Singapore is known for its high-class technology, an amalgamation of different cultures, and amazing food. Moreover, if one needs quick and short-term loans, then a private money lender Singapore is the ideal choice.
A short-term loan is a loan that is usually paid back in less than a year. Short-term loans are usually used for small financial needs, like paying for unforeseen expenses until the next paycheck. A short-term loan can usually be anywhere from S$100 to S$100,000. But, before taking one, you should go through the following checklist:
How Much Money Do You Need?
To begin with, you must determine how much money you require. If you need more than $500, getting a loan from private money lenders might be easy. If you’re applying for a loan from a licensed lender, they may also do a credit check.
A licensed moneylender is one who is in good standing with the Moneylenders Act and is listed in the Registry of Moneylenders. It is likely that the lender is not authorized to do business in your state if you are unable to locate their license number on the Registry.
The Tenure Of Repayment and Rate of Interest
Within the next thirty days, you will be required to start making repayments to the lending firm via monthly installments. Lenders offer a wide range of payback terms, ranging from six months to seven years. Your interest rate and the monthly payment will vary depending on the term of the loan you choose. Interest rates can be as low as 3.49 per cent or, in some cases, more than 29.99 per cent.
Is The Money Lender Licensed?
Regulated moneylenders are alternative lending institutions that offer short-term financial solutions. They help those who need money quickly in the short and long term. A licensed money lender, in contrast to institutions like banks, relies on the support of individual investors to fund its operations.
Can You Afford The Monthly Installment?
When it comes to world-class facilities, you don’t have to look any further than Singapore’s Changi Airport and Marina Bay Sands. The Lion City has something for everyone. For one looking for small-term personal loans, private money lenders are the best choice.
However, you must select a repayment plan that best suits your budget and cash flow needs. A Private money lender in Singapore may help provide a reduction in your annual percentage rate (APR) of 0.25 per cent to 0.5 per cent if you sign up for automatic payments.
In most cases, licensed money lending businesses will need to meet with applicants in person to verify their identities. As a loan applicant, you must visit the office and provide photo identification, income documentation, and your most recent three months’ worth of pay stubs. Licensed money lenders can give you a loan in an hour, while banks and other financial institutions can take a few weeks, and this is why it is better to seek their help than get rejected by other financial institutions.