If it is your first time dealing with a payday loan moneylender Singapore, you can’t blame yourself if you have a lot of questions in mind. Besides, we are talking about money here and you would want to value every single cent that you bring out since you worked hard for it. Here are some questions you must ask the lender:
What is the interest rate?
All lenders have different interest rate so you must know what the lender’s interest rate is. The smaller it is, the better it would be for you. If it is big, you will end up paying back a pretty big amount even if the repay period is pretty long. It would certainly be better if the interest rate is just low. The lender would base their interest rate on so many factors and some of them will be revealed in due time.
What are the requirements?
You will need to supply basic requirements so the payday loan moneylender Singapore can ensure that you will repay the loan. You can’t blame them because they don’t want to go bankrupt because of some people who refuse to repay the loan. There is no question the lender will require a couple of valid IDs that will prove that you are a resident of Singapore. Recent payslips will also be required to prove that you are capable of repaying the loan.
Are there any late penalties?
There will be some consequences if you end up paying late. Thus, you must know in advance what they are so you would know what to expect. There are times when you get late and it was not your fault. Hence, there may be times when you can’t avoid paying for the loan in a late manner. There will be obstacles like personal emergencies and work concerns that may hinder you from paying on time. That is not the lender’s fault so you will have no choice but to pay the late penalty. If the penalty is a bit reasonable, you can go along with it. It is possible your reputation will be at risk if you pay late.
Is there a written agreement?
There should be a written agreement where every term and condition is stated. Also, both parties must sign to indicate that both of you agree to all the terms there. Therefore, you must read all the things that are stated there. If you don’t understand one thing, you better ask the lender as you have all the right to know everything that is stated there. You can even consult a friend if you think you are not at the low end of the deal.
Now that you know what to ask a payday loan lender, you should choose the one that gives favorable answers to the above questions. When you do that, there is no doubt you will do business with a reputable moneylender. The transaction will proceed the way you expected it would be which is hassle-free.
