If you are in need of a loan, chances are it is not an easy task to locate a financial institution that can provide one. Even if you have previously availed credit cards or savings accounts from different banks and financial institutions, there may still be instances where funds were delayed due to failed authentication procedures – leading to lengthy delays before receiving any reimbursement.
If you have yet to take out a loan from a Singaporean moneylender, then it is essential to carefully consider your options before making any decisions. The process of choosing the ideal lender should not be taken lightly as lenders come with varying levels of expertise; some will be more adept at handling customer queries compared others. If you’re seeking a straightforward answer for how best to select the ideal lender…
What is a money lender?
A money lender is an investor or financial institution that facilitates loans between its customers and borrowers. Usually businesses, individuals or couples may turn to a loan when faced with monetary difficulties; some even resort to borrowing money when they seek an infusion into their bank account.
No matter how dire your situation might be, it’s unlikely that you will have difficulty in finding a reputable money lender. After all, the majority of lenders on this planet are more than willing to make available both short-term and long-term funding options.
How do you choose a money lender?
If you are in search of obtaining a loan, there is no need to stress! Choosing the right money lender is an essential step towards realizing your financial ambitions.
Indeed, having this assistance may not only expedite the process but also ensure that you are compliant with any fiscal obligations while also alleviating stress and burden on one’s wallet!
Accordingly, it can be argued that lenders exist to facilitate loans for individuals as well as businesses; therefore, they provide loans at various rates. At times these could even fluctuate due to external factors – such as monetary policies of individual countries or movements within stock exchanges – which can significantly alter the costs from those upfront figures!
What questions should you ask when looking for a money lender?
Before you hand over any money, it is vital that you conduct thorough research on your prospective lender. These are just a few queries to contemplate when searching for an ideal financial assistance provider!
Are you looking for a loan amount or a term? Ask about the total amount of loan requested along with its duration – from how long it will take them to repay back what was advanced; or whether they require principal payments in USD or Singaporean dollar.
Do not forget about requiring collateral for your loan. This can be the asset which serves as security for the repayment of funds borrowed by an individual party under such arrangement. It could also mean other valuables such as jewelry or personal property like cars or even homes! Make sure that you know what kind of collateral is required before granting access to it.
List of Reputable Money Lenders in Singapore
KBB Credit
If you are searching for a Bugis money lender in town near City Hall, the options are abundant. Bilingual staff can be found at several lenders in the Bugis Area; however, you can rest assured knowing that there is one ultimate champion of our city when it comes to lending – KBB Credit!
Hassle-free transactions with KBB Credit make dealing with them an absolute breeze! Here’s how they work: Just fill out a loan enquiry on their website, provide relevant personal information easily with Singpass and pay an affordable non-refundable fee – then sit back and wait for fast loan approval!
Fortune
Fortune is a leading financial services company offering a variety of credit services, loans and insurance products. The objective of this enterprise is to provide loan amounts ranging from S$2,000 to S$60,000 to people in need.
Notably, they do not require collateral pledging or immediate payment before disbursing funds. To get an idea of how profitable it is for lenders – Fortune has been offering loans with interest rates as low as 3%!
To obtain financing from Fortune Financial Services, you can submit an application online or simply call their hotline for assistance in feeding them with pertinent information about yourself.
JD
JD is a sophisticated, yet approachable financial institution in Singapore that offers various loans and other financial services. Its offerings include personal loans, car loans and home loans; among others.
JD Finance has over nine million customers worldwide. With its foray into the Singapore market in 2015, it has seen record-breaking year after year for sales figures. In 2016 alone, it had seen a 51% increase compared to the previous year!
With JD Finance’s focus on providing loan products with higher interest rates, we can expect this company to be a strong competitor in the highly competitive loan industry.
Aero
When it comes to making a loan, if at all possible, choose an institution that can offer you a speedy service. If your loan needs aren’t urgent – such as applying for your first business loan – seeking out a swift lender is essential!
Aero Loans is a unique lending platform that utilizes blockchain technology and social media. The company makes loans available with minimal paperwork required and doesn’t require any collateral when giving out cash advances; thus, creating an ideal blend between trust and convenience. Besides this fact, their automated system makes the process of credit assessment less time-consuming compared with other lenders like personal loans!
Renewing the loan with your new moneylender
Depending upon which loan you have obtained, the moneylender will provide you with a loan period ranging from one month to one year. After the initial time frame elapses, lenders require borrowers to make periodic repayments on principal and interest – typically in an amount of 25-75% of principal borrowed; this typically occurs every two weeks or once per quarter.
As mentioned previously, if your initial period has expired, there may be additional requirements involved with renewing the loan. Typically, these requirements revolve around ensuring that any outstanding installments are made before permitting a new loan period to commence.
Conclusion
Are you a savvy consumer, or even an astute businessperson? If so, then choosing the right moneylender may not be as daunting an undertaking as it seems. With sufficient knowledge, you can confidently negotiate terms that will best suit your needs and expectations!
