Shortage of liquid assets should never come in anybody’s way of fulfilling dreams. Gladly, a myriad of lenders extends their helping hands to such aspirers. But are they all the same? On what basis do they differ from each other? What are the essential points a borrower must consider?
The right choice can be kept in check by taking into account the following essentials:-
- Reputation- Financial transactions are sensitively delicate that is built on trust and fairness between both parties. A prospective user must not ignore the bad record by coming in the bait of a cheaper interest rate. Only credible names should be contacted for taking credits.
- Penalties- In the haste of time or temptation of cheaper loans, one may forget to ask about the default repayment clause. Some lenders charge a heavy fee for not being paid back the loaned amount within the stipulated time. These terms, conditions, penalties, or other clarifications should be made beforehand.
- Efficient- There would be no use if the borrower does not get money on time. The grant process and approvals should be quick. No delays, excuses, or other hurdles should come in the way of getting a loan sanctioned. The borrowers should get the amount as soon as possible.
Besides being a licensed money lender singapore, there are other essential traits the lending organization must possess.