When choosing a moneylender, one thing you may be considering is its location. Even with licensed money lenders online becoming more popular, lenders with physical offices are still quite helpful.
With that, location can be an important thing to consider when choosing a lender. Here’s why.
Reputation in the community
Moneylenders will definitely be known in the communities they are in for their practices. If they operate ethically and are friendly to their clients, the community will give good feedback. You may even get recommendations from residents of certain areas in Singapore for reputable moneylenders in their areas.
On the other hand, if moneylenders are unethical, take advantage of clients, and charge unreasonable fees and interest rates, the community will speak against them. You may see a lot of these kinds of feedback on social media, especially in personal finance groups and forums.
Accessibility for you
If you think it’s best to be able to go to your lender’s office regularly to pay your dues in person, you must consider the distance between the lender’s office and your residence. You may also choose a lender close to your workplace.
This way, you can always talk to the staff if you need things like extensions for payment deadlines, negotiating tenure and other terms, and any questions you may have about your loan.
Business hours
If you intend to visit your lender often, consider their business hours. They need to be open during the times it would be convenient for you to go to them.
For example, you only have time to visit your lender after your working hours. You then have to choose a lender whose business hours extend beyond 5PM. If weekends are the only days you have free time, then pick a lender whose business hours include weekends. Take note, this may not always be possible with lenders near your location. You may need to choose a lender with an office farther away from you if you need the extended business hours.
But if you want to find the best moneylenders, location should not be the only consideration. Here are three more important factors than location.
Legal operation
Your chosen lender must be licensed with MinLaw to operate legitimately. You can check with the website of MinLaw to find out if your lender is on their list. If not, you are dealing with an unlicensed moneylender, and it’s best to walk away.
Licensed lenders are obligated to operate ethically and treat their clients fairly and within established guidelines. If you see them do something that you think is illegal, you can report them to MinLaw and hold them accountable.
Transparency
The best moneylenders are those who give you their interest rates, monthly repayments, as well as other fees and charges upfront. Everything is as advertised, and there are no surprises when the loan is already granted.
Transparent moneylenders make borrowing money easier and less stressful. Once you know what to expect, you can better adjust your finances so you can pay off your loan on time.
Customer service
Finally, consider how your lender treats their clients. You can gather feedback from previous clients on social media, forums, and groups. Also, you can ask friends and family who have taken out loans from your chosen lender. Ask about their experience and how the lender treated them.
Conclusion
Location is not the most important thing to consider when choosing a moneylender. You also need to look at their legitimacy and how they deal with their customers. Reputable lenders like MM Credit will help you reach your financial goals.
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