Money

How to Choose a Loan Provider

A loan is always a cause for stress. Getting a loan is only a part of the money problem. Repaying it regularly and on time is quite essential. A good loan provider will make it easy for you to repay the loan by offering the right loan amount at the right interest rates. Choosing a loan provider is a very important step when you are borrowing money. This choice should depend on a lot of factors including the reputation, professionalism and rates offered by the lender. Checking these details lender by lender might be difficult. You can go to a site where you can get to know the important details about the top lenders at one place. Please visit the website to read more about moneylender interest.

 

Tips to Choose Lender

 

Reputation – Choose a well known moneylender Singapore who is registered with the national authority. Registered lenders operate with the right APR and also have good policies on loan approvals. The reputation of the company is important to consider. People who have taken loans from the reputable licensed moneylender in Singapore can be talked to so that you know of the finer details of the company. Amount of loan & tenure – The tenure offered by the lender and the loan amount that you will be eligible for will be a deciding factor in the choice of the lender. You can get to know these details on all top lenders from and apply for the loans online. Customer Friendly – The Company should be approachable. If you have problems in receiving funds or remitting the monthly installments, there should be a competent customer service to help you. Also the customer service team should be able to clarify and explain the terms of your loan if you are not clear about any part.

 

Interest rates – This is perhaps the most important consideration when taking a quick loan. APR or the Annual Percentage Rate is the annual rate of interest. For quick loans of tenure less than a month, it is normal for loans to have an APR of 300 – 400%. When you are thinking about your repayment capabilities, you should think not only about the borrowed loan amount but about the amount where interest is added up. Fees & Charges – Even though interest rate is the chief deciding factor on the additional amount of money you have to repay, the additional fees and charges might add up to a large amount if you are not careful. Some companies might charge a lower APR, but might have high processing fees and other charges. The main charges you have to look out for are the processing charges, late payment charges, penalties on late payment, increase or decrease in the weekly or monthly installment and increase or decrease in the tenure.