Whether applying for a secured or unsecured loan, finding a legitimate and reliable money lender is essential. Borrowing from the wrong lender may cost you a fortune in the future.
Traditionally, money business was limited to the banks, but with the ever-expanding finance industry, the business has been taken over by individuals and private firms. This has made loan accessibility easier and has also reduced the turnaround time.
Unfortunately, scammers have also targeted the industry and are taking advantage of unsuspecting borrowers. This article is a sure guide to the recommended licensed money lenders.
Below are things that you should look at when finding a reliable money lender in Bugis:
The Reputation of the Firm
Reputation is key when it comes to the service industry. A good reputation gives one an assurance of the credibility of the firm while a bad reputation should raise a red flag. So, the first thing that you should look at before engaging a money lender is their reputation in the market. How do you assess the reputation? Simply go through testimonials and reviews from past clients. By doing this, you’ll be able to assess if the lender is credible or not. You can also ask friends to refer you to the most recommended licensed money lender.
Different money renders package their loans differently. You find that interest rates vary from one lender to the other. A reliable lender is one who offers loans at the most reasonable interest without altering them in the future. There are some unscrupulous lenders who offer loans at very attractive interest rates, only to alter and increase the interest rates after closing the deal. To avoid falling into such a trap, you should research from their website and get to see their interest rate trend. A reliable lender should portray some consistency when it comes to the charging of interest.
Terms of Agreement
This is the most important part when it comes to loan applications. Everything you agree upon should be stated in the agreement in a language that the borrower understands. Lenders with flexible terms are recommended. It is important to have a clear picture of the interest rate and the repayment schedule to avoid any violation of the agreement in the future. Before consenting to the agreement, it is important to get clarification on any hidden charges and the penalties if any. Sparing time to understand the agreement is crucial as your credit score is directly linked to your financial decisions such as loan repayment. Signing an agreement that you cannot fulfill can easily get you into trouble.
If you follow the above tips, you can be sure to get a reliable money lender in Bugis. If you are a first-timer, or you don’t have time to research the most reliable money lender you can follow this link to get the most recommended licensed money lender in Bugis.