Guide To Finding A Licensed Moneylender In Singapore
What is Money Lending?
Money lending is the act or practice of loaning a certain amount of money either to an individual, or a business entity. There are usually some requirements that you need to complete and submit, and then once their finance team thinks you met their criteria, then you’ll be approved for the loan. The timeframe for the whole process varies from a week to a month, depending on the amount you wish to borrow and the requirements you sent. Some money lenders do not require too much information from you so that the loan process is becomes shorter, while others take their time in doing a credit and background check. Also, the payment time frame varies, depending on the factors set by the lending company.
There are so many licensed and unlicensed money lenders in Singapore. Your purpose for the loan can vary from starting up a small business, to paying off your kids’ tuition fees, or for personal use. So amongst these companies, how do you find that perfect lending team?
Do your homework
You can listen to hearsay or to recommendations from your friends, but the true information that you know you can really trust are the ones that you unbarred yourself. Try to research on the moneylenders in your area, their credibility and reviews from customers. Get in touch with their customer service team and see how they handle enquiries – are they able to explain the terms and conditions to you well enough? Here’s a checklist that you may use to know if a lender is licensed and genuine.
1. Great Customer Support – now this must be before, during and after the loan is done. Why do I say that? Because if that lender isn’t at all bona fide, then you may notice that they are only good at the Before’ part of the loan and not during or after
2. Does not get unnecessary info – a money lender may ask for at least one valid ID to verify your identity and maybe other supporting documents, but other than that, they don’t really need to know details about your personal accounts and passwords, etc. You’ll know when too much is too much.
3. Must know how to explain the Terms and Conditions by heart – this might sound strange but believe me, this is one great way to know the fraudsters from the real ones. When you call them about some issues and they are able to explain it to you in detail and with great sense, you bet they are legit.
Speaking of legit, check out Easy Credit. If you want a reputable lender who offers the lowest interest rate, try them. They are your smart choice for your financial needs.