Nowadays, there is an increasing need to have an emergency source of funds. Fortune Credit offers personal loans in Marsiling. It allows you to borrow money that can be paid back through fixed monthly installments.
Marsiling is one of the suburbs in Woodland, Singapore. It extends from the north of Woodlands Square to the Woodlands Checkpoint, bordering Malaysia.
How to Identify a Licensed Money Lender?
Getting a personal loan is an excellent way to get instant money if you encounter financial problems. Most licensed moneylenders offer a wide range of money lending to temporarily cover your immediate expenses if you need cash right away. But, the question is how to identify a licensed money lender? Here are some points to help you with that.
1. Interest Rates and Fees
Moneylenders that offers loans are only permitted to impose the following charges and fees:
A fee not exceeding $60 for each month of late repayment;
A fee not exceeding 10% of the principal of the loan when a loan is granted; and
Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
2. Validated Loan Agreement
The loan agreement should have a proper legal document written in the paper. The loan agreement should contain the Note of Contract, repayment schedule, the interest rate charged and the fees applicable. The moneylenders are required to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract.
3. Do a Background Check
Legitimate moneylenders use a license to operate, and the holder should not have a criminal record or be bankrupt to qualify. Cross-check the company’s registration number if necessary. Also, always put in mind that if a deal is too good to be true, then it is probably illegitimate, so be cautious and check every detail before securing an agreement with a specific money lender.
What to Consider When Taking a Loan?
For someone new to borrowing money from personal loans, it can be a struggle to know where to start. One of the first things to start with is knowing what to consider when taking a loan. For this reason, we came up with a list of things to consider when choosing a mortgage.
1. Prepare Your Requirements
Preparing your requirements for a personal loan will make the process easier. Singapore citizens and permanent residents need to bring their NRIC or Identity Card, proof of your residence, employment letter, and three months of their recent payslip. For foreigners, moneylenders often require their work pass, passport, employment proof, recent 3 months payslip and up-to-date bank statement.
2. Choose Your Installment Cautiously
In applying for a personal loan, choose how long you want to repay it. Decide early as this will affect your loan agreement as a whole and determine how much you should be repaying monthly. Choose a deal that is within your financial budget and offers minimum rates.
How Can Our Company Help? Why us?
You might be wondering what makes Fortune Credit a cut above the rest. Well, there are many reasons to choose our company as your choice for money lending. Here is why you should select Fortune Credit.
1. Best Interest Rates and Transparency
There are a lot of reasons why Fortune Credit has the best personal loan. To start, our company offers the best interest rates at affordable prices. We are also very transparent as we present a detailed repayment plan to ensure no hidden charges. Fortune Credit gives full disclosure on how much each client is paying for each installment.
2. Flexible Payment Options
Fortune Credit offers flexible payment options through personal loans. If you need more time to repay a specific amount of credit, we can talk about it. This way, you get options within your financial capacity. This advantage also allows more time for clients to come up with their repayments on time.