Yes, no one is perfect, that’s why mistakes do happen, whether big or small, a mistake is a mistake, and they are bound to happen more often when borrowing money, so if you are thinking of getting a money loan in Singapore. Be careful not to make these mistakes when dealing with the money lender.
1. Failure to Update Credit Report
Before getting a money loan in Singapore, it is a must to update your credit report by going to one of the two credit bureaus, and these are DP Credit Bureau and the Credit Bureau.
Failure to update can make a difference between approval and denial, and sometimes this could lead to paying a higher interest rate than you suppose to be.
2. Not Able to Compare Between Reliable Money Lenders
There are many reliable money lenders in Singapore and each of them offers a different rate and terms, even the same amount. So, better not settle to one or two reliable money lenders, and seek a trusted money lender, you can get an appropriate or best deal.
3. Didn’t Figure Out the Optimum Combination of Rate and Terms
The best way to get the best deal is to not to lock yourself with the shortest payback period but focus on the lowest annual percentage rate (APR). So, open an online calculator and find out the right balance of monthly payment of money loan you need to pay back over time.
4. Skipped the Fine Print
Sometimes even a reliable money lender can trick you, so better check everything from the corner to edges of their brochure, contract, and website, and see if what they blatantly boast about “No Hidden Fees” are true. Don’t forget to print it out and save it as your copy.
5. Borrowing Money Loan More than What “You” Need
Never forget, you are temporarily borrowing from a trusted money lender, and the money loan you get is supposed to lighten your weight-load and responsibility and not the other way around. So, don’t bother borrowing more money loan if you can’t actually pay it back on time.
These are the common mistakes everyone is making when dealing with a reliable money lender. So, better remember these before contacting a trusted money lender. But, if you think you are ready to take a money loan, then consider contacting Power Credit Enterprise in Singapore and see if their offers work for you!
