Before you borrow, learning about the lending procedure will substantially assist you on your path to finance. Before you take funds from a moneylender, you should first grasp the factors to consider. When faced with unexpected bills, it’s easy to become overwhelmed, which can lead to rash decisions. It is not easy to come across financial institutions that are good at money lending in ang mo kio so read on to find out.
Getting a loan from a licenced money lender in Singapore is in-fact as easy as A-C-D-A which is ASK-CHECK-DOCUMENTS-APPLICATION. what is that you ask; here is the help that you need:
It starts with simply asking oneself why and what is needed. In majority of the cases the why may seem pretty clear as it can be an emergency on hand that needs to be tackled or a long-awaited aspiration waiting to be fulfilled. But it is still worth asking yourself is it worth to take the loan and pay back the sum with interest. Once this is clear we move on to asking the “What”. Which is clearly identifying what amount of money is required. It is quite possible that you may be eligible to get a loan of a higher amount than you need. And while enticing as it may sound, remember, you will have pay interest on the entire amount which can be brought down by setting some limits. to
We now face the challenge of checking the eligibility criteria. The requirements vary from one financial institution to other, while banks have a very thorough process of digging into your financial statements like your credit scores there are licenced money lenders who are majorly concerned on your ability to repay the loan amount. Whatever be the case this is the second step in the process checking the eligibility criteria of the financial institution that you decide to go forth with.
Following the first two steps we now come to the documentation, this can be easily taken care of. Today the list of required documents is available online and can also be obtained by contacting the lender. To avoid travelling back and forth throughout the application procedure, gather all relevant information and papers before applying for the loan.
This is the final step and the culmination of all the above-mentioned steps. When you have the rest of the information that you need all that you now need to do is reach out and apply for the loan and have the money. This can be done by either visiting the office with the documents or in some cases can also be done online, which ever suits you and the lender.