These days, a most common e-mail that frequently hits your inbox is your loan is approved or avail an instant pre-approved loan. There is a back end team who always makes you feel overexcited and shows many offers that make you fall in those advertisements.
Never fall into those kinds of attractive advertisements. However, due to an emergency, we are ready to borrow money with instant approval. Before applying for a personal loan in Singapore, make sure that the Moneylender is a Licensed Money Lender Singapore because they always provide the best offers and attractive interest rates for genuine customers.
They also help you in case of emergency and case of pre-closure of loans with the best customer service. When you apply for a personal loan, make sure to read the below instruction before availing of a loan in Singapore.
Flat interest rate
The first thing one must consider is the need for the loan. Make sure you need money for emergency and you don’t have any other source to manage your needs, in those cases choose personal loans.
The personal loan interest rate is high because it is an unsecured loan that is available without any collateral. When you are applying for a personal loan consider the interest rate and your budget before applying for the loan.
The interest rate gets varies when there is a variation in the tenure. Before applying for the loan, check your commitments and then choose your plan for the future benefit.
Never choose low interest-rates
Flat interest rates are the most identical choice for personal loans. It does not fall on lower interest rates, as the bank or money lender keep some hidden charges over the loan. Properly read the documents or consult with a lawyer before proceeding with the personal loan dealings.
To know further about the flat interest rate and reducing the balance interest rates please visit the Lender SG website for more information. Never hesitate to call the customer care and get the required information because never miss even a single penny which we hardly earned.
It’s time to choose the best suitable interest rate for emergency needs. Remember one thing, the interest alone is not only the cost we must bear, but there are also other charges must be considered while choosing the loan.
When an individual applies for a loan, the bank usually charges 1-2% of loan money as the processing fee. Some Moneylenders in Singapore charge a flat processing fee for all types of loans. These charges are added to the total cost of the loan. When you plan for the loan in Singapore, calculate as per the fee schedule and procedures.
Maintain a good credit score
In Singapore, an individual can easily avail instant loans within a short period if he maintains a good credit score and proper re-payment history. A poor credit score and poor repayment history may reject your loan or may increase your interest rates.When you are planning for the loan, make sense to check your CIBIL before applying for any type of loan.
Pre-closure and pre-payment fees
When you plan for a personal loan or any other loan for an emergency need, avail the loan with the flat interest rate for better payments. If you take the loan for short term cash flow, and you can pre-close the loan when there is a sufficient fund flow.
By prepaying the loan, you can save huge interest costs and maintain a good credit score. Bank and Money Lender usually provide the best prepayment fees for their privileged customers. So before applying for a loan, learn about prepayment fees and pre-closure terms from the bank and save your interest rates.
Customer care service
Apply for a loan from a Money Lender in Singapore who has good customer care service. In case of late payment or pre-closure time, you must feel free to talk to the customer care and explain your situation. It greatly helps to maintain the credit score and relation with the moneylender.
Licensed Money Lender Singapore always does service for their privileged customer and provide maximum convenience for their existing customers. When you are struggling for cash flow or extra payment or pre-closure, make sure to avail loan from the Money Lender who has good customer care service.
Avoid add-on offers
When applying for loan banks also pitch for additional offers like an accidental insurance plan, education loan, emergency loan, etc. Never show interest on add on-offers as the wholesome money of Insurance EMI which will be added to your monthly EMI and make your burden. This may result in a shortage of cash flow for your monthly expenses. Consider the above factor while taking a loan, and plan accordingly to live a peaceful life.