6 Qualities That Good Money Lenders Should Have

Searching for a moneylender in Singapore is very easy. You can find many licensed moneylender that offers emergency or personal loans. However, the decision to choose a Singapore moneylender should not just come from a simple Google search. In this article, we will discuss the qualities that you should search for in a money lender.

  1. Responsive to your queries and concerns

Loan terminologies can be overwhelming and complicated for the common people. For this reason do not be reluctant when it comes to asking questions if you fail to fully understand. One sign of a good lender is their ability to explain everything that you might ask about the loan you are taking. A good money lender will have knowledge of every little aspect of the loans that they are offering. A representative from the lending company have to be able to give you with a walk-through of the loan that you are taking, which includes the advantages and disadvantages with that particular loan. A good loan provider should be capable of responding to your questions in order to assist you in making a decision.


  1. Open 24 hours a day, 7 days a week

Being open 24/7 is another indication of how good a money lender is. The greatness of money lenders operating 24/7 will be apparent if you had an emergency situation in a weekend or on Sundays, or in the early hours of the morning.

  1. They take a look at your credit health

A huge feature for many money lenders in Singapore is their claim of conducting minimal credit reports. Provided that you possess a legitimate and steady income and collateral, you will typically be qualified to take their loans. However, this does not mean they should never assess your credit score. You want the money lenders to take a look at your credit background at the very least. All money lenders you consult with must carry out a history credit test, even if your credit score does not make a difference or your history of loans will not be an issue in their decision to approve your loan. They must at least talk to you about the ways in which you will be able to settle your loan and explain the guidelines of your loan to you. A money lender that cannot be bothered to even check the reliability of the people they loan to is a red flag that you should avoid.


  1. The lender should NOT try to persuade you in borrowing more or less

A good lender will not try to convince you to take out a higher amount of borrow that is more than what you are asking for. In most cases, lenders like that are only trying to make more money from you in the form of interest payments and higher fees and charges due to the increased amount of your loan. Conversely, if the lender is not willing to lend you the full amount that you need, you are better off with another lender that is more open-handed.

  1. Transparency on loan fees

Loan companies must be up front regarding the charges they impose so you are able to assess the entire expenses of a loan, allowing to compare it to another loan. The usual charges that you must expect includes origination charges and prepayment fines and overdue prices.

There are some instances in which it is reasonable for a lender to charge an increased charge. For example, if your loan have a low interest rate, it is acceptable for it to have a increased fee. You should avoid having a loan of from any kind of lender that does not reveal precisely what fees you will be incurred once you obtain your loan, or throughout the settlement procedure.

On a sidenote, you should be wary of loan providers that will charge surprise fees once you get deeper within the loan application procedure. Some loan providers have a habit of popping up surprise charges that are not revealed when you first selected the loan. If such a thing occurred, it will be better for you to step back and take out a loan from a transparent lender instead. A good money lender should be transparent at what fees they charge from the first time that you inquire about the loan.

  1. Provide reasonably fast approvals

Another sign of a good money lender is if they have a quick process of approving loans. As soon as your credit history check and other requirements has been settled, the approval for your loan should be made so that you can get the money in a speedy manner.

The majority of people who take out a loan do so for the simple reason that they need money, and they need it fast. You might need the personal loan money for a major investment or you might require the money to pay back high-interest personal debt that you are attempting to consolidate. Whatever the reason, one thing is clear: the earlier you get the money, the better.

If your situation forced you to have a loan, you most likely do not want to wait a long time spent applying for the loan, preparing the documents, waiting for the approval, and the release of loan funds. You want your loan money ASAP. However, a number of loan companies are processing loans more slowly compared to others.

Numerous loan providers offering online applications can present near instantaneous approval for as low as 30 minutes, and release your loan funds in just 7 days or even less.

About 365 Credit Solutions

365 Credit Solutions Pte Ltd is an established licensed moneylender since 2010 (formerly known as FLS Credit and Fu Lu Shou Credit), accredited by the Registry of Moneylenders in Singapore. We specialize in providing personal, payday, bridging, foreigner, business loans to Singaporeans & Foreigners working in Singapore.


Our mission is to help make taking a loan a simpler, more understandable process, and to educate our customers about their loan options in the event of an urgent need.

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