Moneylenders


1 - 5 of 5 listings for Moneylenders


AP Credit

AP Credit is Singapore's legal and licensed moneylender providing various types of loans at low interest rates and flexible repayment scheme. Call 6533-5335 to find out more.

Low interest rates at only 1-4% per month.

CategoryMoneylending Services - Financial Services

Address: 10 Anson Road, International Plaza, #22-02, Singapore 079903

View Website  Call 6533-5335 Now!  Send Enquiry

S.E. Automobile Investment

S.E. Investment is a Licensed Moneylender in Singapore, providing personal loan, business loan, foreigner loan to you. Call 6222-5855 for more details.

Low interest rates at only 1-4% per month.

CategoryFinancial Services - Moneylending Services

Address: Blk 135 Jurong Gateway Road, #01-335, Singapore 600135

View Website  Call 6222-5855 Now!  Send Enquiry

 


Taking a Personal Loan: Secured Vs Unsecured

Taking a personal loan is a tough financial decision, one that must be given due consideration before and after application to avoid the snare of being in perpetual debt. First, you have to define what exactly it is you need from that loan. How much will be required to meet the financial need, but only take just that – you don’t want to borrow excess monies just because you can.

Lastly, what’s your plan for repayment – consider if you want fixed or variable installments, how much and for how long you will pay them, where the money for these will be drawn from and how the loan will affect your lifestyle and spending habits. Once you’ve decided to push forward with the application, the next most important consideration will be whether to take it secured or unsecured. Both options are available with most moneylenders. Each has its merits and demerits, so it’s up to you to examine them versus your own situation to determine what fits best.

Secured loans

This can also be referred to as the homeowner loan and it is an agreement for credit extension in exchange for equity in part or all of the borrower’s property. The most common securities are homes or cars. Depending on your stake in the property you’re pledging and your own set of variables, you can receive loans of between $5,000 up to $125,000. You interest rates will also be determined by the above factors.

Unsecured loans

These are loans that are available without the borrower having to pledge an asset as collateral. Virtually anyone with an above-average credit score can get an unsecured loan, but the amounts are capped by the earnings of the borrower. The range however is from $1,000 to $25,000 even though some lenders may offer more or less depending on specific circumstances and their policies.

Pros and cons

While secured loans allow you to borrow larger sums based on assets provided, defaulting on payments could result in loss of those assets. Unsecured loans are limited in the principal amounts that can be lent, but your equities and assets are protected even if you default.

Secured loans come with cheaper interest rates than unsecured loans, and are available even if you have a less than average credit score. Unsecured loans bank heavily on your credit past, thus may be inaccessible if you have bad credit.

Unsecured loans offer more flexibility in the terms of loan – repayment periods, installments, some even have the option of a reprieve for 2-3 months after loan approval before repayment can begin.

Whichever you choose, be sure that you only borrow an amount you can service comfortably.

 

How to Choose a Moneylender

Whether you are considering a payday loan, personal loan or business loan, it is important that you choose the right moneylender to take the loan from. The following are three main ways to assess moneylenders.

1. What others say

It is much better to learn from other people’s mistakes than to have to go through a bad situation yourself. The same applies with moneylenders. You are better off learning about the negative and positive aspects of moneylenders from others than having to experience them firsthand.

You can:

a. Ask friends, family and acquaintances to recommend moneylenders to you. This is one of the best ways to select a moneylender since you will get a firsthand account of their services and their terms. Ensure you approach only those people you trust.

b. Check online reviews to find out what other people are saying about moneylenders in your area. This is the fastest way to get information about many different moneylenders within the shortest time possible. Online reviews, comments on social media as well as comparison websites will have information from experts as well as clients of moneylenders.

Getting information from different sources will save you a lot of heartache in the long run.

2. Registry of Moneylenders

It is important to check the Registry of Moneylenders to ensure that the moneylenders you are interested in are registered. All licensed moneylenders are listed in this registry. Anyone claiming to run a legitimate business but isn’t registered should be avoided.

3. Compare terms and conditions of loans and loan packages

Moneylenders offer a wide variety of loans and loan packages. It is therefore important to compare the different packages as well as the terms attached to the loans such as interest. You can do this by:

a. Approaching different moneylenders and listening to what they have to offer. Compare the information you receive from the different moneylenders. Although this may seem like a time consuming process, it will give you the opportunity to get to know the moneylenders firsthand as well as negotiate for better terms.

b. Check comparison websites. These websites will provide details of loans and loan packages and compare them with the same packages offered by different moneylenders. This enables you to compare various moneylenders at a glance. It is the fastest way to get the information you need when making a decision of where to borrow money from.