Finding a good money lender in Singapore that will not try to lead you into a debt trap is hard, but it is not impossible. In this article, we will guide you on how you can find the best money lender that is best for you.
It doesn’t matter if you are looking for a moneylender in Clementi or anywhere else, this guide is applicable for you as long as you are located in Singapore.
Before we dive in, let’s briefly discuss the characteristics of a good moneylender first.
What constitutes a good money lender?
Before we go on our guide on how to find a good money lender, you must be aware of their characteristics first. A trustworthy money lender has got the required licenses and qualifications to provide service and deliver loan products within their area.
A reputable loan provider should offer fair terms and conditions on the loan in addition to providing an alternate settlement system for their customers who have trouble paying.
Getting a loan from a reliable money lender is essential for people in search of loan money, especially if their loan purpose is due to an emergency, for business investment, or other acceptable reasons.
Another important factor that money lenders should have is their level of experience. The length in years that a lending provider is operating can give you some insights on whether you will get quality service or not.
Keep in mind that when analyzing the experience of a loan company, you must also keep an eye on the way in which they are giving services to their clients. This can be effectively gauge by looking at online reviews by past clients, which will be discussed later in this article.
Now that you know a few basics in what to expect from a good money lender, let’s move on to our guide on finding one.
To assist you in your quest to locate a reliable and trustworthy money lender doing business in Singapore, be sure to read our tips and suggestions below:
Verify the licenses and permits of the money lender
Before you start filling up an application, be sure that you are dealing with a licensed moneylender first. Check if the moneylender has the necessary permits to operate.
If the moneylender you want to get a loan from has a website, confirm the validity of what they claim to be on the internet.
Also, you must check if they are listed in the government database of licensed money lenders. This topic will be discussed in depth later in this article.
Check with your family members and close friends
If you have family members and friends living in the same area as you do, chances are high that some of them have experienced getting a loan from a local lending company.
With this, you will be able to call for suggestions about the money lenders that they have good experiences from, and the type of loan that they already took.
Your family and friends will provide you with genuinely reliable suggestions, in addition to warnings regarding money lenders that are not good to take a loan from.
If you do not have family members or friends who can help you, you can also try reaching your co-workers and business partners. With such a broad network of people to ask from, you will surely get a good suggestion in no time.
Carry out research on the internet
After consulting with your family and friends, the next step you must do is to check out the web. You will find a variety of information and facts on money lenders in Singapore on the internet that will allow you to make a decision.
By looking on the internet, you will be capable of getting more info on loan selections, repayments, company details and other stuff that may be beneficial in figuring out if the loan company you want to take out a loan from carries a good standing or not.
A good source of information about the lenders is by looking at their reviews, ratings, and discussions about the loan company and their loan products on community forums. By reading the moneylender reviews and forum discussions, you can have a general idea of how the lender operates.
Additionally, you will learn about the experience of those who have already taken a loan from them, which will provide you with valuable information. If you see a lot of complaints or rants in the forums, or a lot of low ratings, find out why people are giving such reactions.
Generally, you will want to avoid companies with low reviews online. By diligently going through online reviews and internet forums, you will become aware of how good or how bad a loan company is without having to deal with them yourself, saving you a lot of time (and money).
Take a look at government databases for certified money lenders in Singapore
Singapore’s Moneylenders act has given way for a government-maintained listing that contains the record of every certified money lending establishments in Singapore that has received their license from the Ministry of Law.
As such, money lenders that are not indexed by that directory are not licensed and are not considered to be legit. If you cannot find the moneylender you are eyeing in the government database, do not take out a loan from them as they are not probably licensed.
By getting your loan from a reliable and trustworthy money lender in Singapore, you will guarantee that you deal with proper procedures without any stress when it comes to repayment conditions and other related agreements.
A guide on finding the best moneylender would not be complete without our own suggestion. One of our recommendations is 356 Credit, a licensed moneylender in Singapore. Get in touch with 356 Credit today! Just submit your inquiry here and we will contact you on how to apply for a quick and hassle-free loan.