There are hundreds if not thousands of money lenders in Singapore. This makes it difficult to decide on which money lender to deal with. If you are struggling with the question, where can I find a good money lender near me? Then you are at the right place. Here we are going to guide you on how to find credible moneylenders.
Good money lenders have certain qualities that set them apart from other money lenders. Below are some qualities to watch out for to help you identify a good money lender to work with.
- The Reputation of the Moneylender.
Before engaging with a money lender, you need a background check. You could search for them on social media or ask family, friends, or colleagues about them. If they have a clean record, you can contact them for the loan process. It is important to check their reputation to avoid problems in the future. Imagine if they were involved in illegal businesses they could drag you into their mess. A good money lender should have a clean track record.
A good money lender should be flexible when it comes to interest rates and the repayment period. They should be able to accommodate people’s needs. Another kind of flexibility that borrowers are very much interested in is if the lender can adjust the terms of payment in case the borrower is faced with financial difficulty. A good money lender should be understanding and considerate.
A good money lender does not push you to take a certain type of loan, first, they seek to understand the reason for taking the loan so that they can be able to advise on the most suitable type of loan. They do not have a personal interest or hidden agendas.
In the loan forms, there are financial terms that not everybody understands. A good lender explains the terms. Such that when the borrower is signing the contract, they fully understand what they are getting into.
- Capacity to Lend
A good lender should have a lot of money at their disposal to lend. It is useless to possess all the other qualities and lack money to lend. You want someone who can walk with you from when taking a small loan to start a business to taking huge loans to expand the business.
A good lender is one who has knowledge of the various types of loans. He should be somebody who is highly experienced. Many borrowers who have not interacted with the finance field before might not know the different types of loans. Their lender is their advisor.
How can you advise someone if you do not have the information? As a good lender, you should know all types of loans available, the interest rates they attract, and their pros and cons to be able to advise your clients accordingly.
After advising your clients, you should be able to offer them the loans. That is why as a good lender, you need to have a variety of loans, such as student loans, mortgages, credit cards, etc.
Getting money to do something that you have been planning to do like maybe to purchase a house, can be exciting and confusing at the same time. Getting a good money lender will help ease the process for you.