Moneylender reviews are very helpful for anyone who wants to take a loan. And especially the first-time borrowers as well as other loan borrowers who want to have a better experience when taking loans. Even then, making use of the moneylender reviews is a fail-safe way for borrowers to reach authorised moneylenders in Singapore.
Although some certified moneylenders in Singapore claim to offer borrowers low-interest loans. It can be rather hard for a potential borrower to pick out the right licensed moneylender to help them with their financial needs. It is for this reasons that many borrowers will read through reviews, opinions, and experiences that other past borrowers have had. At Loanadvisor.sg, we provide the best and honest reviews so that you do not need to spend precious time to go any further to research.
Benefits Of Moneylender Reviews
Most Singaporean are for the idea that the review sites give them the advantage of foresight. From reviews, it is easy for a potential borrower to see how authorized moneylenders in Singapore deal with their clients. And this they can get based on the past borrower’s experiences and feedback. From the given reviews a potential borrow is assured of getting a given quality of service from a specific moneylender. The moneylender’s ratings and reviews will let you get the right authorised moneylender in Singapore. These ratings are often from anyone taken a loan from the licensed moneylender.
In contrast, there are past borrowers who share their not so good experiences form certain money lenders. This they do so with the intention of having other potential borrowers know what to expect when they make any loan transactions with these same money lenders.
Having such review sites it makes finding the best authorised moneylender in Singapore very easy. Our website comes with genuine reviews from actual borrowers. This way you will get to confirm the information and at times correct a misinformation given in some of the client’s reviews.
Limitations Of Moneylender Reviews
Brightlocal annual survey respondents have shared about 58% of the average star ratings. These star ratings are the most important rating in online review sites. In general, 84% of the online review consumers confessed to trusting the online reviews. Even then be sure to confirm the information you read from reviews and at least make comparisons from several past borrowers before you reach a conclusion. Some review sites do not always give a borrower the complete picture. On many occasions, borrowers write reviews when they have had a bad experience with a money lender. And those clients, who get a good experience, hardly take time to write reviews and feedback.
It is important to recognize that people always have different opinions and viewpoints. Meaning what can be uncomfortable for one client, can be bearable for other borrowers. Thus a loan service they may rate with 2 stars may really be 4 stars for you. When you are searching for a licensed moneylender take your time to find concrete details by shopping around.
Get Low-Interest Moneylenders In Singapore
Take time to check out the latest 2017 licensed moneylenders list from the Singaporean Moneylender Registry. Singapore ensures to strictly control the activities of its money lenders. When a licensed moneylender violates the Moneylenders Act of 2008, they risk having their license revoked.
Based on the 2008 Act, are only permitted to charge an interest of 4% each month. This interest limitation applies to both unsecured and secured loans offered by authorized moneylenders in Singapore. Assuming that a borrower fails to pay the monthly installment on the set due date. The moneylender can charge a maximum of 4% on the outstanding balance for every month that the borrower had missed paying.
Meaning that the interest is to be calculated based on the outstanding loan amount after total payments made have been deducted. Let’s say you take out an $11,000 loan from a moneylender. And so far you have repaid $6,000. Therefore the interest rate will be calculated on the outstanding amount of $5,000. This means that the original loan amount will not be taken into consideration. This is unless of course the borrower never paid any of the first installments. Given that you have a remaining balance of loan debt whose repayment date is not yet due.
Let’s say a borrower has a loan amount of $11, 000. When the client defaults on making the first month’s installment of $2,200, the default charges will only be calculated on the installment missed of $2,200. The remaining amount will not be affected by the due date has not yet elapsed. Thus it will not be considered in the calculations.
What It Means For A Borrower
In order to avoid falling into the traps of loan sharks be sure to get your loan services from authorized money lenders in Singapore. A licensed moneylender will not charge high-interest rates on your loans. The money lending business is founded on trust and borrowers are often times satisfied and become loyal. This is one factor that makes them return to moneylenders.
The more satisfied customers are, it means the lender stays in business for a long time. This also means their clientele keeps growing each year. Reviews and feedback on review sites will give potential borrowers how some lenders relate to their clients. But even then, the end results and experience you will have with the lender will speak for itself.
Moneylender reviews are very helpful for anyone who wants to take a loan. Making use of the moneylender reviews is a sure way for borrowers to reach licensed moneylenders. From reviews, it is easy for potential borrowers to see how moneylenders deal with their clients. But even with the feedback and information shared in the review sites, make sure you do your own research like calling their office for an appointment. To ensure you confirm the information given in some of the client’s reviews and at least make comparisons from several past borrowers before you reach a conclusion.
With our comprehensive and up-to-date research and real-time reviews from consumers, you can be assured that the moneylenders feature on our directory provides the best services bespoke to your needs.