Money makes our world go around. From the smallest activities to the biggest task, it takes money to fulfill them all. Paying bills, buying food, paying for your daily commute are some of the most basic things that when added up cost us a good amount over a long period of time. When you live in one of the most expensive cities like Singapore, paying for everything on your own can be difficult at times. There comes a time in every person’s life when they have to borrow money, whether from peers or from a financial institution like a bank.

Borrowing money also comes with its own set of challenges. If you go to a bank for a loan, no matter how big or small the amount is, they have strict rules which you have to abide by till the time you pay off the loan. It may also happen that for certain reasons, the bank may not grant you the loan you are asking for, or may not be able to grant you the loan as urgently as you need it. This puts the person in a difficult spot, but here is when the services of a money lender come in handy. Moneylenders are the best pick when you need a short term loan on an urgent basis.

Moneylenders have fairly relaxed rules, compared to a bank. They can lend you the amount of money you need, without needing to abide by strict procedures and a stringent payback plan. A trustworthy money lender will keep his terms and conditions in front of you clearly with no hidden charges. A licensed money lender will be able to provide finance urgently and for a short period of time as well. This makes licensed money lenders the best choice for getting a personal loan sg.

If you need a money lender’s services but do not know how to pick the right one, here’s a guide that will help you pick the best money lenders Singapore:

  • Do a thorough background check: Before you select a moneylender, run a background check. Check their credibility, what other people have said about their services, whether they are registered with the government and have a license, etc. The most important thing when picking a money lender is to check whether they are authorised and legit, if not there is a high chance you may get scammed. No matter which organisation you choose, make sure they are licensed, money lenders. Learn about the types of plans they offer, what their interest rates are and what their repayment plan is to determine whether they are the best choice for you.
  • Ask your peers: Everyone borrows money at some point in life, so do your family and friends. If they have used the services of a licensed money lender for a personal loan sg, they may be able to share their experience and help you pick the right moneylender for you. Ask them about their experience of the services and how convenient it was to borrow the money and then to repay it too. This will give you a better idea of what to expect from the money lender, thereby helping you pick the right one for you.
  • Go online: There is a sea of information on the internet regarding the best money lenders Singapore has. From this information, you will be able to figure out what you should expect from a licensed moneylender, what are the services they offer, what is their plan of action once the money is lent, etc. You can also check if the moneylender you have selected is legit or not by checking the government directory.
  • Learn about interest rates: Before selecting a money lender, go through the interest rates prevailing in the market and the interest rates offered by the moneylender. This will give you a clear idea about if you are getting a good deal or not. If the interest rate is slightly lower than the market, you will benefit from it. Also, different lending schemes have different rates of interest; find out about these schemes and their interest rates to select the one that is most suitable for you. Interest rate plays an important factor in selecting the right money lender for you.
  • Compliance and processing time: A moneylender who needs lesser paperwork and has fewer rules and regulations is the one who will be able to lend you money faster than others. Every money lender does paperwork and it is something you cannot avoid completely, but if a money lender is ready to offer loans with minimum paperwork it will be beneficial for you when you urgently need the money. You must also look into how much time the money lender takes to process and grant the loan to decide if it is the best option for you.
  • Repayment terms: This is a crucial aspect that needs to be checked before picking a moneylender, after all, you can’t borrow money and not pay it back. Some money lenders have flexible repayment plans which makes it easier for the borrower to pay the lender back without much hassle. Discuss the repayment schedule with the money lender to figure out which schedule is best suited for you. Picking a repayment plan according to your capability will help you comply with the rules and maintain a good credit score.
  • Compare and pick: After going through a bunch of money lenders and gathering information about their plans and rates, compare between the organisations, list out the pros and cons, and select the one that seems the best for you. Each money lender can offer you the service you are looking for, but certain money lenders provide extra features that make it the best pick for you, so comparing them with each other will give you a better idea of which money lender is right for you.