Many licensed moneylenders in Singapore offer a wide variety of easy cash loans that can help you reach your goals. There are other loans, for example, a property bridging loan that can help individuals purchase a new flat. With many different loans catered and dedicated to different individuals, finding the right tailor-made loan for you can be difficult unless you know why you require a loan in the first place.
If you are seeking funds to study abroad or starting a new business establishment, then tailor-made personal loans are just for you. However, the most important lesson to learn is to keep your financial future stable. To do that, you should make the right financial choice.
With a wide range of licensed moneylenders in Singapore offering competitive interest rates and deals, you too can find ways to obtain a low interest rate for your tailor-made personal loan. Here are 5 ways to obtain a tailor-made personal loan with a low interest rate and secure your future financially.
1. Create a financial plan early
Creating a financial plan early not only saves you trouble and hassle in the future, but it can take into account your partner’s and your loved one’s concerns. A financial plan also ensures that you understand your limits, what you can and cannot do with your financial strain, and keep your loan tenure in mind.
Having a financial plan can essentially help you move forward when it comes to loan repayment and security that you would not otherwise have. The plan should also take into account any outstanding debt you have not cleared. If so, then a consolidation loan can help to lower your repayment fee to a single licensed moneylender.
2. Calculate all of your intended expenses
It is imperative that you have understood all of the expenses you are going to spend when it comes to your tailor-made personal loan. For example, if you have decided to study overseas or take an emergency loan for a short period, the total costs should be calculated to an estimate.
This way, you will not only have an idea of how much you are spending but have an estimate on how much you need for the entire loan tenure. Taking this total cost figure to a licensed moneylender ensures that you understand your financial limits and will not take a loan that is over your expenses.
3. Begin your online search
The Internet is your best companion when it comes to seeking the right licensed moneylender for your tailor-made personal loans. With the Ministry of Law’s Registry of Moneylenders, you can look at the list and compare all personal loan interest rates and pick from the lowest.
If you feel that you are looking at too many licensed moneylenders and can’t pick one, then creating a list of five to ten lenders to go through and this can significantly help you to get a reliable Licensed moneylender. This gives you more options and the ability to pick from those that are affordable and reliable.
4. Spend time on research as well
If you have a family member, a loved one or a friend that has recently borrowed from a licensed moneylender, you can always ask them for valuable information. They might have much more experience on the topic of moneylending, and can even help you with finding the right licensed moneylender.
In addition, other essential tools you should take a look at are online reviews and testimonials by previous clients and customers. This gives you a better idea of who is credible, who isn’t, making for an invaluable source of lender information.
5. Speak to a variety of licensed moneylenders
Now that you have your plan, your total cost and your list, you can begin to speak to a few licensed moneylenders that you deem credible and affordable. Before you make the pick, it is also best to take into account their service and flexibility towards interest rates. For example, a licensed moneylender might have a tailor-made loan available for you that matches your income and credit score, as well as the possibility of repaying the loan.
By researching keenly, you will not only find the best loan for your needs but understand your financial limits a lot better.