Paying off bills and expenses on your own, especially if you live in Singapore may not be easy. Medical bills and wedding expenses, for example, can easily run into the thousands of dollars. Most people take out loans from moneylenders to cover these charges. IP Credit is one such money lender who is good at personal loan in toa payoh. Some top qualities of money lenders in Singapore are as follows:
Reasonable rates and fees
As a borrower, you might anticipate independent moneylenders to impose greater interest rates than banks, but a reputable registered money lender should not overcharge you. A good moneylender will also provide you with other advantages that will encourage you to return to him whenever you require a loan. If a moneylender’s rates are lower, it indicates you will be able to get better terms on your loan. He should be able to comprehend your financial requirements and provide you with the most appropriate assistance at a low rate of interest.
Complies with regulations
Untrustworthy companies are more concerned with completing a transaction or pushing unfavorable lending arrangements. Customers seek a dependable finance organization that offers honest advice on loans that are best suited to your personal or professional requirements without any charge. Unlike unscrupulous lenders, a trustworthy business will follow the rules. They adhere to the laws, whether it’s charging the correct amount of operating costs or sticking to loan limitations.
Physical address and face-to-face verification
Before a licensed moneylender can sanction a loan, a face-to-face verification is expected. It’s a shady business if no face-to-face verification was conducted and your loan was approved. Unrequested calls claiming to be able to provide you with a personal loan should be avoided at all costs. Unprompted emails, texts, and phone calls are prohibited in Singapore for licensed moneylenders. If a moneylender refuses to provide you with precise data about the loan agreement, then that’s a red flag.
A licensed moneylender should be completely open and honest with you about the terms of the loan. Anyone taking an interest in taking out a loan should be able to obtain all relevant information during the developmental stages by visiting the website of a reliable and honest licenced moneylender. You should also be able to get a hold of the lender’s policies. Bait and switch methods are not appropriate for a credible moneylender