Know More about Licensed Money Lender Interest Rate
Regardless of what your reasons to borrow money from money lenders, no matter how urgent you need cash, you have to make sure that you have known well the interest rate. Knowing nothing about the licensed money lender interest rate when taking loan just like diving into pool without knowing the depeth. It is dengerous and exist the risk of losing your life. Hence, it is significant and imperative for borrowers to learn more knowledge about interest rates before loan application.
Different companies may have different limitations and requirements, it is not stranger that there is a wide range of amount dollars that money lenders will charge you. It is said that lenders charge from $50 to $2000 on daily. weekly or monthly basis. Therefore, before making your final decision, you have to take your payment ability into account. If you have no idea on repaying money on time, it may be wise for you to choose slightly longer period loans even if you have to pay higher licensed money lender interest rate.
However, saving money is everyone's pursuit. Most borrowers are wondering whether there any methods which can help them reduce their interest rates. Of course. if you pay amount dallors down, money lenders will certainly give you a lower interest rates. But, as you know, each company or organizition are offering various loans for people. Such as business loan, payday loan, personal loan and etc.. So, if you are applying for personal loan, you are impossible to enjoy the privilege of reducing licensed money lender interest rate.
On top of that, as there are lots of money lenders in loan market, which can not exclude some fraudulent money lenders. They are more likely to violate regulation when running their business. Thus, before taking loan, it is really worth of you to spend time to learn more the key points of the regulation. For instance, licensed money lenders in Singapore have to comply with a regulation. For applicants who earn at least $30000 annually, money lenders will not give a cap on their interest. For those who earn less than $30000 annually, they may can expect a cap. In order to protect yourself, the more relevant knowledge you know, the better.
Another important thing. Licensed money lenders can not charge fees optionally. There are six applicable fees which they are allowed to charge customers. Such as in the situation of late repayment of interest, early determination of the loan contract and early redemption of the loan and so on. If any money lender require you to pay additional fees, be mindful and check with Ministry of Law.