The Importance of Reading Reviews for Licensed Moneylenders
Licensed moneylenders are companies that provide private loans to people in need of quick cash; they’re held in high regards by customers because the process of getting a loan from them is easy and hassle-free, unlike the one they need to go through when applying with banks. As a person that has never taken a loan, you’re always told to read the reviews for a moneylender you want to apply with first and then make your case. There are strong reasons why you should do this without any second thoughts.
What Will I Learn from the Reviews?
- Whether the Lender Is Actually Licensed or Not
Previous clients will be quick in pointing out if that particular lender is shady or genuine. If there’s no info concerning this aspect, you should ask the company for proof that it is, indeed, licensed and in line with the legislation stipulated by the Singaporean government.
- The Overall Professionalism of the Company
Was the staff helpful and did it take an active interest in answering all the questions of the applicants? If the personnel were bored and condescending, there’s a chance that that moneylending company is hard to do business with.
The staff is the “face” of the company and speaks volumes about its integrity and respectability. Another problem that could surface in this respect is the inability of the personnel to answer the simplest questions concerning the services of the company it works for.
This is a serious issue and we shouldn’t even need to tell you that, if this is the case, you should steer clear of that company, because it certainly looks like something’s fishy.
- The Honesty/Dishonesty of the Customer Service
The Customer Service should guide you through the process of getting the loan, as well as explain the terms and conditions in such a fashion that everything is as transparent as it can be.
Unfortunately, it can so happen that moneylenders that masquerade as licensed will put some hidden fees on the contract, hoping you wouldn’t see them. If you see something that looks odd in the paperwork, contact the Customer Service.
If they’re unable or unwilling to help you out, you should grow suspicious.
- Critical Issues with the Company Itself or Its Loans
The clients that were scammed or simply had a bad experience with a certain moneylender won’t shut up about it, you can count on that. The reviews will shed light on some potential problems that clients have encountered.
Keep in mind that it’s perfectly normal for the reviews to be mixed. “Different people” automatically translates as “different personalities”, and it should be clear that a moneylending company can’t satisfy all customers.
But then again, if all the negative reviews point out toward a recurring problem, you shouldn’t apply until you’ve talked to a representative from the company and got an explanation.
- The Existing Loan Packages
In other words, you’ll get a sense of how much you can borrow and how much a particular loan will cost you. If there are any hidden fees or the interest rates aren’t steady, you can rest assured that a client will emphasize that.
Something to remember: a variable rate is meant to change once in a while, but if your fixed rate does that, you’ve got a problem on your hands and you should address it immediately.
It could be evidence that the lender is anything but in compliance with the legislation. In this case, he faces some serious penalties. You shouldn’t think of yourself as a whistleblower if this happens to you. It’s your right as a consumer to point where it hurts.
- The Quickness of the Approval
Does it take ages until one’s application gets the green light or is it approved within 48 hours, as it should? This is crucial because, needless to say, you’ve applied with a licensed moneylender precisely because you were promised lightning-fast approval.
Another aspect that might appear in connection to this is the flexibility of the repayment. You should always opt for a loan that comes as a package deal with a flexible payment option, especially if your income isn’t steady.
Also, do not get a larger loan just because you’re granted a longer repayment term. You don’t want to pay back money that you didn’t actually need for decades to come. This is a practice that too many people use. Don’t do it unless you want to be indebted for the rest of your life.
What If I Don’t Find any Reviews on the Lender’s Site?
No moneylender is exempt from being reviewed; if there isn’t a dedicated section for testimonials on the company’s site, you should look offsite. There are companies that are specialized in reviewing such moneylenders.
They usually give them grades or ratings that are in concordance with the general opinion of the clients that have collaborated with the said companies. One thing you should know about these reviewers is that they’re always thorough, so no crucial aspect will ever be missed or overlooked.
Moreover, they come from banking, so they know their way around a loan and how a licensed moneylender should do things. If you’re still at a loss after you’ve read these reviews, you should check out our website.
There’s a section where we’ve provided a list of all the licensed moneylenders one can find in Singapore. We’ve got your back!
The Bottom Line
Taking a loan from a licensed moneylender for the very first time isn’t that easy, particularly when you’re not certain that the lender you want to get help from is 100% genuine.
A lot of folks underestimate the importance of reading a few reviews before going to a lender and end up in a world of hurt as a consequence. This article will help you stay on the safe side no matter what lender you find.
And once again, the list with licensed Singaporean moneylenders is at your disposal on our websites, so feel free to consult it.