5 Boxes To Check Before Borrowing Money

It’s safe to say that in today’s world, far often than not, people are borrowing money to make ends meet, to meet then needs of our lifestyles, or to deal with a sudden financial emergency that forces out hand. And while there’s certainly nothing wrong with borrowing money, there are a number of boxes that need to be checked off of your list before making the choice to borrow money from a licensed money lender in Singapore. Let’s take a look down below! 

Find A Licensed Lender

Most importantly, finding a tested, trusted, and proven licensed lender should be of the utmost concern. Whether you’re looking for a personal loan or a business loan, or even a payday loan or some type of quick cash solution where they can lend you money on the very same day that you connect with them, you need to verify that everything is licensed and legal. Ask to see their license registered with Registry of Money Lenders  and don’t be afraid to verify their license number! 

Reputation

Singapore is home to hundreds of money lenders, but how do you know which one is right for you? Hopefully they’ve built up a reputation of being a fair lender and a reliable professional. Do you know anyone who has worked with your particular lender of choice before? If not, read some reviews, ask for past client testimonials, and be sure to do your due diligence to learn about their reputation.

Do They Have An Office That You Can Visit?

Does your lender actually have a physical office that you can visit? Far too many illegal money lenders in Singapore claim that they can lend money from a mobile device or some other SMS marketing technology – don’t fall for this. Only go with a lender who welcomes you into their office. This will ensure that the company you’re working with is legitimate and in full compliance with all appropriate rules and regulations.

What Is The Interest Rate?

For anyone looking to borrow money, interest rates should always be of the utmost concern. In Singapore, interest rates will differ from lender to lender and they’ll most certainly depend on the type of loan that you’re seeking – something we’ll get to next. You should definitely conduct some market research on local lenders in your area to determine the average or median interest rate. From there, compare that to the interest rate that your lender is offering to determine if they’re offering you a fair deal or not.

Loan Options

Last, but certainly not least, you’ll want to know the types of loans that are available from you from your chosen lender. Based on your income, your purposes, and your own personal preferences, you could open yourself up to a wide range or a small range of loan options. You’ll want to ask your lender about the types of loan options and packages that they can offer you – and before you agree to anything, be sure to inquire about the repayment plan! 

As long as you check off all five boxes listed above, you should be all set to finalize your borrowing decision. Remember, borrowing money can be daunting – which is exactly why you deserve to borrow with confidence!

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