— Posted in Finance
Considering having a loan from a moneylender in Singapore?
There are few things you should know before having a loan from a moneylender. In Singapore, there are strong regulations how much money you can get from a moneylender. This is needed because there is a strong niche where moneylenders operate. As you may notice, bank loans and loans from moneylenders are completely different. This difference helps to have a demand for both services. In-depth, bank loans are suitable for bigger expenses, like a new car or a house, while moneylenders will give you a smaller amount and you should pay it back in a shorter term. However, every decision you make for your finances, including getting a loan from a licensed moneylender in Singapore, has to be well-considered.
Taking decision like this should be only after you have made a deep research. No matter how much time it will take, your money depends on it so don’t neglect it. In Loansingapore.sg, you will find a complete analysis and reviews for licensed moneylenders in Singapore, pay attention to every positive and negative review in order to have the best possible decision. As we have mentioned, moneylenders are allowed to give you small amounts only.
How much money exactly you can get from a moneylender?
There is no simple answer to this question. It depends on your annual income because moneylenders and government want to be sure that you will be capable of paying back the loan. If your annual income is under $20,000 then you will get no more than a $3,000. If you have bigger income between $20,000 and $30,000 then moneylenders will be more generous and you can get up to your monthly income multiplied by 2. If your income is over $30,000 you can get twice more. Don’t forget that except the loan you should pay back the interest rate and some additional taxes. Very helpful information is uploaded on the government website — guide to borrowing from a licensed money lender.
Have in mind that during your research you have to pay attention to all little details in offers. In Singapore, it is mandatory conditions of every loan to be explained in details so if you don’t understand something you shouldn’t put your signature on the contract. As you may know, there are several official languages and moneylenders are obligated to explain clauses of the contract to your language. Don’t think this is an unnecessary piece of detail because terms of moneylender’s contract could be really complicated. This is one of the reasons why Loansingapore.sg has gathered reviews of moneylenders in Singapore — because there are too many unpleasant practices and people should know about them and avoid this moneylender. However, don’t make a mistake to get a loan from unlicensed moneylender because the government can not defend you if you are in need later. The idea of licenses is to defend people’s rights. Don’t be tempted from lower interest rates, there is nothing free and you will regret later.
Having a loan from a bank or a moneylender is not big deal but you should be careful and wise.
Make your research and make a plan how you will pay back your loan. A lot of people use regularly moneylender’s service because it is convenient and it doesn’t require 2 months of approving. Of course, most of the unexpected expenses require fast payment and fast loans are the only one option.