Moneylenders are the people who charge a high rate of interest for rendering a small amount of money. The reason behind charging a high rate of interest is because of the increased risk factor. Moneylenders acts as the best source for getting money for people who have no bank account, have poor credit scores, having high debts, who don’t have relatives or friends to lend money. In Singapore, most tourists and locals encounter with the problem of borrowing money. With more than 150 Legal Moneylender Singapore, the need for offering aid to the people who require financial assistance has been made much easier.
For people who don’t have a bank account or they don’t have access to personal loans, these entities have made it easy for them to borrow money from. There are various reviews published with the help of which one can find Top 10 Licensed Moneylender Singapore. These entities follow all the rules that are set by the financial institutions. The information regarding the process of lending money to the people and all the necessary details are provided by the licensed money lenders.
Applying for Loan and Approval for it: Once you have studied and analyzed all the money lenders, the next requirement would be to assess the process to apply for the same. There are certain norms required to be fulfilled to know if the candidate is eligible or not. Various companies offer loans to people immediately. CRAWFORT is one such institution that provides loans to the people. The various requirements that are required to apply for loan and approval for it include the types of lender, time, requirements and the probability of loan approval. There are various ways to increase the chances of getting loan approval from companies like CRAWFORT. Those include:
- Age– One of the most basic and important requirements to increase your chances of getting loan approval is Age. Money Lenders usually don’t provide money to the people who are below 20 years of age. The reason behind this is that these people either don’t have a credit score or a poor credit score. These people would have just started their employment which would make it difficult for the money lenders to recover money in case they aren’t able to repay. People having a reasonable age have increased chances of getting loan approval.
- Citizenship– Being a resident of Singapore increases your chances of getting loans not only from banks but from other financial institutions as well. For tourists and other people traveling to Singapore, they don’t need to worry about it as various money lenders are ready to provide loans to them. All you are needed to have is all the documents required for the application process.
- Income– Income is one of the major factors determining loan approval. Money Lenders keep in mind whether the applicant will be able to repay the loan or not. Low-Income Loans are also available to people. For the residents of Singapore, proof of your salary is required which may be in the form of payslips or documents that state your monthly income.
Experience and Credibility: The next big step that is required to be done is choosing from a list of money lenders. While borrowing money from banks or individuals, always makes sure that it is from licensed money lenders. While there are various money lenders available, always analyze or look for the following documents including:
- They have a valid license for money lending or not
- How long has the company been into the business of lending money
- Check out for the reviews given by other people about the company
- Look for the interest rates provided by them
Interest Rates: The problem that various borrowers face after completing all the process is the high rates of interest charged by these entities. The borrowers are required to pay a huge amount of interest to avail money from banks and other financial institutions. Since there are various entities, choosing from a wide range of interests offered by them acts as an important detail to the borrowers. Look for the most favorable interest so that it gives you enough time to repay the loan at the desired time. What one should look to get the most favorable and desired interest include:
- Compare the various interest rates provided by various entities and private lenders so that you can choose for the best
- A certain amount of money is required to be paid on top of the loan provided. Look out for that amount that you will be required to pay.
- Convert the interest rate charged by these entities into monetary value. It is done to know the effective interest rate charged by them.
- A certain sum of money is required to be paid on top of the signing of the contract. Check out for that amount.