course, there are multiple licensed money lenders to choose from in Singapore, and there is no hard and fast rule to determine who is the “best” money lender in the country. However, there are multiple ways you, the borrower, can find the best-suited money lender for your specific financial needs.
Credibility and experience of the money lender
A first and most crucial part of looking for the best money lender in Singapore is to verify that they are indeed licensed, and are running a legal operation. No matter which organisation you choose at the end of the day, just make sure that they are a licensed money lender in Singapore. The following are ways to verify that the money lender you are dealing with is licensed:
- Ask for proof of license provided by the Singapore government. The Ministry of Law also provides a list of authorised money lenders in Singapore that you can refer to just to be on the safe side.
- To gauge experience, do some research on the company’s history. Generally, the more years of operation they have under their belt, the better.
- You should also try to get a neutral view of their services. A quick search for public reviews about your selected money lender and their respective services can give you great customer-perspective insights.
Interest rates are an inescapable part of any loan, no matter the loan amount. As such, it only makes sense that you do ample research to find a loan with the most favourable interest rates for your financial needs.
Of course, interest rates are not the sole determining factor of choosing a good licensed money lender. So be sure to weigh your options. A loan that offers lower interest rates may require other forms of payments or have higher fixed fees involved.
Application and Approval
After compiling a list of licensed money lenders to choose from, you need to find out more details about the application and approval process. Going through the loan requirement details will instantly clarify whether you are eligible for a loan or not. And while most licensed money lenders have similar requirements, it’s better to be absolutely certain of your eligibility.
Finding out the time frame surrounding your loan approval period will also be imperative if you’re in a situation where you need an urgent loan. While most licensed money lenders are good options when you need fast cash, situations that call for immediate access to cash can be tricky.
Flexible loan repayment
Another important thing to consider when choosing the best licensed money lender to suit your needs is how flexible their repayment schedules are. It’s imperative that you’re able to make your repayments in a punctual manner, so the repayment schedule shouldn’t be something you compromise on.
We suggest having an honest discussion with your money lender about your ability to make repayments so they may best advise you on how to schedule your repayments. It’s worth noting that when calculating your ability to make your repayments, you shouldn’t just be looking at your monthly income as your final determinant. Make sure you factor in–as accurately as possible–your monthly expenses.
Choosing the Best Money Lender in Singapore
Assessing these 4 factors can really help put your loan needs in perspective, and thus help you find the best-suited licensed money lender in Singapore. If you still find yourself with any doubts to clear or questions to answer, just leave us a comment below or contact us at our hotlines: (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines).