Economists argue risk takers achieve financial stability very fast. And history has it that the most successful businessmen operate their business on borrowed money. But acquiring a loan is a complex decision that requires a lot of time and consideration.
Irresponsible borrowing can lead to an enormous financial crisis which will shatter your goals and affect your ability to borrow in the future. However, calculated borrowing can help soar high by achieving your goals and transforming your lifestyle.
So to make the best of your loans, make sure you have candid answers for the following.
What’s my capacity to payback?
It is advisable to sign the loan agreement only when you’re certain that you’ll be able to pay back the loans. In the event of uncertainty, loan experts highly advice that you should not sign the loan agreement.
Do not base your repayment capacity on possibilities such as salary increment or bonuses. Remember if you default the loans can have a huge impact on your future lifestyle, therefore, if your current financial position is not capable of financing loans repayment, please don’t borrow.
How are the terms and conditions of the loan?
The law requires the lender to disclose all the material facts on the conditions of the loan agreement in writing. However, you have the responsibility to read and analyze all the terms and conditions therein before signing the agreement.
Where the agreement contains blank spaces or unclear sections you better, consult an expert. Also, ask your lender all questions you may have for clarity before signing those loan papers.
How legit/reliable is my lender?
Although most lenders are legit, there are fraudsters in the business to exploit borrowers. If you are not careful when entering into the contract, you may end up in the hands of unscrupulous lenders.
Therefore, it’s advisable that you take your time to research the credibility of the borrower before you decide to work with the lender.
Visit your local business bureau to find out whether there have been complaints lodged against the lender you want to do business with.
Am I taking this loan for something I really need?
This is where many borrowers get it wrong. There is a difference between a “want” and a “need” but many borrowers are overwhelmed differentiating the two. Nothing is dangerous like taking a loan for something that you really don’t need.
Never take a loan for impulsive wants like holiday travel or shopping. Do not rush into decisions but rather take your time to review the intended purpose of your loan. With time, something you thought it was a need may turn out to be a want after a week consideration.
The list is in-exhaustive but, we believe you now informed that borrowing a loan is a serious decision that requires much consideration. But with careful considerations of the criteria mentioned above, you can never go wrong with your loan.
Legal Money Lender in Singapore
Looking for a reliable moneylender in Singapore? With so many scams going on from loan sharks aka illegal money lenders, how do you know you have bumped into a legal money lender site?
Legal Loan Singapore can help you with this problem. Not to worry, we are not the ones providing the loan. We will be helping you to search for good money lenders in Singapore for your cash needs. These money lenders are definitely legal and authorised by the Ministry of Law in Singapore to operate as a money lender.
After we have provided you with the recommendation, you can easily do a search online to find out if they are legal. To do that, you can view the list of licensed money lender available again on Ministry of Law site. There is no better list than theirs because they will definitely show you the true and full list. As such, you can rest assure that any recommendations that we have provided you with are definitely legit.
If you want to know who will be able to help you, make full use of our free service to do such thing. Submit your loan application with us and we will get in touch with you shortly. Not to worry, this application does not mean that you have taken the loans or you must take the loan. You always have the choice not to take the loan as long as you have yet to sign the loan contract.