Are you looking for a loan in Singapore? This is the right place you have reached to know about loans. Opting for a loan is in a child’s play. It requires a long procedure. There are certain things that must be considered before taking up the loan. We highly recommend you to have a word with your money lender. Before taking up the loan, there are certain things the borrower must know. Moreover, there are things you should look for in a money lender.
As there are things to start, it can impact the whole process a lot. There are many important things related to the loan, for instance, interest rate, repayment, disbursement, administrative fee, etc. These things must be considered before taking up the loan. The borrower must look for some of the specifications that are essential.
In Singapore, there are certain rules and registrations for private money lenders. These rules and legislation can be quite confusing for the borrower. It is very important to look for certain things in the moneylender. In case you are too confused about it. We are going to provide you with some clarity. Keep reading ahead to know about the things you must look at in the private money lender.
List of things to look for in the 24-hour private money lender
Here we are going to provide you with some of the lists of things that look for a private 24hrs money lender. These things will definitely provide you with a perspective about the private money lender. Let’s have a glance to know about how to get personal loan in Singapore.
The license of the ministry of the law
It is very important for the moneylender to have a licence. Always go for a licensed moneylender. This will lead to better results as the moneylender must have a licence to lend money. This licence is given by the law of ministry. To simplify, the moneylender has legal permission to lend money. It is absolutely safe and secure to borrow money from a licensed money lender. This will lead to better results. This is to maintain your own safety as unlicensed money lenders are not very safe. It can take a heavy toll on you before opting for a loan. Always go for a licensed money lender. These are the most important things and must be considered. The licensed money lender is registered by the government. In the market, there are a lot of frauds and scams. Always go for a licensed money lender. These money lenders are private and are available for 24 hours.
Principal rate of interest
The rate of interest must not exceed 4%. This is the principal rate of interest. It must not exceed 4%. As per the ministry of law, it is the principal rate of interest. There are many things about the interest rate. Over the years, the licenced money lenders only demand 4% of the interest rate. There are many specifications of the interest rate. Always ask the moneylender about the interest rate. The moneylender must stick to the principal rate. This will give you a clear perspective about the cost and the interest. These are the most important things and must be considered. Moreover, fraud and scams do not stick to the principal rate of interest. You can also identify if the moneylender is licensed or not.
Reviews of the money lender
Reviews can be very revealing. Always look for the reviews while applying for the loan. If you have a moneylender, always check his reviews. This will really give you a clear perspective about the moneylender. Also, this can reveal as the moneylender is trustworthy or not. While taking off a loan, always look for the reviews of the moneylender. You can check on the website. As under the money lenders name, the reviews are given to the customers. Check the reviews of the money lenders online. There are multiple aspects of money lenders. This is the most important thing to look for. Always check the reviews of the money lenders.
Physical address & timings of the money lender
The physical address of the money lenders is a must. Look for a money lender that has a physical address. It is absolutely safe and secured to get the work done. The physical address of the moneylender is significant. As in case if there is any problem, you can reach the moneylender. The borrower can reach out to the money lenders physical address. You can also ask about the timings. Enquire about money lender open on Sunday as the timings of the money lenders is different. Enquire about the non-working days of the moneylender.
The licence moneylenders tend to have a physical address. On the contrary, they are illegal and just do not have a physical address. They do not have any definite timings as well. There is a contract made where the permanent address money lender is mentioned. The physical address of the money lender is a must to know. Always look for the physical address of the moneylender. These are some of the most important things to be considered.
The money lenders charge the administrative fee is just $10. The legal money lenders will not charge you above $10. As per the ministry of law, the administrative fee must not exceed $10. Always look for a reasonable administrative fee. There are an array of advantages that you can see from it as the legally licensed money lenders will not charge you a heavy amount as an administrative fee.
Moreover, the administrative fee must be paid only once the loan is disbursed. While opting for the personal loan, the borrower must pay only $10 as an administrative fee. Go for a licensed money lender who will stick to the principal. This is a rule which is set by the law of ministry in Singapore.
These are the things you should look for in the licensed money lender in Singapore. While opting for a personal loan, always cross-check the things that we have mentioned above. We hope this article will help you out with the purpose.