3 Things to Do When Using a Lending Money for Peace of Mind

April 13, 2020

Chances are, at some point in your life, you’re going to need to borrow money from somewhere. Maybe you will need to take out a loan in order to fund further education, buying your first home, or maybe for a brand new car. There are so many reasons to turn to credit, but making sure that you go for the right money lender can make a considerable difference to your interest rate and total repayments. If you’re thinking about finance, check out my top 3 things to do when using a money lender for peace of mind.

1. Look for Licensed Money Lender
It’s widely known that there are dodgy money lenders out there, that don’t play by the rules and tend to focus on people who might not know any better or that are in a pickle so need a quick solution and don’t spend the time researching. By choosing a licensed money lender, you can rest assured that they have gone through governmental procedures to achieve that recognition. Click here to check out best legal money lenders in Singapore.

2. Pay Attention to the Small Print
It can be easy to skim past the small print and to race to get your signature down so you can move forward with your project, but you’re going to want to invest some time in reading the fine print. You’re going to want to see what the penalties are for late payment, how much the interest rates are and so on. Spending a little time checking can make a big difference in how much you end up paying.

3. Be Aggressive in Your Repayments
Paying as much as you can as fast as you can, can do wonderful things to the repayment over time. If you borrow for a few months, try to pay it back in one or two. If your term is over the course of a few years, cutting it down by a few months or years can make a big difference to your overall balance. Another trick I’ve heard of is changing your repayments from monthly to weekly – as there are just over 4 weeks in a month, you slowly end up paying more without even noticing it.

Being smart about your financing can save you a lot of trouble and heartache! Hopefully these tips help you make the most of your money lending.