Are you short on cash and wondering where to get a loan? Worry not! However, you need to be careful to approach the right moneylender and not a loan shark.
A loan shark is terrible and will end up pressurizing you to get a loan and then even use your collateral to frustrate you. It is really important to know the right moneylender where you can acquire a loan from.
We will provide a good guideline on how to identify the right moneylender to get a cash loan from. Different moneylenders offer different types of loans such as personal, short-term loans, unsecured loans, cash advances, business loans, entrepreneur loans, SME loans, and COE renewal car loans.
You just need to be sure of the type of loan that you need for your needs and wants. There is a lot that you need to consider before getting a loan from a licensed money lender.
What Do You Need Before You Approach A Moneylender?
- Know Your Needs
Before you approach a moneylender, you will need to know your needs and wants. What type of loan do you need and for what purpose? This will help you when acquiring a loan.
It can be awful if you take a small loan, then require more before you pay it back. It can be hard to approach the moneylender again for an increase, unless in special cases.
- Have The Required Documents
Another key thing before approaching a moneylender is to ensure you have the required documents. What are the requirements required when borrowing a loan from a Traditional Credit Money lending company?
This will help you to be prepared when you start applying and get contacted by the customer service team. On this, it is also important to read the borrower’s FAQs, policies, and terms and conditions governing the money lending process.
- Know-How Fast You Will Pay The Loan
When approaching the moneylender, you need to know how fast you will pay the loan. Therefore, have an overview in your mind on the fastest that you can pay the loan.
This is important to measure the amount of money you can acquire from the moneylender. If you know you will manage to pay after two years, be clear on that. This should also be done while considering the interest rate.
- Have Collateral In Place
Another vital thing is to have solid collateral in place. The different moneylenders tend to have unique requirements. This is specific for the secure type of loans where you will need to provide collateral.
However, most money lending companies don’t need collateral but for a huge amount of money, some require. While on that, also ensure you have a great credit score to increase your chances of getting a loan.
- Do Background Research
Before you approach a moneylender, you will also need to do thorough background research. How do they relate with their customers? What type of loans do they offer? How trustworthy are they?
Just ensure you know the ins and outs of the specific moneylender to be in a better position.
The Best Tips On How To Choose The Right Money Lender In Singapore.
- The Efficiency Of The Money Lending Company
In this, you will need to check the credibility and trustworthiness of the company. This is because you need to choose an ideal money lending company like Traditional Credit. For this, you will need to check:
- How long they have been in existence?
- If they have a social media page, how do they interact with their followers?
- How do they handle situations? Both online and offline?
- How credible are they?
- If there is a review and testimonial part, read what other borrowers have said.
These can help you realize whether the moneylender is ideal or not. Always be careful when doing this kind of research to know more about the company.
- Physical Address
Another great thing is to check whether they have a physical address. In as much as people are working remotely nowadays, it is still important for the money lending company to have a physical address. Where will you go if you want to consult about something significant?
Tradition Credit Co Pte Ltd
Blk 205 Bedok North Street 1
This makes it easy to locate them and even go in person if you need some help. Talking with a customer service personnel on the phone is equally okay, however, going physically also helps.
- Application Procedure
Another great thing you need to consider is the application procedure. How easy or tough is it? It is critical to deal with a moneylender who provides straightforward procedures. Just try your best to check the application procedure and see whether it is something that you can handle.
In the case of Traditional Credit, you just need to fill in the application form online, get called by one of the customer service members, bring your documents to the office, sign some documentation, and your loan will be available within a day. However, they will still need to check your eligibility to get the loan depending on your capability.
- The Type Of Loans Offered
When choosing a moneylender, you need to choose the one that offers different types of loans. In as much as a loan can satisfy your wants, selecting a specialized one is better because of the different terms associated with them.
This will also help you to evaluate the interest rate and how fast you will be able to pay off the loan. This is another criteria for choosing the right money lender in Singapore. Also, remember to check their loan approval rates.
Get A Loan From A Licensed Money Lender In Singapore.
If you want to be safe when acquiring a loan, you need to get it from a licensed moneylender. There are many credible moneylenders in Singapore and you need to select the right one whose terms are favorable. You also need to check the approval rate to ensure that you will be safe when you try to apply for a loan from a licensed moneylender.