Almost everyone needs a loan at some point in their lives. Whether it is finance for a new home, refinancing your already existing loan, a personal or bridging loan, or even a construction loan, there are some things that you should take into account before making the leap into making debt. It’s time to get a legal moneylender in Singapore.
Advertising is not always truth
Just because companies advertise a certain product at a certain price does not necessarily mean that you will qualify for that rate or even the loan. Every loan depends on certain factors:
● How many dependants do you have?
● Are you married?
● Are you permanently employed?
● What is your monthly income?
● Do you have other loans or debts that are paid monthly?
● Your credit score
The one factor that most people are not aware of is their credit score. Everything that you do, regarding your bank accounts, credit applied for, whether accepted or rejected all accounts towards your credit score. Depending on the company, there are other questions and factors that can influence you getting the loan or not.
Make sure that the company you choose has a financial advisor
You’ve heard the phrase loan shark, well, that is because the moneylending world is filled with them. It is important that you choose a legal money lender, that cares more about your wellbeing. It is important to see a financial advisor and if the company does not have one then rather be safe and choose a company that does. A financial advisor will help you work out a loan that will suit your needs and not land you in a world of debt.
Unsecured and secured loans
There difference between secured and unsecured loans is an extremely important factor to note. Secured loans are taken against your assets, whereas an unsecured loan is not dependant on what you own and if you cannot pay the loan the company cannot claim your house or car, or any other assets that you may have listed. Be sure that the legal money lender that you choose offers you an unsecured loan, so that you do not stand to lose everything.