Living in a country like Singapore can be quite expensive. Some people may encounter financial struggles that they consider to borrow some money from family, friends or even from their co-workers. On the other hand, some do not want to let any of their love ones to know their money problems. If you're not comfortable borrowing money from your family or friends, you may want to ask for financial assistance from a moneylender in Singapore. But, before you even borrow money from them, here are a number of points you need to consider.
If banks and other government financial assistance schemes have turned down your loan applications, don't worry too much as most moneylenders would still provide you a loan given that you're still working. Just make sure that you're able to abide by the licensed moneylender's contractual terms.
Prior to borrowing funds, be certain to do a thorough research of the reputable moneylenders. It is important that you only acquire funds from licensed moneylenders. This is highly recommended as licensed money lenders are tied to the money lender act. You can send or file a complaint whenever a money lender shows any unfair practice in your loan transaction and you can even pursue the matter with the court help which is under the Consumer Protection Act.
Don't merely depend on some advertisements especially if they come from emails, flyers as well as sms messages. These modes of ads come from loansharks or illegal money lenders that can trick you with their loan offers. Simply avoid becoming one of the victims of unfair practices from illegitimate money lenders. Take a look at some legal money lenders' websites, business directories and advertisements that are associated to legit moneylenders.
If you're planning to borrow money, make sure to get all relevant information about the types of loans you're able to obtain. Find out all the necessary documents and ask how much you can really borrow from them. Still, make it to a point that you only borrow the amount of funds you are able to pay off.
Don't just rely on the advertisements from a moneylender. Make sure that you ask for the exact amount that they can lend you, the fixed interest rate for the said amount and how exactly it is calculated. Other than that, find out your repayment schedule period as well as any other extra fees or charges that maybe involved.
In case you won't be able to meet your contractual terms with your money lender, you will need to pay the late payment fees as well as other late interest charges. So, before even agreeing to any contractual terms, be sure to understand each and every detail in the contract. When you are not sure about something, seek for clarifications from your money lender.
Do not hesitate to ask questions to your preferred money lender. They are required to provide an understandable explanation to any questions coming from their borrowers. When everything is good to go, you can already decide to borrow a specific amount from them.
Pay your installments on the exact date and make sure you get a dated and signed receipt every single time you repay your loan. As much as possible, repay your loan on time to your moneylender in Singapore so you can avoid incurring any late payment and late interest charges. In addition, keep all your receipts of payments and statement of accounts. You may need them as evidence of payments in the future.
If banks and other government financial assistance schemes have turned down your loan applications, don't worry too much as most moneylenders would still provide you a loan given that you're still working. Just make sure that you're able to abide by the licensed moneylender's contractual terms.
Prior to borrowing funds, be certain to do a thorough research of the reputable moneylenders. It is important that you only acquire funds from licensed moneylenders. This is highly recommended as licensed money lenders are tied to the money lender act. You can send or file a complaint whenever a money lender shows any unfair practice in your loan transaction and you can even pursue the matter with the court help which is under the Consumer Protection Act.
Don't merely depend on some advertisements especially if they come from emails, flyers as well as sms messages. These modes of ads come from loansharks or illegal money lenders that can trick you with their loan offers. Simply avoid becoming one of the victims of unfair practices from illegitimate money lenders. Take a look at some legal money lenders' websites, business directories and advertisements that are associated to legit moneylenders.
If you're planning to borrow money, make sure to get all relevant information about the types of loans you're able to obtain. Find out all the necessary documents and ask how much you can really borrow from them. Still, make it to a point that you only borrow the amount of funds you are able to pay off.
Don't just rely on the advertisements from a moneylender. Make sure that you ask for the exact amount that they can lend you, the fixed interest rate for the said amount and how exactly it is calculated. Other than that, find out your repayment schedule period as well as any other extra fees or charges that maybe involved.
In case you won't be able to meet your contractual terms with your money lender, you will need to pay the late payment fees as well as other late interest charges. So, before even agreeing to any contractual terms, be sure to understand each and every detail in the contract. When you are not sure about something, seek for clarifications from your money lender.
Do not hesitate to ask questions to your preferred money lender. They are required to provide an understandable explanation to any questions coming from their borrowers. When everything is good to go, you can already decide to borrow a specific amount from them.
Pay your installments on the exact date and make sure you get a dated and signed receipt every single time you repay your loan. As much as possible, repay your loan on time to your moneylender in Singapore so you can avoid incurring any late payment and late interest charges. In addition, keep all your receipts of payments and statement of accounts. You may need them as evidence of payments in the future.
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