Loans are a key part of life today. People borrow loans from time to time to deal with emergency situations and also to attend to urgent matters.
But before you take a loan from a licensed money lender, there are a lot of frequently asked questions to consider. Once you consider taking up a loan, the following are a few guideline questions you need to ask yourself or rather go through them.
What to Consider Before Taking a Loan
Before you consider a money lending company, you have to consider the following;
You need to consider other option of getting the money like from government agencies
Are you going to be able to pay back the money in the given period using your income?
How Much Can You Borrow?
If you are considering a fast cash loan, then you are able to access any amount in any money lending institution in Singapore. For unsecured loans, each and every money lending company has its limit. However, if you have multiple debts, you need to get debt consolidation loan in Singapore.
A law was put in place in October 2015 by the law of Singapore that the money lending companies should only charge a maximum interest rate of 4% per month. This applies regardless of the borrower’s income or whether the loan is a secured or unsecured one.
What to do After Granted loan
Make sure you get the right amount of loan you applied for.
Ensure you pay the loan on time as required so that you don’t incur additional costs.
Make sure the money lender gives you a receipt every time you repay the loan.