With the arrival of wedding season, the business of money lending also grows to a great extent. In the advancing world, the weddings are now becoming an occasion of grand celebrations which really needs a large amount of money to spend on.
Money is the basic cause of a lot of rifts among people and especially among friends and relatives. This is the reason why most of the people do not encourage partnerships with their friends and family for better future relationships.
Money Lender Singapore provides you the opportunity of a desirable amount of loan on these hush-hush grand celebrations. You can now, easily apply for the loan, better interest rates, easier mode of repayments, and much more for celebrating your happiness.
Here, we are going to provide you some basic points which you really need to keep in mind while lending money in Singapore.
- Analyze the Situation: Before lending money to anyone analyze the situation and understand the gravity of matter so that it becomes easy to create a bond of trust on them.
Try to find out the real reason for money requirement and also try to offer some other solutions for that and that too if you think they would work.
- Discuss the terms and conditions: Don’t get emotional, after going through the situation why the person is actually money lending for. Discuss all the applied terms and conditions very strictly so as to reduce the chances of getting being cheated.
If the borrower is not able to repay your money at once you can also provide him/her the facility of repaying in installments also.
- Lend what you can afford: Never try to overwhelm by the situation. Helping people in their need is a very good thing, but over helping may sometime lead you to trouble.
Always ensure to lend the money which you can afford and never overboard the situation by asking other people also to lend money.
- Fix the time limit: While lending money to anyone, never try to neglect the fix the time limit so as to easy repayment of your hard earned money.
Fixing time limit never means you are being cruel to someone or inconsiderate; it is all about to get back your money easily.
- Interest rates: Being a professional money lender it is better to fix the interest rates so as to not to create a confused situation later on.
But in case if you are going to lend money to your friends or relatives, never try to charge interest rates from them, as it may ruin your relationships for a lifetime.
- Witness: For the security of your hard earned money, it is always necessary to lend the money in the presence of mutually known people as a witness.
Never try to lend money in isolation, even if he/she is your sibling also. Try to choose the witnesses who do not disclose the matter outside. It will make the borrower accountable and will ensure your easy repayments.