It is usually not an easy task when you shop around looking for the best products or services, even in this day and age. The same goes when you are looking for a loan, or are in need of some cash, and are looking for the best-licensed moneylender in town. In this article, we will be discussing some tips on finding the best moneylender suited for you.
Interest Rates and Fees
Every moneylender has their own individual interest rates and fees, and this is usually one of the more obvious things to look out for when you are choosing your moneylender. Try to find a moneylender that has lower interest rates and fees to minimize your burden when you repay your loan.
Find the moneylender with the right maximum loan amount for you
As with the different interest rates and fees, every moneylender also has a different maximum loan amount they are willing to loan to you. This is because every moneylender has their own methods of evaluating their maximum loan amount, so if you need more money, you can try searching for a moneylender that is willing to lend you the amount you need. However, a good general practice is to only borrow what you need or can afford.
Find a licensed moneylender
This is a no-brainer, especially in this day and age, where the internet has made us more aware of potential dangers. A licensed moneylender will be governed by the Money Lenders Act, which protects the borrowers from unscrupulous or unsavoury practices that can lead to devastating consequences for the ignorant.
Speed and efficiency is key
Unlike banks, licensed moneylenders are favoured because they have a very short processing time compared to the banks, which in turn means that you will be able to get your cash in the fastest time possible. Do be sure to check on how quickly you can get your cash in hand when you look for a moneylender, especially if you need your money as soon as possible.
So who is the best moneylender in town?
Based on all the factors above, we recommend Fast Money, a licensed moneylender with one of the lowest interest rates and fees in Singapore. Additionally, not only are they licensed, which ensures your safety when borrowing from them, but they also have multiple loan options and even a fast cash loan where you can get your money instantly on the spot.
The process for borrowing is simple., with the first step being to come down to the Fast Money office in person to find the best terms and loans for you. Remember to bring the following:
- your NRIC or Passport number
- your phone bill or Singapore power service bill
- 3 months payslip or 15 months CPF statement or Income Tax Statement
- or for self-employed individuals, your past 2 years income tax statements
- your original valid employment pass
- your original passport
- your tenancy agreement for your rental premise, PUB bill or handphone bill
- Appointment letter from your company
- latest 3 months payslip
- bank statement- for proof of your company crediting your salary
These are all relevant documents needed for the approval of your loan.
After determining the best loan for you, all you will need to do is to simply fill in the relevant forms and you can go to claim your loan after that.
There are some eligibility requirements, however, so please do ensure that:
- You are a Singaporean, Permanent Resident or a Foreigner with a valid Singapore Employment Pass
- Be above 21 years old
- Be a full time employed personnel
For more information about Fast Money, go to fastmoney.com.sg or call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.