Money lending business is fast growing worldwide, driven by the increasingly expensive lifestyles and expanding responsibilities people have to face. The Singaporean money lending business is also huge, with about 160 licensed lenders catering for business and personal money lending. Below we take a look at the features of a good money lender in Singapore.
1. LOW INTEREST
Good money lenders in Singapore have low interest rates. The mandatory monthly interest rate in the country is 4%, yet some money lenders go way above that. However, customers can negotiate terms of their loans with a good lender, including interest rates and repayment schedules. A customer should also be wary of the kind of solution he or she wants to get from lenders as some solutions like Pay Day loans come with extensively high interest rates.
2. SHORT PROCESSING TIME
A good money lender in Singapore will approve your loan within a short period of time. This is easily done through signing a few papers of essential information which a money lender will help you complete in no time. Once these are completed, you should get your money the same day.
3. RELAXED TERMS AND CONDITIONS
Customers usually fail to get required loan amounts in a bank because of stringent terms and conditions required. However, a good money lender in Singapore has relaxed terms and requirements. The conditions can be negotiated to suit a specific customer’s needs.
Clients have at times cried foul against money lending institutions after that first installment comes through due to some hidden charges which were not disclosed to them when signing up for the loan. A good money lender will not have hidden charges at all, the customer gets exactly what was sold to him or her.
When finding a good money lender in Singapore, get the one that will want to understand the customer’s requirements and is willing to offer tailor-made solutions.