Things You Need To Consider While Lending Money
Lending money from someone is always a big affair. One has to think about a couple of things before taking money from someone or any agency. Since you will have to give it back on a certain period of time as well, you cannot rely on random services to have finances. whether it is for personal use or for professional use, you have to consider all these points before taking money from someone like a Licensed moneylender.
Interest rate applicable: the first thing in the list of consideration are interest rate applicable on the money borrowed. If it is too high, it can be very difficult for you to pay back the entire sum of money on time. Since you are in the middle of financial trouble, do not enhance your troubles by taking money from someone charging huge interest rate. Make sure to compare the interest rate applicable. Also, check the interest rate approved by the government to avoid paying extra.
Licensed: always take money from the licensed moneylenders only. the licensed moneylenders in Singapore are authorized by the government for this service, hence they will not go to any ungoverned measure to have the money back in case you are unable to pay it off. These moneylenders also follow the criteria mentioned by the government authorities hence they are much safer.
Provides agreement: the moneylenders should provide an agreement as the legal proof of the money lending. If they are not providing it to you, avoid taking any money service from them. Apart from this, you will also have to consider that they are mentioning each and every point as well as details of the financial service given to you in that agreement. Acquire originals of that agreement hence you can avoid any type of confusion later on.
Sufficient assistance: often while lending money, the borrowers are confused about several points. The money lending service should provide basic assistance in it to guide the borrower properly.
Extra time: in case you are unable to pay back on time due to certain difficulties, these licensed moneylenders should provide a short period to you. You will have to arrange for money in that period otherwise the lender can acquire your property or follow the process mentioned in the agreement.
By keeping all these points in mind, you will be able to select the best money lending services for your business or personal use. make sure to acquire agreement after signing it.
This post is written by Andres Wright, works in Golden Credit (S) Pte Ltd. He loves to write about Legal moneylender Singapore and various loan services like, personal, debt consolidation loans in Singapore.
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