Bugis is one of the famous districts in Singapore that has a haven of activities revolving around. People here are businessmen, employees all looking forward to growing their incomes or enrich their lives in one way or another.
While this is the case, getting extra financial support is the order of the day. Many financial institutions compete, looking forward to offering financial support as they make an extra coin from the interest they charge.
It’s important, therefore, to know the type of financier that one is dealing with to avoid landing in bad hands. Bugis, being one of the busiest places, has different forms of money lending institutions. Getting a good lender here might be a daunting task. However, we are here to prove that this is not hard and it’s easy to get the best money lender in Bugis.
Below are some factors that any borrower should look for while dealing with Moneylenders in Bugis and see that you get the best services from them.
- Confirm that they are licensed Moneylenders
Any form of registered moneylender in Singapore is licensed under the Ministry of Law, which was implemented in 2008.
This was in a bid to protect consumers from being scammed by unlicensed moneylenders.
Before proceeding with any of them, ensure they have a license in the moneylending business by checking from the registry and check on the one that has offered the best service over the years of operation.
- Carry Out an Online Research and Reviews
The next very important factor that a borrower should never miss checking is the reviews from the previous borrowers. The license alone is not enough. One will know the kind of a service they have offered to the earlier borrowers using a Google research of the same.
Besides, friends and relatives are a great source of information, more so those who have resided in Bugis and are well aware of the moneylenders.
With this, one will get clearer information relating to loan choices, their interest rates and decide depending on the need at hand.
On the other hand, as you carry out google reviews, do not dwell on one side only; check reviews from the borrower and the moneylender. This will act as an eye-opener of how the moneylender could solve a solution in the event of a misunderstanding that could have risen between themselves.
Remember, a moneylender does not have to be 100% perfect to work with. There are hitches that one would forego based on problem-solving techniques.
- Search for the Moneylender that will meet your Financial needs
At times, the need for a loan may put one into landing to any moneylender. But remember that your budget and income play a crucial role in your financial journey.
Always search for a moneylender that will not disappoint and will match your loan’s needs. One of the best moneylenders in Bugis is Su Credit Pet Ltd.
This is one of the moneylenders known for meeting their customers’ needs and having excellent customer service, too, which is rarely found in most of the other moneylenders in Bugis.
This is what they take the borrower through before signing up a contract.
- Considering the loan amount.
While the borrower may not have complete knowledge of knowing the right amount that will complete the project without strain, Su Credit officers will take them through the need to take a good loan.
Not because of a lucrative interest rate, but because the loan stands to be a good choice as of then.
- Confirm the interest rate.
It is very easy to fall into the trap of being charged high-interest rates, more so by scrupulous moneylenders. However, at Su Credit, the loans provided go for a maximum of 4% interest which is the rate provided by the ministry and should be standard for any legal moneylender operating in entire Singapore.
- The Repayment Period.
In Singapore, the ministry allows moneylenders to collect their loans for up to twelve months. This is a bit different from the banks, which have a longer repayment period. But then, remember that the good moneylenders in Bugis are well known to disburse their loans in less than 24 hours upon approval of the documents.
Consider looking out for a moneylender that will meet your needs and repay the loan without strain as per the agreement.
This will enable one to avoid falling into default and, at the same time, maintain a good credit rating for future borrowings. At Su Credit Pte Ltd, you will never regret their repayment periods.
- Consider Working with a Moneylender that is Close to where one Lives.
If you know about loan Sharks, they hardly have a physical location. If one needs support, you can only do it on call, which may not be sufficient enough to meet one’s needs.
It’s therefore important to work with a Moneylender that is near one’s residential area, such that one can walk to their office should there be a problem that needs to be solved.
When carrying out the research, it’s important to search for the ones in your geographical location, and at the end of the day, they will turn out to be reliable since they do not want to mess up their trust with people around.
- Always confirm the Terms of Engagement.
This is a critical point that we all keep on forgetting. Reading and understanding the terms and conditions of getting the loan. For instance, understand what would happen should one be a little bit late with repaying their loans. What are the penalties involved, how they are going to lower one’s credit rating in such cases?
On the same note, confirm if one pays the loan earlier than stipulated. Will the interest be waived for the period not used?
How about the repayment period; will it be friendly enough to give the borrower sufficient time to repay, make any top-ups and still proceed without strain?
All these are some of the factors that will give an overview on whether the Bugis Moneylenders are working for your good or enriching themselves.
However, tens of them are credible. Always lookout for the white flags and run with them, and you will not regret it. If satisfied with getting the best, then at this point, you can go ahead and make an application process with your choice.