What you have to watch out is the lack of qualification. You might encounter lenders and pawnshops in Singapore that are too eager to let you borrow cash at a steep interest. They even have no qualifications. These lenders are loan sharks who do not bother to check any qualifications since they just want people to go into debt so they can milk them with more money.
When lenders have qualifications, albeit bothersome to others, it only shows that they are following a legal process.
Interest Rates and Other Fees
Getting a personal loan is convenient when you need an emergency cash or extra budget. Of course, you need to pay with interest in return. Each licensed moneylender Singapore has its own range of interest rate. Take the time to compare their rates and fees with the use of the loan calculator.
Do not forget to compare the other fees such as the late payment penalty and processing fees. Ask for a breakdown before you apply for a loan.
Take note that legal lenders do not ask for pre-approved fees or advance payments before processing your loan.
Quick Loan Process
Every loan application goes through a process, but it does not mean that it has to take too long. We usually get a loan during emergency situations after all.
Good thing that there are now payday loan in Singapore from licensed money lenders. You can easily check the loanable amount, flexible terms and interest rates using the loan calculator on the website. This way you can easily estimate your budget and plan your repayments with ease.
When getting a personal loan, do not just go with convenience. Get a loan from a transparent licensed moneylender that fits your needs and priorities best.