Let’s recap on what to look for in a legal and reliable moneylender. We are going to list through several methods on how you can best review moneylender in Singapore, to provide you with good service and reasonable loan rates.
Quick Tips to best review moneylender in Singapore
There are several reasons why one would seek out a loan and there are several loan types to cater different needs. Hence regardless of the loan type (personal loan, payday loan or business loan), the licensed money lender is one of your best option in Singapore. Learn some quick tips on how to best review legal moneylenders.
1. Experience and years of service
Loan officers go through your loan application and request. They will aid you in identifying the best loan options to go through. They are also obliged to tell you all the terms in the loan such as length and number of repayments, interest rates of the loan. They will also understand and want you to borrow within your means as they still have to recover money from you.
This takes experience in servicing borrowers and also the business itself has been running long enough to understand the various changes that could occur in the moneylending industry and be up-to-date with it.
2. Licensed moneylenders will have you sign a contract
A formal contract is required by law for licensed moneylender with borrowers. The contract terms are drafted by a lawyer and contain the following:
- Late repayment fees
- Repayment period
- Repayment amount
- Legal terms
Hence it is vital to ensure that the loan officer guides and explains to you the terms of the contract before you sign. Never except a loan without fully understanding the terms. Some businesses are disguised as legal moneylenders but do not offer such contracts. Avoid them at all costs.
3. Approval Process. Do online checks.
More and more businesses are moving online. Convenience is vital to anyone now. Hence check out the moneylender online, read their website, their offerings and google reviews. Check out with them on the different loan options, do an online loan enquiry before heading down. Most legal moneylenders will reply quite promptly and accurately. The process is fast and you will not waste your time in heading down and be disappointed.
4. Check out Ministry of Law
The Ministry of law has a constantly updated list of licensed moneylenders. As licenses can be revoked due to ill business practises, it is good to check the most legal source of information.
Like shopping, you will compare the different offerings from different moneylenders. They will offer different interest rates so do look around and enquire to get the best loan options for yourself.
Learn from the Law Ministry’s guide to effective interest rates to understand how to make good comparisons between moneylenders.
Best Review Moneylender? Check on Google Reviews!
Looking for legit businesses? Like hunting for good food places, one has to check for reviews first. To best review moneylender, before heading down onsite, check on google reviews to seek out actual comments and reviews made by customers.
It’s a good place to identify legal moneylenders from the loansharks or illegal moneylenders and can be used as a comparison point between the other moneylenders that can be listed in google reviews.
How is the moneylender reliable?
One of the natural option to best review moneylender is to check the number of years that a business has been running is vital to identify its reliability and trustable. To be able withstand the ups and downs of financial crisis or economic slumps shows a business reliability and that customers see them through.
It also means that the business can tide through tough times and itself have to get a winning edge over others. Customers naturally trust them either through the years of running or the service that these companies provide.
A moneylender license is not easy to maintained. It is subject to checks on business practises, complaints and undergo stringent review by Singapore law. Licenses are limited and only businesses that provide proper legal loan services in Singapore can be issue such license.
Empire Global is always ready to serve and help our customers in getting the loans they require.