Financial crunch can happen due to any unwanted event or emergency. But you can’t let your life suffer due to financial ups and downs. The best way to deal with a financial crisis is to borrow money from a licensed Moneylender. And think of yourself blessed if you are a citizen of Singapore as this is one nation which has the best moneylenders in the world and has maintained strict money lending laws.
A personal loan, payday loan or foreigner loan can easily be obtained from a licensed moneylender in Singapore, if you are able meet any of the given criteria:
1. For a yearly income of S$30,000 or more, one can apply for a personal loan with a credit limit up to four times of your monthly salary.
2. For a yearly income between S$20,000 to S$30,000, one can apply for a personal loan with a credit limit up to two times of your monthly salary.
3. For a yearly income less than S$20,000, you can only apply for a personal loan up to S$3,000 from licensed moneylenders in Singapore.
However it is not as tricky as it seem but a proper research is important before borrowing money from a moneylender in Singapore.
Things to do before searching for a moneylender:
1. Form a proper budget by deducting your expenditures from income. The figure that you’ll get is your monthly disposable income. Also make sure to set aside your savings as well.
2. Is your monthly income is enough to pay monthly repayments? This is very important as it determines your capacity to pay personal loan repayments.
Things to ask from the moneylender:
1) The loan amount that they can offer within your budget. See whether it’s sufficient or not for the meeting of your goals.
2) The rate of interest and how it’ll be applied.
3) The term of the loan as in duration of the loan.
4) Extra fees and charges.
5) Penalties in the event of non-payment of monthly repayments.
Things to be sure of while selecting a moneylender:
1. Is the moneylender a proper license holder or not?
2. Look into the history, reputation and customer feedback of the moneylender.
3. Do a Google search regarding involvement of the moneylender in any kind of scam or not.
Things to read while signing any personal loan contract:
1. Whether the contract contains all the terms and conditions asked by you while doing inquiry on personal loan.
2. The contract should list the loan amount, with rate of interest, period of loan, the amount of monthly repayments and additional fee charges.
3. The amount should be given in lumpsum without deducting any additional fee charges.
4. Get an assurance whether you’ll get a monthly receipt from the moneylender after making repayments every month.
As for as your task is concerned, make sure that you pay installments on time, maintain all important papers, documents and receipts related to the loan.