Regardless of these trying times of a health crisis, at some point in your business journey, you would need assistance in terms of finances. It doesn’t always mean that your business is in bad shape. Instead, a trusted money lender in Singapore could be your springboard to further success.
Business owners tend to ask for loans from big financial institutions since most of them do not have the luxury of time to wait for a bank’s approval. They would rather use the time to make decisions and strategies to gain more profit than to wait for the bank’s processing time. If you think that this is something you would do as well, you should know how you can match the requirements of a legal money lender. Outside the banks, it doesn’t mean you would find the same security. But, as long as you are careful in choosing which financial institution to loan from, you would successfully get the financial assistance you need similar to what you will get from a bank.
In this article, you will know the characteristics that make legal money lenders in Singapore trustworthy for business owners, like you, and why you should only seek them.
Characteristics of a Legal Money Lender
Every minute is important for a business owner, thus you shouldn’t waste any of it to hoax lenders. As soon as you see that these characteristics embody the moneylender you’ve found, you should try and get a loan from them! Here are the characteristics of a trustworthy money lender:
- Regulated by the Singapore government
Any financial institution that adheres to the laws of the country is an institution you can trust. Their terms for loaning are terms that follow what the Singapore government mandated by the law. With this, you know that they are legitimate and that you are in safe hands!
- Listed as a licensed money lender
All legal SG money lenders are in the moneylender list of the Ministry of Law. The company names that you will find in there are all licensed money lenders hence they are all legally appointed to give you a loan contract. If you are unsure that the moneylender you are talking with is legitimate because they can promise you sure loan approval, you should check their name in the official list.
- Can simplify loan terms
First-time business owners are the common victims of illegal money lenders because they don’t know loan terms yet. Avoid them as much as possible because a legal and trustworthy money lender would lay down all the details of their loan terms and simplify them for you.
Why Should You Only Trust Legal Money Lenders?
Aside from avoiding being a victim of a loaning scam that would put you in a lifetime of debt, you must know the advantages of being patient enough to find yourself a legal money lender here in Singapore. Here’s what you can expect from them:
There is no room for lying or putting hidden costs in a loaning contract when you are coordinating with a legal money lender. Expect that they will present you with a transparent contract that includes all the details about their loan. Also, they will help you break down the terms to fully grasp and understand the conditions of your loan.
2. Fair interest rates
With every loan, there is an interest rate. But, it should go more than 4% per month. It would be against the limit set by the Singapore Ministry of Law. Licensed and legal money lenders know this. If you find that a money lender is going beyond the 4% interest rate, you should avoid them immediately. These are not the money lenders that you should be talking to, so ask about their interest rates during the consultation. If they go lower than 4%, you must check their credentials and background before settling on a deal. Remember that contracts like that are too good to be true.
3. Upfront about penalties
The last thing you want to happen is getting an unexpected penalty fee when you already have the exact amount to complete your loan. Knowledge is key when it comes to loaning, so for their convenience and yours, a legal money lender would be upfront about their penalty fees. It includes the terms you should know about late payments, services fees, and prepayment penalties.
4. Smooth process
Loan processing is a linear road. You would not experience shortcuts or u-turns when you cooperate with a legal money lender. They would only be required to take one road. However, this is a two-way effort. You must also do your job of submitting all the necessary documents to reach the end of the road, and meet them there. Reading their submission process and requirements would contribute to the smooth process you expect to experience.
5. Easy communication
Since they are all working together to help businesses out in their trying times, they would not give you a hard time. They would be easy to call and answer enquiries from any interested business owners who want to acquire their loans. Trust that you would get an answer from them no longer than three to five business days!
Finding a Legal Money Lender from on TT Media
Since there are plenty of money lenders in the country today, it would take weeks for you to find the best one that can match your needs. With TT Media’s compilation of the legal and best money lenders in Singapore, you could use that time for search to other crucial business matters in your hands! You can see that they have also included the details of these money lenders for your convenience.
You can see their list of best money lenders for you on their website today!