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Articles Tagged with: Credit waves

How to get a good deal from a licensed lender

Before borrowing money from a licensed moneylender in Singapore CreditWaves, you must keep a few things in mind. First of all, you should make sure that this is the only solution available to you. Secondly, you need to understand that you have a legal obligation to fulfill the loan contract with such a lender.

Before proceeding further, make sure that you are capable of abiding by the terms of the contract. Be sure to keep in mind your income as well as different financial obligations. You should never borrow more than you can repay and remember that if you break any of the terms of the contract then you will be charged late payment fees as well as interest, which can overburden your finances.

According to Singapore law, these lenders have to explain to the borrower the terms of the loan in a language that the borrower understands and they must also provide the borrower with a copy of the contract. Before you agree to any terms, you must weigh everything carefully and only sign if you are confident that you can abide by the terms of the contract. Also, before deciding on any one licensed money lender you should shop around till you find the one that offers the best terms and who is also reputable and trustworthy.

You can borrow up to three thousand dollars if your yearly income is less than twenty thousand dollars. If your income is between twenty and thirty thousand dollars then you can borrow up to two months of your income. If your income is between thirty thousand and one hundred and twenty thousand dollars per year, then you can borrow a maximum of up to four months’ income. If your income exceeds or equal to 120,000 dollars then you can borrow any sum of money. Before they lend you the money, these lenders have to compute and also tell you what the Effective Interest rate on your loan is.

Filed under : Credit Waves, Singapore