A good licenced money lender has the good qualities that will help most people manage their personal or business debts well. In Singapore, there are many good money lenders to offer you the best personal loans or specialised types of personal loans, such as renovation, medical, wedding and education loans. These good licenced money lenders can provide you loans that serve your personal needs and business needs.
Licenced money lenders are financial institutions like banks that do disbursement of loans to individuals and businesses. Under the MAS law, the licenced moneylenders are regulated well so that they are distinguishable from the unlicensed ones, commonly called the loan sharks. (Read more about MAS - https://en.wikipedia.org/wiki/Monetary_Authority_of_Singapore ). It is crucial for you to get a personal loan from a licenced money lender if you do not wish to get from a bank, so that you do not end up with the long arm of the law.
So what makes a good licenced money lender in Singapore? The best licenced money lenders in Singapore has good repayment terms, attractive interest rates and other fees and loan tenure. The repayment term is essential in the determination of the flexibility of making repayments to the lenders. This means you can have the flexibility when it comes to paying back the loans to the licenced money lenders. There is somewhat more freedom in doing this. But you must make payment in the timely manner. Try to negotiate with the licenced money lender for a good repayment term.
Another factor for consideration is the turnaround time of the lending approval process. As you know that you yourself is in a very desperate situation to clear off your debts immediately, or to settle an urgent expenditure, so a personal loan from a licenced money lender can help you tide your difficulty over, even for a short term.
Checking your personal loan approval status with ease is also another quality of a good licenced money lender. By checking the status online, the borrower is able to make plans for repayment according to a strict schedule or routine of repayment. Nowadays with an easy and fast click of a mouse or an easy swipe of hand on the phone, you can check the status online from the comfort of your bedroom or your office. This works well especially during a pandemic where outdoors must be restricted.
Another most important factor is the interest rate. According to MAS law, the interest rate from a licenced money lender for a personal loan must not exceed 4 percent per month. The interest rate can determine how much you need to pay extra upon your principal loan you take. This interest rate has not even included the extra fees of the loan charged by the licenced money lender.
Customer service is also important. As borrowers tend to hurry with their urgent need to pay off whatever they incur, it is very essential for the customer service representative to show good customer service when disbursing the loan.
