4 Qualities of the Best Moneylender in Singapore
Are you frantically skimming through the list of moneylenders to find a 24-hour money lender in Singapore? Or are you trying to verify if a moneylender has the required money lending license in Singapore? In short, are you desperately searching for the best moneylender in Singapore? If yes, you have landed on the right page. Because we are about to tell you everything that the best moneylender should have or should be able to offer you. So, read on!
What qualities should you look for when searching for the best moneylender in Singapore?
First of all, let’s find out what sets apart the best moneylender in Singapore from other financial institutions.
#1 The loan application and approval process is convenient and easy.
The best moneylender in Singapore can make the borrowing process a cakewalk for you. And the ones who are really unparalleled in the business have even ensured that they keep pace with technology. Online applications and a quick approval process have made the loan-taking process not only easy, but also fast. If you look up 24-hour money lender Singapore on the search engines, you will come to know that some of the legal moneylenders also approve the loans in as less as 24 hours. Isn’t that unbelievable? Well… we are simply sharing the facts!
#2 Borrowers can opt for higher amounts of loans.
Moneylenders offer flexible loan amounts. But the best moneylender in Singapore will allow you to borrow higher personal loan amounts as well. What’s more, in the case of the choicest moneylenders, it is possible to borrow up to six times more as compared to your salary, provided you meet the requirements and eligibility criteria.
#3 Best moneylenders offer you low interest rates.
One of the best moneylenders in Singapore offers interest rates that are as low as 2.27 percent. Usually, licensed moneylenders can offer interest rates up to four percent per month. Isn’t that extremely attractive? And that’s because the government-recognized moneylenders have a limit on the interest rates. So, they are not allowed to charge more than four percent per month, irrespective of the borrower’s income.
#4 Repayment terms that are easy on your pocket.
Best moneylenders in Singapore offer comfortable repayment plans. So, they consider your ability to return the loan and also your financial status to work out the terms and conditions for you. They are not just considerate, but can even be compassionate in many genuine cases. Your repayment term can be extended up to twelve months if you meet the requirements, in case of some moneylenders.
So, although many legal moneylenders are crowding the financial industry in Singapore, the best ones stand out, thanks to their attractive terms and conditions and considerate approach towards the borrower. They make the entire experience dignified and also treat you well.
But that’s not all. In general, moneylenders are a better choice as compared to the banks, and if you have any doubts about your creditworthiness, you must at least approach a good licensed moneylender for more information before backing off.
So… why do moneylenders have an edge over banks?
When you are scouting for good lenders to borrow a loan, the two major options you have are traditional institutions like banks and legal moneylenders. But a licensed moneylender will have an advantage over a bank in more than one way.
Some of these factors include the convenience of application, quick approval processes, attractive interest rates, small to high loan amounts, and many more.
Traditional institutions like banks prefer to give out bigger amounts of loans. The application and approval processes they have are also quite tedious and they follow stringent measures to approve your loan. And that can take longer than you would like to wait. Even after your loan is approved the repayment terms are rather strict and any default in repayment can directly affect your credit score.
Remember, when you are going through the list of moneylenders, make sure that you choose someone with a money lending license in Singapore. There are many moneylenders in the Singapore finance market. But not all of them are recognized by the government. So, when you choose a moneylender to borrow a loan, keep in mind that you must go to a licensed moneylender only.
The best moneylenders will always try their best to make your borrowing experience a pleasant one.