Smart Ways to Find Out Rates From Moneylenders

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Smart Ways to Find Out Rates From Moneylenders


With help of a moneylender, you can tide over a financial emergency. However, you must shop around a little to get the best interest rates to help you save a considerable amount of money. Here are four smart tips that you can use when you are researching loan rates of different legal money lenders in Singapore.

Research online

There are many moneylender rating or review websites. Spending two minutes on your computer will give you the names of top such sites for Singapore moneylenders. You should visit a couple of the top sites and use the information listed there to shortlist a few.

Go through the comments posted by real borrowers. Select a few money lenders who’ve got the highest positive comments. Needless to say, stay away from lenders who have been criticized by many. If you pick such a lender, you might encounter trouble later on.

Once you’ve selected a few names, visit their official websites and fill out a loan form. Within a day or two, someone from these agencies will call you up to learn more about your loan needs. After you’ve explained them about your need, you can quiz them about the interest rates and if they are willing to offer you a discount.

Usually, the representatives of different lenders will ask you to visit their offices for a free personal meeting. Researching online is more about the first couple of steps, that is, identifying the top lenders and contacting them. You might have to meet them personally to find out the interest rates and if you can get a discount.

Call them

This is more tedious than online research. You can call the shortlisted money lenders and ask them about their interest rates. Money lenders usually don’t reveal their interest rates over the phone, just as they usually avoid sharing this information through online chat. You still might have to pay a visit to their offices to know about their rates.

Visit them

This is the most effective way to check the interest rates offered by different lenders. After you’ve shortlisted a few money lenders through your internet research, visit their offices. You will be asked to fill a loan application this process usually doesn’t take more than 30 minutes. After doing a credit check, the lender will offer you a rate.

You can visit multiple lenders and repeat the same process to learn about their rates. This way you can have the rates of different lenders in your hand. Of course, this process is a little tedious, but this is the best way to find out rates from money lenders in Singapore.

Compare loan offers

Finally, compare loan offers from different lenders and pick the one that’s the best. Once you have picked the best rate, call up that licensed moneylender and tell him about your decision. Additionally, don’t forget to ask by when your loan application will be processed. And of course, make sure you make payments on time; otherwise, you will have to bear extra expenses.