When and How to Hire a Moneylender in Singapore?

The prices of every single commodity are rising and you need to spend a little extra for things that were cheaper before. That’s why, moneylenders are the need of the hour.

Property prices are rising, you don’t have the rent to pay for your home. Or, you are a foreigner who needs some extra cash immediately. What if there’s a medical emergency and you didn’t have enough cash to pay? Does your business require some more funds?

Well, we all come across situations where we are cash-striped and require urgent financial support. That’s when having a moneylender can be a perfect solution for your needs. But when should you hire a moneylender and how to insure that the lender is going to be a support and not a shark? Try these tips to know when and how to hire a moneylender in Singapore.

When to take a Loan?

• For Property Purchase
  

Despite how much you save, chances are that the amount won’t be enough for purchasing a property. And even if it is, buying a property without a loan would strain your finances. So, it’s always better to opt for a property loan when you need to purchase a property. This ensures that you don’t lose all your savings at the same time. Even with the rate of interest, these loans are more convenient to pay off.

• As a Foreigner
  

While Singapore is a perfect destination for foreign travel and business, it can be difficult at times. Paying your rent, medical emergencies can force you out of cash. A moneylender can help you in such a situation. Foreigners’ loans are a convenient way of getting rid of any financial difficulties. Even locales can opt for a payday loan in case they have an urgent emergency.

• Personal Emergencies
  

What you are stripped on cash and someone in your family gets ill? What if you don’t have money to pay the landlord? What if you suddenly need cash for your business? In such cases, you should certainly opt for a loan. Personal loans are perfect for those who don’t have a specific loan for their requirement. These loans can be repaid at once and can be repaid before the due date without a fuss.

How to take a Loan?

• Opt for a Licensed Moneylender
  

Singapore is supportive of loaners, but there are several moneylenders who could turn into a loan shark, harass you and provide low level of services or higher interest rates. So, make sure that in Singapore you always opt for a licensed moneylender. Check different websites, look for the license, registration number on the loaner’s website and check it on the government’s site to confirm whether the company is actually licensed or not.

• Ask for Customized Plans
  

One of the best ways to get personalized services is to ask for a customized plans. Once you have submitted the application, ask the company to provide you information about different loans. You can inquire about the loan that’s perfect for your requirement. Choose a billing plan that works best for you.

Try these simple tips to make moneylending a positive experience.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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