All of us want to achieve financial freedom and intelligence. We want to have the capacity to pay for all our bills when they become due. We also dream of buying all the things we want. If you really need the cash, where do you turn to? One of the option includes turning to a licensed moneylender to assist you in your financial needs. Take note that some moneylenders also provide foreigner loans in Singapore for immigrants who are looking to borrow money.
Consequently, in this article, we are going to provide you with a list of the questions you need to ask a licensed moneylender in Singapore. The aim here is for you to understand the complexities of obtaining a loan and paying for the interests, so that you will have confidence when you apply for one.
What is the term for the loan?
The length of the payment schedule granted by the moneylender is an important factor that will determine the interest rates of the loan. There is a direct proportion between the length of the term and the rates to be collected. Of course, if you have the capacity to pay the amount right away, then there will be lower risks on the part of the creditor. For this reason, the lender will most likely give you a lower interest rate.
What is the rate for the loan?
There are several companies in Singapore that are engaged in lending out money to interested clients. The borrowers can be citizens or even foreigners. As such, these firms have varying rates of interests for their different kinds of loans as well as different clients. Make sure that you ask for the rate that will be charged for you loan. It is your responsibility to know these rates. Keep in mind that the published rates for each moneylender may not be the entire amount that will be collected from the borrower. This is why it is significant that you clarify these matters with your moneylender.
Am I eligible?
Lastly, at this point, it is important to note that some loans are available only to certain individuals. Moreover, there are different loan requirements for each type of borrower. Therefore, what you need to do is to find out the list of loans that you can apply for from your chosen moneylender. This is also the time where you need to ask for the documents that you need to submit for the loan application.