Licensed money lenders can be quite helpful. There are times and situations when you are in urgent need of cash, but there’s no one to borrow from, and your credit history or financial position is not good enough to make you eligible for a bank loan. These are the times when you can look towards the money lenders.
But it’s important to do some research and choose the best possible money lender. You can ask from your friend or family members but the fastest and the most convenient way to compare your options is searching online for legal money lenders reviews. A simple online search with the lender’s business name will give you an idea of the credibility and their repute.
Money lender reviews sites can be a good platform to share your experience with a money lender. If you’ve had a good experience, it’s important to let other people know so they can benefit, and if it was bad, it’s even more important to let other people know,so they can avoid the trouble.
Money lenders can be reviewed or evaluated by many different factors. The first thing is to confirm if they have a valid license from registrar of money lenders in Singapore. If they don’t have the license, you should probably look out for another one, because without license, nobody is legally authorized to act as a private money lender. You can easily confirm the validity of license by checking out the list of license money lenders at ministry of law website.
While reviewing a money lender or comparing different options, it’s important to consider different types of loans that they can provide. The more established ones will provide many different types of loans, including student loan, payday loan, medical loan, foreigner loan, and the likes. Usually the more types of loans a money lender provides, the better it is for general public.
There are certain regulations for money lenders that limit the loan amount or Interest rate that they can charge. But there are no specific limits for secured loans, or borrowers with certain income levels. In this case, it is important to compare the interest rates and see who’s charging the minimum.
There are six types of fees that money lenders can charge, according to the regulations. But some of them might charge additional fees. While going through the reviews, you should keep an eye on all sorts of fees that they are charging.
Last but not the least; you need to lookout for professionalism. Remember that licensed money lenders or the managers who look after their business are required to pass a test. So the licensed money lenders will know the etiquette and they will make the entire process hassle free for their clients. This is another factor that we consider while reviewing a money lender.