Find The Most Reliable Money Lender In Singapore

Do you need money for your house renovation? Do you want to buy something but your budget is so tight these days? Are you planning a vacation trip with your family but extra cash? Do you need to pay your children’s school fees? Have you tried applying for a personal loan in the banks but unfortunately denied? Hence, you will need the financial assistance of a licensed money lender Singapore.

If you are a resident in Singapore, you have as many as 160 authorised money lenders to seek help for your money related problem. Money lenders continue to exist in the country because they can extend loans to people who do not meet the credit standard of the banks. However, from these numbers of money lenders, how would you know which among them is the most reliable money lender in Singapore? Which among them will best suit your need?

Before you proceed on submitting your loan application, you must first understand that the most reliable money lender in Singapore must offer majority of the following services.

  • Application Process

If you could avail of loan in a most convenient way as possible, it is the better. Some money lenders do not require borrowers to go to their office just to submit loan application. In fact, they are the one, through their loan officers, who go directly to the place of prospect clients. Moreover, there are also money lenders who have websites that offer online application services. Hence, you can apply for loan right in the comfort of your own home.

  • Processing Time

Fast processing time is the most distinctive advantage of money lenders in compared to banks. A reliable money lender should be able to provide your needed cash as early as possible. The usual processing time of money lenders from loan application to loan approval only takes less than a week while some can even make it within a couple of days. In addition, this service is most beneficial if your loan proceed is for emergency or medical purposes.

  • Interest Rates

There are money lenders who charge interest rate that is higher than the standard rate of the banks. This is because they sought people who badly needed cash but cannot meet the requirements of the banks. But, do not be deceived by such principle.

In fact, if you would do proper research, you would be able to see money lenders that offer an interest rate for as low as 1% for personal loans. Look for a reliable money lender in Singapore that can give you a lower interest rate that you can afford.

  • Credit Scores

As we have mentioned earlier, money lenders are popular since people with low or bad credit scores can avail of loans from them. The reason why they were able to give loans to such people is because most money lenders use the loan to value ratio as their property risks. The loan to value ratio is computed by dividing the amount of loan by the assessed value of the borrower’s property.

Using the above-mentioned guidelines, you are now ready to start processing your loan application with the most reliable money lender in Singapore.

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