Who is a Money Lender?
A person who lends money to earn interest on the money lent, and who may keep some security deposit before lending the money to ensure that they get their money back, are called money lenders. In short, the people who do the business of money lending are said to be money lenders.
So who is a good money lender?
There is not a stringent criteria since this is not an objective question, but there are some qualities which you can identify in a good money lender which can be called as the characteristics of a good money lender.
Following are some of the characteristics that are found in a good money lender:
1. Competitive interest rates
There are many money lenders in the market that offer loans at different interest rates. A lender having the most competitive rates in the market is likely the best lender too.
2. Flexible instalments
Each Lender has specified the rate of interest of loan and way of instalment repayments on their brochure. This is one of the important factors while choosing a money lender. A good money lender understands that as all times are not the same, they offer flexible repayments to help their clients when they are short of money.
3. Reputation in market
We all know that reputation is important for a person, but why look for the reputation of your money lender?
Well, people tend to check for the reputation of their money lender when they want a smooth loan processing and no legal problems. It is very flexible and least difficult with a ‘borrower approved’ money lender. Using social media you can easily get to know about the reviews borrowers have about your money lender.
4. Has a good lending limit
What if you go to your money lender in between your project development to ask him for the disbursement of your remaining loan and he says he can’t lend more? Of course you’d feel horrible. You might even feel cheated on. This might happen if the lender didn’t had enough lending limit. A lender with more than sufficient lending limit is always a good choice.
5. Years of experience
Years of experience never go in vain! Apart from other things, it’s incredibly smooth to work with an experienced lender than any other as they know everything in and about the market. They know how to deal with everyone, they know about the legal matters and are trustworthy as they are working for years in this field.
Do you want an experienced money lender who has a good lending limit, offers loans at low interest rates and flexible instalments and even has a great reputation in the local market? If you want a good lender having all the above qualities look no further than best money lender in toa payoh.