While there is a lot of information on both personal and business loans online, the risk profile of each borrower is different. So the lenders will offer loans with different rates, terms and conditions depending on the loan amount, duration and credit rating of the borrower. While the person requiring a loan can find the interest rates online, to get the best deal, it is usually better to meet the money lender personally. Clementi is a major residential area in the west region of Singapore. Businesses as well as individuals who require a loan would like to find out the popular money lenders in Clementi so that they can contact them to get the best deal possible. Some factors which should be considered for choosing a money lender are discussed below.
Personal or business loan
While choosing a money lender, it is important to check whether he is specializing in personal or business loans. The amount and duration for these loans differ to a great extent. Most individuals are requiring personal loans, of a lower amount. Employees receiving a monthly salary can also apply for payday loans with quick approval. In contrast, the business loans are usually high value loans, and the risk for the money lender is also higher. Hence the money lender will require more documents, especially financial records like bank statements. For business loans, some businesses may be eligible for concessional loans from government agencies. Depending on the kind of loan required, it is better to contact a specialist.
Another way to find out who is a popular money lender is to ask friends, relatives and business associates if they have used the services of a money lender earlier or know anyone who has borrowed money. Often businesses are borrowing money for their working capital requirement or business expansions. Individuals may also borrow money if they are facing any kind of financial crisis. They can ask their opinion on the moneylenders from whom they borrowed money, whether they would recommend the money lender to others, or whether the interest rate and other fees charged are reasonable.
Usually a money lending business will grow only if it has more customers. Larger money lenders have more clients, and they also usually have higher revenues. Like other businesses, the bigger money lenders will make more profit, and will also have more employees to handle all their customers. So another way to find out who are the more popular moneylenders in Clementi, is finding out who is the largest moneylender in terms of revenues and number of employees. Though the business may not reveal the revenues, and profits, it is usually easier to find out the employee count for the business.
Another very convenient way to find out the popularity of the different money lenders in the clementi area of Singapore is by doing some online research. There are many online directories which are listing the different businesses including money lenders and allowing customers to rate them. The more popular moneylenders will have a larger number of ratings from customers, and the number of positive ratings is also higher.