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Things to look out for when comparing money lenders in Singapore


It’s important to compare money lenders and find the one that’s right for you. Not all lenders are created equal, and each has different eligibility requirements. 

Some lenders might require that you be a Singaporean citizen or permanent resident. Others might require that you be employed or have a certain credit score. 

It’s important to read the terms and conditions carefully, so you know what the lender is looking for.

Once you’ve found a lender that meets your needs, the next step is to apply. Ensure all your documents are ready, including your ID, proof of income, and bank statements. 

The process can be a little daunting, but with the right lender by your side, you’re guaranteed to get the best deal possible.

Loan Amount and Tenure

Different money lenders offer different loan amounts, and you want to ensure you’re getting the best deal possible. You also want to look at the tenure or the length of time you have to repay the loan.

Some money lenders offer shorter terms, while others offer longer terms. You’ll need to decide what’s best for you. If you can afford to pay back the loan in a shorter time, then a shorter tenure might be better for you. But a longer tenure might be better if you need more time to pay back the loan.

Interest Rates

Some lenders offer very competitive rates, while others are more expensive. It’s important to compare the interest rates different lenders offer and read the fine print so you know exactly what you’re signing up for. 

It’s also important to remember that the interest rates offered by different lenders can change at any time, so staying on top of what’s happening in the market is always important.

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Some lenders charge a processing fee, while others may charge an annual fee. Make sure you know the fees and how they’re calculated to compare them accurately.

Also, find out if the lender charges other fees, such as late payment or over-the-limit fees. These can add up, so it’s important to factor them in your decision.

Repayment Channels

Some lenders offer more options than others, so choosing one that will work best for you is important. 

For example, some lenders might offer direct debit, while others might only allow you to repay through cheque. 

If you’re not comfortable with direct debit, then you need to make sure the lender you choose offers a repayment method that you’re comfortable with.

Another thing to look out for is late payment fees. Most lenders charge a late payment fee, so it’s important to factor this into your budget. 

And finally, read the terms and conditions carefully to know what you’re getting into.


There are a few key things to consider when comparing money lenders in Singapore. First, you’ll want to make sure you’re comparing apples to apples

 – that is, you’re looking at the same interest rate, loan amount, and repayment period for each lender.

Second, you’ll want to check the lender’s reviews. Reputable lenders will have positive reviews from past borrowers, while sketchy lenders will have negative reviews. Finally, you’ll want to ensure the lender is licensed by the Monetary Authority of Singapore (MAS). Licensed lenders are subject to stricter regulations and are more likely to be legitimate.

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