The fast development and growth of the economy in Singapore have given her citizens and foreigners alike to further experience and relish the comforts of life. Unemployment and poverty are now hardly an issue here because almost all Singaporeans are in one way or another earning a reasonable amount of income to feed himself and his family. One way to establish the validity of this theory is to note of the number of banks and lending companies that now flourishes in the city.

Most Singaporeans today indulges in borrowing cash from any loan company in Singapore and very few of them are not able to cope and manage their loan obligations with the lending company. As a matter of fact, the percentage of this kind of borrowers is almost negligible.  A very high percentage of those who have loan obligations are known to be able to manage and comply with their loan repayment terms. This makes Singaporean residents quite good at keeping their credit rating or score at a high level, making them one of the best loan payers in Asia.

However, even if individuals and families are able to live well and loan approval is not difficult to achieve, it is necessary for the loan applicant to not just select the first lending company he sees and immediately file a loan application. Even if the country is quite strict in its laws regarding loan transactions, it still would be prudent for the borrower to carefully select the loan company to which he would want to apply any type of loans with.  Like in any other countries, Singapore has her share of having bad money lenders going around victimizing individuals with their false promises of a good and fair loan deals.

So, the first order of the day is that if you intend to apply for a mortgage, car and/or business loans, make sure you initially approach local banks and other conventional financial institutions to provide you with a loan. Legal and licensed lending companies are the best lending financial institutions to go if your intention is just to apply for small loans or even for a large personal loan. But you must remember to check them out first prior to closing a deal with them. The things to look out for are the institution’s registration number which should be valid and up to date; their reputation should be solid and preferably untarnished; their interest rates are within the legal rules and regulations of loan transaction laws and as much as possible offer a very reasonable repayment terms.

 

Categories: Lending Loan