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Ultimate Guide to Borrowing Money from Licensed Moneylenders

In today’s developing world, things are getting costly too. Everyone wants to live a luxurious life and pay all the bills without any hurdles. People try to earn a lot for managing all their expenses but it is not possible for everyone to earn a lot and save money too along with their expenses.

Money and expenses are never-ending things. You always need more money, for your needs and don’t remain satisfied. To fulfill all your necessary needs you need money, but it is not possible that you have money all the time. For some big expenses, you need money instantly.

It is very difficult to pay for all your debts, especially in metropolitan cities like Singapore. You need to have several dollars to pay all the bills, like medical bills and wedding costs and many more.

So when people face a shortage of money, they take loans for various purposes from the banks. But taking loans from the bank is a lengthy process, you will have to fulfill several paperwork and legal demands for taking loans from the banks. Hence it is a long process and might take time, so if you need money urgently it is not a convenient option for you.

There are many money lenders available in the market, they provide money faster than the banks. All you have to do is choose a licensed money lender to borrow money from. In Singapore, you will find many money lenders who are available for 24 hours, and you can easily borrow from them if you have all the correct documents.

Before borrowing money from the money lenders make sure you know all about them, whether they are licensed or not. Because many times you may face a huge issue. Even after clearing all the debts, they may disturb you with other matters.

You can find the loss of licensed moneylenders Singapore, with the help of the internet for fast loans Singapore. Carefully read their terms and conditions and if you agree and are satisfied by them then you can borrow instant money for your instant requirements.

Things that you should consider before borrowing money from money lenders

  • Analyse the category of loan that you need

Before borrowing money, make sure which type of loan you need, that is, what is the purpose of the loan. Make a brief analysis of what type of loan you need, for what purpose you lack the expenses. The money you need is for a major need or a minor one. And then apply for the loan, as per your requirements.

If you need money for a small amount and for minor purposes then you should choose a personal loan, it is a suitable option for you. You can pay your credit card debts, home renovation, and other debts if you take a personal loan.

  • Inspect that you are eligible or not

Before borrowing the money check whether you are eligible for the type of loan you need or not. The money lenders Singapore, also check your annual income before lending you the money. So the eligibility of your borrowing money depends on your annual income directly. It defines the surety, that you can return the taken amount or not.

Your profession illustrates the maximum amount of loan that you can borrow from the money lenders in Singapore. If you have the citizenship of Singapore then you can receive more loans as compared to other people.

  • Check your credit report

You can also get your credit report from the credit bureau of Singapore or from the moneylender’s credit bureau. They provide you with your credit rating.

Some money lenders did not need any credit ratings but few demanded a good credit rating report to lend money. Especially in personal loans, they don’t ask for your credit report.

Before applying for the loan, you should clear all your debts to have a clean credit rate, to get your loan approved easily.

Keep all the necessary documents ready

After clearing all your debts, you should keep all your documents correct, before applying for the loan. It includes:

  • The income proof and employment detail.
  • NRIC
  • Your present credit score and all the CPF statements
  • Residential proof
  • Residency agreement, your bank statements, employment and ID, employment letter.

To borrow money from money lenders you should have clear credit records and all your documents should be valid. Because the pending records may disown your credit report.

The documents that you should keep with you, after the loan approval

You should keep the following documents with, after the approval of the loan :

  • A photocopy of the original loan contract, which was signed at the time of loan approval.
  • Receipt of all the payments that you have made for the loan or for the loan approval.
  • The statement of your account, for the loan, approved.
  • A photocopy of all the documents that were used during the time of loan approval, receipts.

After the loan approval, take the necessary documents back

Once the loan is approved, make sure the moneylender has returned you all your original documents, like NRIC and personal identification proof. Also do not forget to take the loan contract.

Before signing the contract, make sure all the clauses of the contract are mentioned clearly, and they mention each and every point in the contract like the repayment terms, period, and the interest rate, along with the principal amount.

Conclusion

If you belong to Singapore or live there and need money for any purpose instantly then you can borrow money from money lenders. They provide instant money as compared to the banks. In this article, you will find the necessary documents and processes of borrowing from money lenders in Singapore. I hope this article will help you to understand the money borrowing process from the money lenders in Singapore.

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