These seasons are hard times, and everyone is struggling to earn a decent living in Singapore. Most people are beginning to look at taking loans to invest and it’s not such a bad idea. It’s basically making personal money using other people’s money. However, there are a few things to be considered before making such a decision.
The first question to ask is what investment options are available. How capital intensive are they, and what is the gross profit like? This will determine what kind of loan to be obtained and the interest rates that will be convenient.
First, the terms of the loan contract must be considered before signing it. Everyone who takes a loan is required to abide by the terms of such loans. It is therefore important to make sure that the terms of the loans are feasible and convenient. Laws in Singapore require licensed moneylenders to explain the terms of the contract to their clients and provide them with a copy of such contracts.
Before obtaining the loan, it is important to ensure the capacity to pay back the loan. Secured loans come with various convenient packages to fit different borrowers according to the size of their annual income. Interest rates also differ among licensed money lenders. The good thing is that laws in Singapore do not permit anything more than 4% monthly interest no matter how high the loan is.
Licensed money lenders also charge fees on loans. These fees are very reasonable as licensed moneylenders are only permitted to charge their clients for the following.
• a fee not more than $60 for each month of late repayment;
• a fee not more than 10% of the principal of the loan after the loan is granted; and
• All legal costs ordered by the court for a court-authorized claim by the moneylender for the recovery of the loan.
Also, a moneylender cannot charge any amount that is more than the principal of the loan. This rule applies even if the amount includes interest, late interest, upfront administrative, and late fees.
Most importantly, an intending borrower must find a licensed moneylender in Singapore whose services are quality. These services should also be easy to access and come with affordable fees and interest rates. One of such licensed moneylenders is (insert the company name). (Insert the company name) Offers quality money lending services at affordable fees and interest rates. These services are accessible to borrowers who can apply online. Applying for a loan can be done easily. Simply visit (Insert the company name) website and apply for a loan today