Things to Notice While Finding Singapore Money Lenders

There are always sometimes that you need urgent money. But you may can not get some help from your friends or people around you. Due to the bad credit history and not strong financial position, you may be not qualified to take a loan from banks. However, you are desperately in need of money. In this case, Singapore money lenders will be willing to give you a helping hand. 

Even though money lenders increasingly, you still need to sharpen your eyes to find a right money lender when you need their help. As doing transaction with money lenders didn't like the way you dealing with banks. Usually, when taking up a loan from banks, the conditions, procedures, interest rates, and the service charges are pretty much the same. However, it is not the same when in case of money lenders. There is wide range of interest rates. Different money lenders may offer different interest rates to their customers. Without expectation, the type of loan and the repayment schedule are different in different money lenders. This is why borrowers need to shop around and compare rates before making the final decision. 

The following are some things which borrowers need to keep in mind when turning to Singapore money lenders. 

1. The amount of money you can take and the interest rate that money lenders will provide you will depend on your annual or monthly income. If your individual income is more than $30,000 a year, then money lenders can charge you any interest rate that is agreed upon. And if your individuals is less than $30,000 a year, an effective interest rate for secured loan is 13%, and 20% for a unsecured loan. 

2. There are only 6 fees which can be charged by Singapore money lenders. They are the situations of late repayment of interest, early determination of the loan contract or early redemption of the loan, legal costs incurred for the recovery of the loan, dishonored quench issued by you, unsuccessful GIRO deduction from a bank account, the terms of the loan contract are varied at your request. 

3. If you have any unclear details, you can ask money lenders. As money lender are obligated to explain the terms of contract in the language that you understand. And they are required to provide borrowers with a copy of the contract. Once in case of failing to offer you the copy of the loan contract or retaining your NRIC or any other personal document, you have to be mindful. It is likely that someone who pretend to be licensed money lenders to do business. 

4. Last but not not least, you have to make sure that you are paying the loan installments in time and always ask for a signed and dated receipt. Once you can not meet the repayment schedule, the late repayment fees may cause a financial strain to you and your family.