money lender

Things To Know Before Signing Up For A Well Known Licensed Moneylender Singapore

There are various times when you need money in your account within a short time. Even though the traditional bank loans give you better rates, the emergency that requires money will not wait till the bank loan is approved and credited. Quick loans or instant loans are loans that can be applied online or over a SMS. The loan amount will get credited into the bank account within a short time usually in a few hours. Most of the lenders do not require extensive documentations. Proof of income is the most important piece of document that is required for quick loans. There are a few things you should know and understand before you sign up for the loan.

Ensure whether money lender is registered

Make sure that the lender you choose is a registered and well known licensed moneylender singapore. Some of the lenders have been known to use unethical collection practices. Check the reputation of the lender before signing up. Understand the terms and conditions that apply to your loan. Do not go by what your friend got from the lender or even what the lender says over phone. Read the terms thoroughly and ask for clarifications if something is not clear or ambiguous. The APR should be clearly mentioned and it should also have details of what other charges are included in the APR.  You should know the late payment terms or fees and charges for extending the loan tenure.

Terms For Early Payment

If you are able to pay back the money early, you should do it. Check with the reputable moneylender Singapore that there is a provision for early repayment and what the charges are. There are a large number of lenders in the market for quick cash loans or payday loans. This has led to increased competition in the market. You are most likely to get a better deal if you shop around before choosing one. You can use the comparison websites to know the rates with different lenders.

Understand the application process

Most of the present day famous money lender in Singapore has made the process of applying for the loan quite simple. All you need to do is to fill the loan application form available online or call the lender or send a message. The quicker the process is, you will get the loan faster too. It is possible to get the loan amount in your bank account on the same day as application.
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