Private Money Lenders: How Do They Work in Singapore?
June 25, 2018
If you have ever borrowed money in Singapore, you might have come across some questionable characters in the process. There are some lenders who will promise you heaven only to deliver hell packaged in the choicest wrapping.
The problem comes in when you are desperate for funds and you just don’t seem to get an ideal loan package. Personal loan comparison from private money lenders in Singapore helps you avoid scammers who are just after your account details before they wipe you dry.
Staying Safe in Loan Applications with Private Money Lender Singapore
By visiting forums where information is shared by experts and other borrowers, you have a better chance of staying safe when borrowing money. However urgent your financial needs, a comparison platform helps you get acquainted with the market while also assuring you the best rates from lenders.
But more importantly, this simple comparison process can help you stay away from schemers and unlicensed lenders who will end up ruining your financial life.
Here are some ways of capitalizing on this process to quickly identify scammers:
Shady physical address: The internet allows business owners to hide behind a curtain of anonymity. Whatever type of loan you are shopping for make sure you visit the company’s office to ascertain it really exists. Not all private money lender Singapore are licensed.
Tone of language: If a lender becomes a nag in the course of a loan application, it is highly likely that they are not even licensed. These are loan sharks who just want you to get money and they will enslave you with unreasonable rates and intimidation. Always work with a company whose personnel ooze professionalism and dedication to customer satisfaction.
Customer service experience: By comparing different lenders, you get to learn about the level of customer service from reviews and comments given by other borrowers. The process will reveal a strand of poor service complaints to help you identify sloppy companies run by inexperienced personnel. This should be an alarm bell for a scammer.
Licensing information: If a money lender is eager to provide all licensing and registration details, you can bet they are not hiding information from you. The next step should be to verify this licensing information from the Ministry of Law’s website. If their licensing actually exists, you can make contact and try to bargain a good loan deal.
Availability of loan information: If you visit a personal loan comparison page and note a company whose details are scanty, take time to dig up some more. A reliable company will always be forthright with all details from their location, interest rates, repayment tenure, waivers to other germane issues that you can use to get a good loan bargain.
In short, personal loan comparison from the top private money lender Singapore helps evaluate lenders in terms of their integrity, reliability and honesty in an industry where these values are essential.
Take your time to avoid falling prey to unscrupulous money lenders.