Nothing is more heartbreaking than when you’re caught up in a tight financial crisis only to make contact with your bank and get turned down. As a matter of fact, that’s where the services of a reliable money lender in Singapore come in handy.
The problem is that NOT all money lenders are the same. If you’ve ever tried looking for a reliable money lender in Singapore, odds are you’ve encountered fraudsters and loan sharks whose goal wasn’t to really bail you out of the crisis you were in, but take you for a ride and eventually rip you off your hard earned money.
It’s however important to note that there are things you could do to increase the chances of securing the best deal from the money lenders in Singapore, while minimizing the chances of you getting fleeced.
Here’s how to go on about it:
Proper Analysis of the Money Lender
There’s nothing wrong about doing a little background check on the money lender you’re trying to entrust with your financial needs. Start by checking their reviews and the kind of testimonies their previous borrowers have for them, and only proceed to work with them if they’re satisfactory enough.
Inquire About the Interest Rates
Don’t let your desperation for quick money get you into money troubles in the future. If anything that’s the first thing you should always be considering every time you go around shopping for a reliable money lender in Singapore.Take time to read their agreement carefully, and only sign if you find them agreeable enough.
In the event that you fail to understand the rates charged or find the information around it to be somewhat vague, simple logic demands that you don’t hold yourself back from making the necessary inquiry.
Are they certified?
You might want to check with the ministry of law to find out if the money lender you’re about to enter into a money dealing with is certified.Go through the ministry’s website and try to find out if they’re listed. Any money lender that’s missing on the list is NOT certified and should therefore be avoided at all cost.
Statement of Accounts
Money lenders have the habit of delivering a different amount of loan from the one they’ve listed in their statement of account.Bear in mind that having a loan contract binds you into a contract with the company, and should you end up paying the specified amount, legal actions may be taken against you.
Getting a loan in Singapore is NEVER about making quick money, but finding a reliable source to help you iron out your financial crisis, and in a manner that’s less likely to sneak back on you to bite you.