New businesses and individual entrepreneurs in Singapore often find it challenging to get the best moneylenders that can help them meet their financial goals. However, Moneylender’s Directory of Singapore contains all licensed moneylenders in Singapore. It also avails reviews of different moneylenders to make it easy for businesses and individuals to choose their dream loans. When evaluating various Singapore Money Lenders, there are several factors that borrowers must keep in mind. Below are the factors to consider in a lender.
Loan approval time
A lender that takes too much time before it can approve a loan application might not be desirable to work with. Long and complicated procedures can be disheartening particularly to start-ups. In fact, some lenders would want to delve deep into credit history of each borrower. It means if one has had a bad credit record, then their chances of getting a loan are minimal. By reading through the reviews of various moneylenders, borrowers get to understand the length of time
that a company takes to approve a loan.
Different lenders have varying terms and conditions of their loans. Lenders with qualified and friendly staff that can explain to borrowers all their terms and requirements are worth considering. Such staff can explain repayment schedules, attached loan fees, and any hidden fees if any. Besides, they can also help borrowers decide on the type and amount of loan that is appropriate for them and their businesses.
Interest rates are what determines whether one will borrow or not. A lender that charges exorbitant rates may not be appropriate for a start-up. When doing research, borrowers are advised to select lenders with competitive rates as it determines the amount that one will pay on top of the principal amount. Low-interest rates, however, may not guarantee that the lender is the best on the market. The best moneylenders are those that offer unbeatable overall loan packages that suit one’s financial goals.
The flexibility of loan repayment gives the borrower added control on how they can make their repayments. Apart from choosing a lender with the lowest APR, it is good to consider whether the lender offers no early repayment fees. Flexible repayments can also imply one can make additional repayments on top of what they pay regularly. Additionally, before borrowing a loan, one must be aware of the consequences and how the lender handles late repayment. Lenders that charge high interest for late payment might end up making the loan too expensive for a borrower.
Convenience and reliability
Sometimes one can get into a financial crunch. It’ll be essential if the lender of their loan is convenient and can be reached through the phone or email. A convenient lender who understands individual financial needs is worth considering. Borrowers in Singapore must consider visiting the individual websites of each lender to find their contacts. This is essential in case a borrower wants to reach them quickly.
While there are several moneylenders in Singapore, it is worth making a comparison of them to determine the best ones. Borrowers can always visit Moneylender’s Directory of Singapore to find and compare various licensed lenders.