Basic Qualities of a Reliable Licensed Moneylender
A person in need of urgent dose of finances often do not consider any good or bad while borrowing the sum. However when it comes to the time for repayment and he finds out the ridiculous conditions mentioned in the contract by the moneylender, he is left baffled. One can avoid all these things by considering the conditions prior to borrowing money. A Singapore based moneylender is the person who lends money professional to anyone who comes to him.
He will ask you to sign a contract of money lending with all the details about the sum borrowed, time to repay, interest rate applicable on the sum and late fee. Apart from this, you can also find out the details of the action the moneylender can take in case you are unable to pay back the sum or the interest. There are generally two types of moneylenders working in Singapore- licensed and unlicensed. Both of them are different in actions and procedures.
The licensed moneylender in Singapore follows all the steps prescribed under law to lend money but the unlicensed one does not. Apart from this, there are several other qualities, which you must seek in the lender before acquiring the money, such as:
- Good service: the moneylender must have a good service reputation in the lending market. You can easily find out about them by having a word with people around. If the lender has a good service and reputation in the market, you can easily borrow money from them. However if they have the reputation of being a cheat, avoid them.
- Helps you understand terms: a good reliable lender will always help you to understand the terms and conditions mentioned in the contract for borrowing money. It is a government rule which every licensed Singapore moneylender has to follow. If he or she is making haste in signing the contract without reading it or understanding it clearly, avoid them.
- Provides customized service: every person has a different financial background thus one cannot provide similar financial services to both of them. Your moneylender should help you with a customized lending plan instead of forcing you to obtain the one they have pre-decide.
A good licensed moneylender in Singapore will never force you to pay money in case you are under serious trouble. Moreover, he will guide you to cover up the finances with the help of the government. Think about everything before selecting the moneylender for borrowing sum.
This post is written by Andres Wright, works in Golden Credit (S) Pte Ltd. He loves to write about licensed money lenders Singapore and various loan services like Payday Loan Singapore, personal, debt consolidation loans in Singapore.
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