Importance of Choosing Licensed Moneylenders in Singapore

Singapore is a city where leading life is an expensive affair for the inhabitants.  In order to cope up with this huge amount of expense the people residing in this city often resort to borrowing money. The expenses often fly high and due to the urge of the city-dwellers for maintaining their luxurious standard of living they borrow money from different moneylenders. Many licensed moneylenders operate in Singapore and they provide the inhabitants of the city with a quick and fast supply of money. It is very important however to select authorised and best money lender and the number of licensed lenders in this city is more than 150 in total. There may be occasions where some person might need ashort-term loan and such cases; these moneylenders can be very helpful for offering prompt service. Crawfort is one of the best moneylenders who provide loan applicants with easy and quick loan approvals in case of emergencies.

Selection of Appropriate Loan Types:

To apply for a loan one must first understand how much amount he or she exactly wants to borrow and needs to collect every minute information about the type of loan that is needed to be approved. One must think if the situation for which the loan is needed is a major issue or a minor one. If the requirement is not for a major emergency cause then the best option is to apply for the approval of personal loans. In Singapore, the total yearly earning of a person decides how much loan can be granted to an individual. After the selection of the type of loan to be applied for, the borrower needs to concentrate on the repayment schemes available. The borrower needs to understand the most affordable as well as appropriate repayment options. The borrower then requires applying with the credit report to the selected moneylender for the approval of the loan amount. Most of the moneylenders in this city do not consider the credit report for sanctioning the loan. Although sometimes if the credit scores of a person is poor,some moneylenders restrict from sanctioning loan.

Preparation of the Documents Required for Loan approval:

The process of loan application requires some documentation. The financial or economic status of the borrowers are needed to be checked and the moneylenders demand the submission of some necessary documents as the proper evidence of the financial condition of the loan applicant. For improving the scopes of getting loans easily, the applicants need to provide some important documents to the licensed moneylenders. Crawfort can be named among the best moneylenders in Singapore and they are very much concerned about the correct documentation process that includes the submission of the documents such as proof of residence, NRIC, income proof, agreement of tenancy, financial statements of banks, credit score, and CPFstatements.

Overall, Expenses For Loan Sanction:

All the moneylenders who operate in Singapore need to abide by the regulations and laws laid down by the government. Crawfort, one of the best moneylenders in Singapore also adheres to all the rules and regulations. They do not charge more than 4% interest rate for the repayment scheme per month. The late fee demanded by them follows the margin of 60$ in every month. The administrative fee charged by Crawfort does not exceed 10% of the total loan amount.

Ensuring the Authorisation of Loan Providers:

It is very much crucial to check if the selected moneylender has the proper authorisation for lending money. It is important to know if the selected moneylender has the proper licence or they are operating as scammers. The loan applicants must check if the moneylender they have chosen is enlisted in the list of licensed moneylenders in Singapore.The reviews of the selected moneylender need to be checked also. Crawfort Singapore is a money lending company that has valid authorisation and they always return the documents submitted by the loan applicants after going through them and checking their validity. They offer a loan contract, which includes all the necessary and important information.

Things To Do Post Loan Sanction:

After the approval of the loan, the borrower is responsible for repaying the loan. The borrowers need to repay the repayment instalments at the proper time. In the case of repaying late, the borrowers require to pay the late fee. The borrowers need to keep with them a copy of the loan contract, payment bills or receipts, balance account statements and so on.

Arousal of Legal Issues On being Unable to Repay the Loan:

In case a borrower fails to repay the loan timely then he or she can request the moneylenders for an extension of repayment time. The borrower can opt for refinancing plans and if it becomes too difficult for the borrower to repay the loan then he or she can show bankruptcy in order to avoid being sued by the moneylender. In this way, the borrower does not need to pay any further interest.

Leave a Reply

Your email address will not be published. Required fields are marked *