If you require some financial assistance, then there are plenty of moneylenders in Singapore who can help you out. But choosing the best one can be quite tricky if you do not have proper knowledge about it. It is easy to get confused because there are tons of moneylenders ready to help you out, but you must always choose a Singapore licensed moneylender or their services after considerable research. Here are some tips that are going to help you out in the process.
Do some research about the company’s experience as a moneylender
Any moneylender who doesn’t have enough experience of the market or this industry is not the right person to approach when you are in a financial crisis.
For your experience to be smooth and seamless, you need to go to a moneylender who is working in this industry for quite some time and has gained a considerable amount of experience in order to help you out.
A Singapore licensed moneylender or their services can be judged on the basis of their reputation. One of the main reasons why you should inquire about the experience of the moneylender is to ascertain the fact that they are legitimate.
Reputed companies do not exploit their customers. They will not use your ignorance for their own benefits and will only guide you towards your own well-being. You must also check the reviews that they have. See what their old customers have to say about them and then make your final decision about borrowing money from that moneylender.
Always go for a licensed moneylender
A license should be one of the most important deciding criteria for you to make your final choice. A Singapore licensed moneylender or their services are always within the limitations of the law. So, in case you something goes wrong or you are scammed, you can always go to the court for justice. But this can only be done if the moneylender is licensed. Moreover, a licensed moneylender is always more responsible because they have a liability and they will have to take accountability for everything. The presence of a license will prove that the moneylender is legitimate and you need not worry about getting tricked into some scam game.
Find out about the process of application and approval
A Singapore licensed moneylender or their services always follow a certain application process and has several criteria for the approval of your loan. You must always know about the process beforehand because not all moneylenders can give you a lump sum in a short notice or you may not qualify for a loan to some moneylenders because everyone has a different set of rules. The requirements usually remain more or less the same but may also differ with minute variations in some cases. If you have an immediate need for money, you must consult the moneylender beforehand because not everyone has a fast process of approval.
Find out their interest rates and look out for hidden fees
When you pay back the loan amount to the moneylender, you will have to pay it back with an interest. This rate of interest may differ from one company to the other. So, you must do your research about these companies and find out whose rate of interest is favorable to you. This is very important because if the interest rate is too high then you will have to face a hard time returning the loan amount. A Singapore licensed moneylender or their serviceswill require you to sign a contract and prior to signing the contract, you must also ask whether you have to pay any additional fees. This is because, at times, the hidden fees add up to form an amount that is a huge sum in itself.
Always check whether they have a flexible payment scheme
A Singapore licensed moneylender or their services might not offer you a flexible payment scheme so ask before you enter into any sort of agreement. Flexibility in the payment scheme will help you in paying back the money at your own pace and you will not have to struggle with it. You must always openly discuss your paying capacity with the moneylender before you avail the loan. After that, you must give them your suitable timeline and then see whether they are ready to give you a flexible payment schedule.
Don’t indulge in shady businesses
Transparency is the key to trust. If you notice any shady business going on, walk away. There are several other moneylenders to choose from. If a moneylender is honest then will show you everything in details and answer all your queries without avoiding them. They should also be ready to give you a close follow-up of their services. Moreover, if you notice that a moneylender has more negative reviews than positive ones, it is best not to indulge in any form of transaction with them.
At Oasis Credit,
we value our customer’s urgency and thus, we have a very swift and easy loan application and approval process. Need money today? Come to us and we will help you out with some of the best payment schemes that you will not have to think twice before taking a loan. We are also one of the best licensed moneylenders in Singapore and we are known for our transparent lending practices. Our core group of professionals will explain to you about our services and loan schemes. Our financial experts will suggest you the best schemes to suit your needs and will only direct you towards something that you can afford. Our lending practices are in alignment with the law of Singapore and we have all means to cater to the needs of our customers.
We also have a fast approval process which is less stringent and will be your savior in case of emergencies. The streamlined application process ensures a quick disbursement of cash. Our highly trained financial advisors are ready to go to great lengths to give you the best service and the most reliable loan products. If you are looking for a low-interest loan, give us a call today and we can discuss the details of the loan products.