The reviews of moneylenders are useful for first-timer borrowers as well as those individuals who are in search of a better loaning experience. Even then, it is important that you are clear as to whether this is a foolproof method of searching for an ideal licensed moneylender.
But having different money lenders in the country claiming to each offer low interests, it can be difficult for you to choose the one who can actually assist with the finances. It’s no surprise that many Singaporean go to the moneylender review sites for them to find out the experiences and opinions of other borrowers.
What This Mean For You
In order for you to avoid being taken advantage of by the loan sharks in Singapore, always make sure you obtain a personal loan from a reliable licensed moneylender only. An accredited money lender Singapore may not charge unfair interests on your loan. It is important that you realize that money lending business is based on trust, and most individuals typically become faithful clients when they are contented.
Thus the more satisfied the customers are, and then this licensed money lenders will remain in business for many years to come. We have been offering loans in the country since 1969. And over the years, the company has grown to include a long list of customers with fair rates of interest and flexible terms. Some money lenders in Singapore can offer you a peek on ways that some money lenders relate to their customers, but the actual results always speak for themselves.
Locate Low-Interest Moneylender In Singapore
Confirm with the most recent 2020 list of legal Moneylenders in the Registry of Moneylenders. In Singapore, moneylenders are strictly regulated. Their licenses can be revoked when they disobey the 2008 Singapore Moneylenders Act.
In accordance with this Act, licensed money lenders may only charge a rate of interest equal to 4 percent each month. This interest cap is valid for both unsecured and secured personal loans.
Given that a borrower has failed to pay back their loan application interest on the arranged date, the maximum rate of interest that the money lender in Singapore may charge should not exceed 4 percent on the outstanding loan balance for every lapsed month.
What this implies is that the interest loan has to be calculated based on the outstanding principal loan money after deducting the full amount of the payments made. When you take out a loan of S$ 11,000 in Singapore and so far you have paid off a total of S$4,000, thus the rate of interest for your late payment can only be worked out against the outstanding S$7,000.
This shows that the late loan interest cannot consider the initial principal loan amount except for when the borrower didn’t pay anything so far.
Consequently, what will happen when you have a remaining balance but it is not yet due for repayment. Given that a borrower has taken out a loan amount totalling S$ 11,000.
When the borrower does not make to pay their first instalment amount of S$2,000, in that case, the money lender will only charge the late interest rate on the S$2,000 repayment that was not made. The outstanding loan balance which isn’t due yet cannot be affected thus it is not to be taken into consideration.
Benefits of Moneylender Review
Most Singaporeans think that the review sites provide them with the advantage of insight. From these sites, it is easy for borrowers to get insight into how some licensed money lenders in Singapore deal with their customers depending on the experiences that their customers have had.
These review sites offer the people loans guarantee that a specific money lender has excellent services as well as personal loan products. Therefore depending on the ratings and testimonials from other past borrowers, you will be able to tell how contented people and clients were.
Then again, there are only a few borrowers who will share the bad experiences they have had so that other people can know what they should expect when they opt to borrow from the particular money lender. In using these evaluation sites, locating the best reliable money lender in Singapore becomes rather fast and easy for you. However, always remember to do your research and not have to believe everything you read on the licensed money lender evaluation sites.
To make sure you’re always seeing transparent information about a company for money lending in Singapore you intend to use, observe the ratio of positive to negative ratings the company has.
Next, list down the common reasons of positive and negative reviewers. From this list, you can see the frequency of both pro and con reasons. Lastly, check the time of posting too. Doing this helps you gauge whether the Singapore moneylender had improved their services or remained a problematic money lender Singapore has for many.
Limitations of Moneylender Review
Just about 58 percent of respondents of BrightLocal yearly survey shared have the average star ratings are largely a significant factor when it comes to an online money slender evaluation site. On the whole, 84 percent of the consumers owned up that they actually trust online the reviews. However, you do not have to trust each statement written by some people that you actually do not individually know.
Review sites may not all the time give you the entire picture. Also to note is that many consumers tend to write a rating or review only when they have a poor experience on the loans. On the same note, a few consumers who have a positive experience on the loans will not be that concerned about writing feedback reports at all.
One thing worth noting is that people have very different opinions and viewpoints. What people might think to be an annoying factor might be just acceptable to you. What one customer may rate to be 2 stars might be a 4-star for another. Therefore, when you are in search of a licensed money lender, you may have to consider taking the time to research and shop around for you to get concrete details about the different lenders.
Additionally, most borrowers limit themselves to just one, single review website for licensed moneylenders. In Singapore, you’ll find numerous licensed moneylender evaluation websites that use a different sample size to provide you with transparent information at all times.
A core tenet of research is ensuring you have multiple sources of information to glean over. In doing so, you can find the best moneylender based on data you can derive from reviews. In fact, if you can contact raving or disgruntled borrowers of your moneylender of choice, you have a solid source.
Conclusion
Moneylender reviews are valuable for first-time borrowers and those individuals who want to have a better loaning experience. Although reviews can offer you the information that you may require, it is important that you be aware that you do not have to believe everything you read in them.
Be sure to take the time to carry out your own research as well as shop around for the right licensed moneylenders for your financial needs. Make sure to check the licensed money lender’s provisioned interest rate for different services too.
Raffles Credit is Singapore’s top licensed moneylender with decades of experience providing the best services and interest rates for borrowers all over the country
