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How Legal Money Lenders Work
Just like in a grocery store, there are a lot of items in the shelves for us to choose from and the same thing goes when getting loan. There are several types of loans you can choose in the market today that is being offered by licensed moneylenders.
Some examples of loans you can find in Singapore are the education loan, home loan, salary loan and the very popular which is the personal loan. A personal loan actually has different uses like for home furnishing, family emergencies or even for consolidating other debts but personal loans are usually offered as a short-term loan.
Personal Loan 101:
Are you new with loans and don’t have that enough information about personal loans and how it works? Here are important information about personal loans that you should know before applying for it:
- What is the application process
If you are going to apply for a personal loan, you are required to submit an application form with all the needed details written to it. Some important details that will be placed in your application form are your name, address, date of birth, occupation, monthly income and how long have you been working on your current job.
Along with your application is your credit report where the lender can see your credit history and check whether you are paying your debts accordingly. Through your credit report, the bank can determine if you are eligible for a loan approval.
- Review other options
If you already have a current bank and wants to apply for a personal loan on the same bank, make sure that your bank has the best offer in your area. Each licensed money lenders have their own interest rates hence looking for one who has the lowest interest rate is a good move to save money from the interest.
Aside from the interest rates, you should also check the repayment terms of the lenders. There are lenders who offers a weekly or monthly repayment thus you have to check which one is more convenient.
- The more particular it is, the cheaper it gets
When applying for a loan, make sure you are able to choose the right type of loan. Loans have different interest rates and if you are going to apply for a personal loan, you will be paying an interest rate of around 6% to 8% while other loans like an education loan can only cost you 2% interest rate.
- What happens if you pay late
One of the factors you should have in choosing a lender is their penalties for late payments. Lenders have different ways on dealing with late payments especially with the penalty charge they impose if you can’t pay your debts before its due date.
There are also banks that have an “interest adjustment” where you are given the chance to lower the supposed interest of your debt due to late payments. In order to ask for an interest adjustment, you have to give the bank a reason why you weren’t able to pay your debt on time such as unemployment or family emergencies.