Moneylenders Open on Sunday
Nothing can be more blood-curdling than being in an urgent need of money – urgent as in “I need to apply for a loan right now”. Just a couple of years ago, you couldn’t find any lender that worked over the weekend.
Fortunately, things have changed. If you live in Singapore and you’re desperate, you can totally get ahold of a non-stop moneylending company. But now a question rears its ugly head: how do I make sure that the lender is genuine and properly licensed?
That’s actually really simple. Let’s take a look at:
Some General Guidelines
- Take a Look at the Interest Rates
If these are higher than average, it doesn’t necessarily mean that the lender is a scammer. It just happens that he’s offering more expensive rates than others. The best way to find out about the rates is to ask the lender directly.
There’s got to be a live chat on the site or a phone number you can dial. You can rest assured that no licensed lender will ever go overboard with the interest rates. Low interest rates are what keep many licensed moneylenders in business, so they’re kind of compelled to lower them.
- Does the Lender Answer Promptly and Is the Application Process Quick?
If you have to wait for days on end until you hear from a lender, that’s a sign of unprofessionalism right there. In the same fashion, if the process of getting the loan involves all sorts of complex credit inquiries and other procedures, you should consider looking for another lender.
Many websites nowadays have application forms. These are great because you won’t have to go down to the lender’s office or call there to fill in your application form. What’s more, an online application form will get you an answer within 24 hours.
- Does He Need a Proof of Income?
A lender that does not need proof that you’re employed is a red light – it stands to show that he has no interest whatsoever in your financial situation, so he doesn’t care if you can pay back the loan or not.
We shouldn’t even mention this, but here it is anyway: it’s you who’ll pay back the money and face all the consequences of defaulting, not the lender. A lender that could care less about your income is a far cry from professional and he’s after your money.
The first thing a lender should ask you is whether you’re employed or not.
Not only that you can get your hands on the money you need even on Sundays, but you actually have plenty of options both in lenders and types of loans.
Now that you know what exactly makes a lender genuine, you’re one step away from getting the money you need without jumping through too many hoops.
There are only 3 aspects you should be concerned with presented in this article, but they’re all packed with info and encompass everything a borrower should be aware of when looking for lenders.