Starting a business or self-employment is difficult, especially if you cannot reach any sponsors yet. Thus, the recommended way to go is to work with a licensed money lender. However, not everyone is good so here are the qualities that you should look for in one!
Credible beyond reproach
It is essential to ensure that the money you will receive from a reputable lender is clean. You could figure this out by assessing the reputation and track record of the company. Research about the company first before you settle a deal with them.
Low-interest charges
In Singapore, personal loaning gives unlicensed lenders the opportunity to deceit other people. You would notice this if they charge punitive interest rates and hidden fees. Ensure that your lender is licensed by the “Registrar of Moneylenders” to avoid such charges.
Responsive
Being new in this kind of industry can make you feel drowned by unfamiliar bank words, thus do not be afraid to ask questions to your money lender. A good and licensed one would gladly inform you about the definitions of complicated terms.
Flexible
It is recommended that you go to the top money lenders as they can give you flexible terms. This would benefit you because they could adjust the terms that are within your capability, and still compliant with the rules. It could be lowering your interest rate or extending your loan by a month.
A variety of products and services offered
Other than assessing the lender’s credibility, loaning processes, and responsiveness, you should also consider the products and services that they offer. A good moneylender provides a wide range of loan products and services because they no longer want you to go to other lenders. So, ask them what other options you have before sealing a deal.
Are you looking for a personal loan company in Singapore? Consider getting Power Credit Enterprise, one of the top money lenders out there! Visit their website for more information.
