Have you tried borrowing money in the bank but your application is not approved? If yes, then you are most likely considering borrowing money from a private moneylender. Moneylender Singapore works the same way as other financial institutions. The only difference is that they are not that strict when it comes to application eligibility and requirements.
Easy credit Singapore does not conduct credit checks but they do impose a much higher rate, which is around 10% to 15%. The figures are understandable considering that credit check is not required and that the application will be approved the soonest time possible, which means money will be available in a quick time frame.
If you are planning to borrow money from moneylender, then you need to keep in mind the following:
- Shop around. Private moneylenders are vast and they vary in terms of fees and terms. Hence, it is best to shop around for you to find a lender that you agree on terms and conditions.
- Put everything in writing. Ask a breakdown of what is included in the fee so that you will not be surprised later on. To be sure, you need to put everything in writing including the loan origination fee, evaluation fee, and notary fee.
- Terms are important. Moneylenders usually have flexible terms but it is important to know what the fees will be. Ideally, the longer the terms the higher the interest rate.
- Other payment details are necessary. What could be the total interest if you will be delinquent in paying your loan? Are there any hidden fees. These are just some of the things you need to know beforehand.
Moneylenders are a big help in times of financial difficulties. However, as a borrower, you need to know every detail of the transaction and understand the terms and conditions.