Many business owners do not get the chance to get an SME loan in Singapore. It may be because of their unrealistic business plans or maybe they have approached the wrong money lender. Whichever the reason, you must learn from their mistakes.

Here are the things you must remember when you are searching for a money lender for your business:

Their license

The last thing you want to happen is to get involved in an illegal operation of money lending. To avoid being a victim, you must remember to ask them about their license. A legal lender would show you theirs to assure you that they are legitimate and operating in compliance with the laws.

Tell them your needs

Whether you need it for business or you need to pay some medical bills, do not forget to tell them how much you need. The best money lender in Singapore can offer you the best and practical solution to make ends meet for you and them. So, be honest about it!

The application process

Not all money lenders in SG are the same. The bank, for instance, has a rigorous assessment process. A private financial institution would have a different process as well. If you want to get approval from the latter, ensure that you remember their process.

Payment methods

You can pay your SME loan through bank transactions or cash, but it will still depend on what your money lender prefers or offers. If you have problems in making bank transactions, remember to ask them for other payment options. In this way, you would not have problems.

Penalties

Simple and straightforward are the best descriptions of a moneylender, so you can trust that they will be clear about their conditions, especially for penalties. When you can predict a specific problem, such as late payment, you must remember to ask them about the penalty you will receive.

When you are looking for an SG money lender, the moneylender website you should trust is TT Media. They have compiled a list of money lenders that you can trust in Singapore!

Take a look at their trusted lenders on their website today!

Resource:
https://visual.ly/community/Infographics/business/what-remember-your-search-money-lender-singapore