In life, there are some instances you will encounter struggles that are extra challenging to overcome. One good example of this is financial needs. This year, I had to get an urgent cash loan in Singapore because my business got taken down during the global COVID-19 pandemic. And thankfully, the luck is in my hands! The moneylender I dealt with allowed me to borrow.
The challenge with getting money lenders is that credible, trustworthy ones can be tough to find. To help you come across and vet good loan creditors, here are some crucial tips and tricks I can share with you before you decide on getting a personal loan in Singapore.
01. ASSESS YOUR FINANCIAL CREDENTIALS
Before finding a money lender in Singapore, start with your finances first. Assess your credit and financial credentials. There are different personal loan creditors that can cater to various debtors in the money-lending industry. While most banks and debt agencies work only with people with high credit scores, sufficient finances, and plenty of income, others can deal with people and offer loans with low credit. Although it generally comes at a higher rate.
When I took loans from a money lender in Singapore, luckily, my income was high, and I had other businesses that brought plenty of revenue. It pays to have a good credit score and high income, especially when applying for a personal loan. To increase your chances of approval so lenders can accommodate you, check your credit and assess your current financial situation.
02. EXPLORE ALL YOUR BORROWING OPTIONS
One helpful tip I could leave you with is to find as many options as possible, especially if you’re borrowing online loans in Singapore. Look for all the banks, online lenders, and credit unions you can score on the internet. Explore all the options you come across to ensure your quest bags have the best loan terms and rates. If it helps, I suggest going to your local bank or working with a money lender your friends or family have worked with, although it does not necessarily mean they can also offer workable terms.
03. GET QUOTES FROM SEVERAL LENDERS
Loan terms and rates vary depending on the money lender in Singapore. It is also a good idea to shop around, find options, and enquire before fully committing to a financial institution. When I borrowed a loan, I had to call them directly regarding their rates and quotes. The more answers you receive, the better your chances of finding the most affordable and credible money-lending option.
04. LOOK AT THE BIG PICTURE
Finally, like in life, you should look at the bigger picture when borrowing a personal loan in Singapore. Avoid focusing only on the interest rate and terms. Consider other factors that affect your approval, such as origination fees, prepayment penalties, and the entire repayment timeline. You may be able to score low-interest rates, but it comes with a shorter repayment period.
Choose to only work with a licensed money lender in Singapore. I only entrust my finances with Monetium Credit. Start sending your questions and queries on their website today.