How to Choose a Good Legal Money Lender in Singapore

legal money lenderFinancial difficulties are inevitable and can happen without warning. When faced with such a situation a reliable and trustworthy legal money lender can come in handy. Money lenders primarily avail money on a short-term basis to individual without the need for formalities often required by banks and other major financial institutions. If you want an emergency loan on a short-term basis without lots of documentation then they are the best option to go for. If you are searching for a money lender in Singapore, it is important to consider a few aspects. Some of these are outlined in the article.

Credibility of the lender

Even though you need quick money you should go for a money lending company that is credible and reputable. You should check whether the lender has a valid license which has been issued by the Registry of Moneylender Singapore. Online research and reading a couple of reviews can help you quickly determine if a money lender is reputable.

Interest rates

Different money lenders offer different rates. You should do a comparison and find a lender with the rates that best suit you. Unrealistic low rates can be misleading; therefore, you should take your time before making a binding decision.

Bad credit rating

If you have a bad credit rating it is advisable to go for a money lender with less stringent policies. They are less likely to do extensive background checks before they approve your loan.

Flexible loan repayment schedules

Before you complete your loan application form it is important to review your loan repayment amount. You should stick to an amount that won’t be too strenuous on your daily or monthly income. You should try your best to avoid money lenders whose repayment plans are non-negotiable. Other things you should look at before submitting your form include repayment terms and the interest rates.