There is an unspoken stigma on moneylenders, with the media usually portraying them as vicious loan sharks who send thugs after you with unreasonable interest rates.
Fortunately, even though they run rampant in the world of movies, real life is thankfully quite different, with official moneylenders being a legitimate service that can even be a boon to people who are in desperate need of some cash, be it to tide them to the next payday or to finance a loan.
Which makes getting a monthly loan an actually viable method to help you with your business or other cash needs, as long as you know what you are doing. In this article, we have a few tips for you in order to have the best experience when taking on a monthly loan.
Borrow what you need
Many a times, when people are faced with the prospect of easy or fast money, even if it is a loan, they might be tempted to borrow more than what they with the mind-set of ‘in case I need it’ This, however, can be an unwise or even potentially dangerous move to make, as the loan that you are undertaking has interest attached to it, meaning that in the long term you are actually spending more by taking on a larger loan. So a good tip to have in mind is to only borrow what you need.
Don’t stretch out your loan repayment
Some people like to stretch out their loan period to as long as they can to make their burden lighter. This is not such a good move however as having a longer loan repayment period usually means that you are also paying more interest in the long term, which means that you are actually losing money. A good practice to have is to go for a loan repayment period that ensures that you still have enough to survive, but yet lets you be able to repay the loan as soon as you can.
Choose the right moneylenders
Choosing the right moneylenders is a very important step as every moneylender has their different pros and cons, without mentioning the differing rates and services each ones provides. Make sure that you are borrowing from an official moneylender and not a loan shark, lest you have what happens in the movies happen to you.
In terms of official moneylenders, we recommend Fast Money, one of Singapore’s best moneylenders. With Fast Money, you can be sure that you will be safe and not overburdened as Fast Money will be able to come up with the best loan amount and loan repayment period most suited to you. To find out more about Fast Money, check them out at https://fastmoney.com.sg/