Knowing your lenders
If you are a frequent borrower and somebody who needs to apply for a quick cash loan, it is very important to know that all lenders are not the same and they don’t work under the same terms and conditions. There are various types of lenders in the banking and financing industry, some are related to business, some are in real estate industry.
And instead of going to every lender and wasting your time asking for details, it is still safe to research the top few right lenders in the list of moneylenders in Singapore then, find the best one amongst them. This will be easier and much faster for you. Nowadays, there are two popular loans offered by lenders:
The most common loan that people usually avail is the Collateral Loan. It basically means that you have something valuable to offer in exchange for the loan you are applying. It could be the title of your property, your car or some expensive jewellery or bags. You will go to the money lenders who deal in secured collateral loans and sign a contract that you will give their money back in a certain period of time and if you are failed to do so, they will take your property away from you.
While payday loan is perfect if you are in need of quick cash and you have a regular job. You usually go to lenders and asked them for a loan then they can take the pay check that you will get at the end of the month. This is a short term loan and unsecured loan.
But what if you don’t have any collateral or what if you are a self-employed person? The best solution is to get help from hard money lenders. Hard money lenders usually give a lot of space and options to the borrowers as they are privately held and don’t follow the typical rules and regulations like other lenders. So if you want to choose the right hard money lender for you, then first you need to look at their funded deals. Just go through how any deals they have funded then find some information on different money lenders’ websites. This will make sure that these lenders are real and they have actually lent money to people in the past.