In Singapore, if for some reason you need to borrow money for urgent use, in addition to traditional funds for lending, such as banks and financial institutions, you can contact authorized lenders. These are mainly small companies or companies that specifically provide cash loans mainly to street vendors with a credit rating that is not so good in the eyes of official credit bureaus and banks, or a potential borrower with a lower return than not. You can borrow traditional money lenders such as in Easy Credit Directory.
The kiasu culture
“Kiasu,” the Hokkien word meaning “fear of losing,” entered the popular Singapore vocabulary thanks to the cartoon character of Mr. Kiasu, whose philosophy includes: you must always win; Everything must also suffice; Skip the queue Keep coming back for more; Search for discounts; It doesn’t matter what they think; Running and pushing win the race; and the winner takes it all!
When borrowing from authorized lenders, you must first contact the Singapore Register of Creditors to get a list of legal and authorized operators. If time permits, make a few calls and search most of these credit companies on the Internet before limiting yourself to certain options. Ask about your interest rates, how they calculate your interest and any hidden fees or charges for late payment or non-payment, and not that you will not pay late payments. This round of research is more for the transparency of its services than for anything else.
If you have three or four options, go to them personally and see for yourself in your physical office / store, as well as in your personal attitude to managing people and businesses. Although the appearance and the facades can be deceptive, it still justifies a real visit to get first-hand information from a potential licensed lender who will eventually take out a loan. For those selected, ask more questions about their way of doing business, considering all possible angles that you can think of in the area of lending money. After this round of intense questions, make a decision, which is usually a mixture of rational and instinctive sensations.
Now that you have found a licensed lender who you think is right for you, ask even more questions
Embrace all the reasons you know about cash loans. When you are finally satisfied with your authorized lender, complete the transaction. Ask only what you need, not what you want.
Calculate the terms of payment at an authorized lender. Be sure to read the fine print, that is, the terms of the loan agreement, before signing on the dotted line. Remember that your refund should be within the amount of your monthly disposable income. Reimburse the amount of the installment established between you and the authorized creditor in full, as indicated in the cyclic period of the contract.