With the licensed money lending landscape changing ever so quickly, how
does one find the best money lender in Singapore? What are the key
factors in selecting a licensed money lender? With financial needs piling up,
financial institutions are coming up with new ways to entice borrowers to get
loans.
Best
Money lenders: Easy and Fast Loans
The best money lenders in Singapore essentially provide easy and fast
loans to borrowers. This of course is through legit and licensed methods. We
will discuss some of the main factors that borrowers should consider as part of
their selection criteria in filtering out the best money lenders in Singapore
for their loan choices.
Going
Digital: Online Loan Applications
With the convenience of digital technology, some savvier money
lenders are introducing online loan applications. We at CYS Credit have
implemented that into our system too. By allowing borrowers to make requests on
online loan applications, they can in turn get fast and prompt replies on their
loan eligibility and get quotations from different loan providers.
Borrowers can now make smarter
choices faster, as this serves as a tool and consideration factor in selecting
a licensed money lender. Some of the best money lender have integrated online
loan application as part of their business process and of course the same
applies to us at CYS Credit.
Money
Lender License
Licenses of money lenders are updated yearly. As more and more errant
licensed money lenders are trying to push for bigger profits, they erred in
their businesses practises resulting in getting complaints or police cases.
This resulted in some of the licensed money lenders getting their license
revoked and causing a bad name for licensed money lenders.
The best money lenders in Singapore
do their utmost to maintain their license, this is done through educating borrowers the proper processes and
paperwork involved. In addition, the best money lenders go further by having
their loan officers analyse the situation of the borrowers and offer them the
proper loan applications to take up.
Money
lender Rules: Best money lenders will survive
The many new rules for licensed money
lenders have indeed made a hard hit on money lenders, however the new rules
provide several advantages to both borrowers and money lenders. The best money
lenders will easily be accustomed to the rules as it states of a monthly 4% interest rate cap to prevent over
borrowing. Further which, money lenders can look at the credit bureau data to
check whether the borrowers are over borrowing or attempting to borrow beyond
their means.
The new rules are meant to be provide easy, legal money lending between
money lenders and borrowers. This is when trust is important to borrowers. Knowing
which licensed money lenders to trust for their loan applications is important
to borrowers so as to avoid over borrowing and confusion in their loans.
Trustable licensed money lenders serves as good advisors on loan applications
and explaining the many financial terms that borrowers don’t understand.
Choosing
the Best Money Lenders in Singapore
It all boils down to quality service and reasonable interest rates with
flexible repayment plans. Borrowers want to be educated properly on the
procedures and of course avoid unnecessary charges to their loans. So look out
for flexible loans from your shortlisted best money lenders, look and compare
their interest rate offerings and finally a loan officer that you can talk
with.
This article can be found at http://loansingapore.com.sg/how-find-best-money-lenders-singapore/
