A clear understanding of the qualities of a good personal loan money lender in Singapore will help you not to fall into the traps of unscrupulous and fraudulent money lenders. So, what makes a good money lender?
A good money lender is one who is registered with the relevant government regulatory body. The Ministry of Law has strict requirements that money lenders have to fulfill before they are registered.
Although you expect to pay slightly higher interest rates than you get with traditional bank loans (mostly because a personal loan does not require collateral), you should go for a money lender who has competitive interest rates. You should also consider the fees and charges applicable.
One of the best money lenders is one who is a member of a professional/trade organization such as the Moneylender’s Association of Singapore. Professional organizations have strict rules and regulations that members have to abide by. The money lender should be in the good books of consumer protection agencies and the local Chamber of Commerce.
Go for a money lender who provides an easy loan application process and one that does not have prohibitive requirements. A good money lender should allow for an easy online application as this offers convenience and cost benefits. You expect your money lender to ask for financing requirements, contact details, personal details, employer details, and employment details when you are are ready to go down to the office to complete the loan process and get the loan agreement signed. If you are a foreigner, you will need an employment pass that has a validity of at least a year. You also need to make at least the pre-determined annual salary. For salaried Singaporeans, you will need to have an income proof.
You should expect that your application will be viewed by our loan officers in a couple of hours, and you will be invited down to our office to complete the loan application together with the required documents. The personal loan will be handled to you upon the signing of the loan agreement by both parties.
You want a money lender who has negotiable personal loan terms since different individuals have different needs. The repayment schedule should be flexible in case you get a cash flow problem. Trust AP Credit to provide you the solution. Apply for a loan with us today.