Finance

Choosing A Good Licensed Moneylender in Singapore

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Introduction

Money lending is the practice of offering cash money loan at a high level of interest over a relatively short duration of time. Basically, a moneylender is an organization or a group that offers such cash loans. Banks and other financial institutions are not considered as moneylenders. When you are tight for cash and need some more money to get out of the situation or trouble, it’s always good to obtain a money loan from a licensed money lender such as the Credit Hub Capital. The advantage of choosing a licensed moneylender is that their operations are checked by the Registry of Moneylenders. This means that its rules and regulations must fully comply with the Authority. Such a moneylender has reasonable interest rates and protects you from bogus loans.

Getting a good, licensed moneylender Singapore

Finding a licensed moneylender may not be a hard task. Choosing a good one among the many available is the real hassle. What to do:

Determine the credibility of the money lender by conducting a small research about its reputation and whether or not it is licensed. Do some quick online searches and look for customer reviews.

Examine the charges and fees.

Some moneylenders might have hidden charges and additional expenses that are not outrightly mention in the loan description. These could be insurance or processing charges. Get to know the full expenses so that you can decide whether or not to take the loan package.

Check out the interest rates offered.

Interest rates vary from company to company. In this scenario, compare different interest rates between the legal moneylenders before settling for any decision. Be wary of companies offering too low to be true interest rates. These maybe fraudulent lenders.

Compare the application and approval procedures from different legal lenders.

Go for a lender with less stringent procedures and prolonged approval wait time.Check out for terms and conditions of the lender before signing anything. Read them through to avoid confusion and future complexities. This will expose any loan restrictions or requirements by a lender.

Look at the flexibility of the loan repayment.

Is it in installments or a one-time full repayment? Choose a lender with negotiable repayment terms to ensure they can understand you in case of any difficulties in repaying the loan.

Conclusion

While finding a legal moneylender is simple, it is always advisable to take your time and do some homework on the company or group you are about to commit to. It is worth noting that the money is not a free cash. It has to be repaid and therefore, you should choose how it is offered to you.