In the past it has been quite hard to land a loan in Singapore but the moneylender industry is growing quickly and more people are willing to give loans to qualified clients. Whether you have had an accident, there is an illness in your family, or you need funds to purchase a home for your family, there are many reasons that Singaporeans are in need of fast cash loans. Money Lenders in Singapore are not all the same and there are things you must pay attention to when acquiring a loan. This article will provide some helpful tips on getting a fast cash loan from a licensed lender in Singapore.
- Have necessary documentation with you when applying. You will need several forms of identification when you apply for a loan. Any form of ID, Singpass, or other item that proves who you are are likely acceptable forms of identification. It also will be helpful if you have proof of your job such as an ID card from work or an old pay stub from the last couple of weeks. A lender will feel more comfortable providing you with a loan if they can see that you are reliable and have a job. They will trust that you will be more likely to pay back your debt in a timely manner if you have a job.
- Know how to spot an illegal moneylender. The first thing to do before even applying for a loan is to look to see if the lender is licensed. If the lender is not licensed, it is a good idea to choose another lender as it could be a scam. When you apply for a loan, make sure that you get all of your documentation and identification back from the moneylender. There is no reason for them to hold onto your personal identification. If they want to do so, they are likely up to no good and you should find another lender.
- Make sure you sign a complete contract and get a copy of the note contract. This is very important. If you do not get a copy of the note contract in full, your loan could be considered fraudulent activity. In addition, do not sign anything that looks like an incomplete contract. Your contract should clearly state the terms of the loan, the payback period, and the interest rate that is being applied to the loan. If this information is missing, you will want to request it or do business elsewhere.
- Inquire about collateral up front. Before you agree to a loan, you will want to inquire about the collateral requirements. A collateral means that you will take out a loan but if you choose not to pay the loan back, the moneylender could claim whatever it is that you put up for collateral. It could be a fancy piece of jewelry, a car, or even a home depending on the amount of the loan.
- Avoid moneylender’s who do not treat you with respect. Some moneylender’s may try to intimidate you or treat you in an unkind way. Avoid moneylender’s like this as you deserve to be respected and treated fairly.