What To Consider When Looking For The Licensed Moneylender In Singapore
In Singapore, there are legal and illegal moneylenders. The most efficient way of differentiating the two would be to have a look at their license, usually framed on the walls or publicly advertised. By going to a licensed moneylender Singapore, you are taking a safer bet, for their illegal counterparts or “Ah Long” in local slang, may be out to rip you off.
- Ease Of Application
As we all may know, applying for a loan can be a tiresome and gruelling process. Some moneylenders may require you to fill out endless amounts of forms, so it’s best to pick one that would only require essential information. Consider what you have. An Identification Card, bank statements, a criminal record? Depending on your situation, you might have to search for some less demanding lenders.
- Speed Of Approval
Ranging from days to months, and largely dependent on the size of your loan, is the time taken for approval. To attract potential borrowers, many may advertise an approval time of only a few hours. Why not go for those? If you require fast cash, then those are moneylenders you want to go to.
- Interest Rates
It is safe to say, that at the moment, anything below 8% p.a is a green light to go ahead. The best time for you to have an edge against licensed moneylenders of Singapore is when demand is low. Where would they generate income? They can’t. When it’s kept still in their pockets, no profits are coming in. As a result, they would rather loan it out at a low rate than leave it lying around.
If you’re ready to take on the exciting world of moneylending, just go to find a good lender, and you may save just yourself a couple of hundred dollars. Good luck out there!