Before applying for a loan:
1. The type of loan you are borrowing
Before entering any loan contract, make sure you understand the type of loan you are applying for. There are two types of loans – secured and unsecured loans.
- Unsecured loans have more lenient requirements and are easier to obtain. They do not require collateral.
- Secured loans have stricter requirements. They require collateral.
2. Interest rates
Regardless of the licensed moneylender or bank that you choose to work with, ensure that you are getting the best interest rates as it will affect your financial health.
Make sure to get the best loan package with low monthly repayment amounts.
Hidden fees to take note of:
- Service fees
- Underwriting fees
- Origination fees
Legal and fair lenders such as Credit Thirty3 will always make known of all the charges. We strive to explain as clearly as possible to our customers and there will not be any unnecessary charges.
3. Loan tenures
A loan tenure refers to the amount of time you have to repay a loan. It exists for any type of loan and can range from 3 months to even 30 years.
The duration of your loan tenure will have a direct impact on the cost of your loan. Longer loan tenures will increase the overall cost of your loan. On the other hand, shorter loan tenures will make the loan more affordable.
Please make sure to choose a loan tenure that you can comfortably repay.
If you have any doubts regarding your loan, feel free to contact our friendly professionals at Credit Thirty3. We are here to address your needs.
4. Your current financial situation
This is one of the most important points to consider.
Before getting a loan, take a look at your current financial responsibilities. For example, your electricity bills, mobile bills, car loans, credit card bills and more.
Knowing your current financial standing will help you make better financial situations, especially on the loan amount that you apply for.
5. Loan contract language
Rest assured if you are not well-versed in English.
Based on Singapore’s law, the licensed moneylender has to explain the loan contract in a language that the borrower understands.
If you need a contract in another language such as Mandarin/Tamil/Malay, feel free to let our loan advisors know.
6. Don’t be afraid to ask
You are encouraged to clarify any doubts that you might have before signing the loan contract. These may include the loan tenure, loan interest rates or processing fees.
7. Late fees
Understand that late fees will be charged when borrowers fail to make repayments on time.