The Best Advice to Find a Low Interest Home Loan from a Money Lender

As its name indicates, the credit between individuals is an operation in which the lender and the borrower are individuals.There is no bank involved in this type of loan, which can sometimes lead to excesses as well from the borrower as the lender.

For a Singapore lowest interest refinance home loan between individuals to be serious, it is imperative that both parties are serious and respect their respective commitments. This is of course also the case in the case of a repurchase of credit between individuals

Know how to judge the seriousness of a lender

When a person looks for a loan between serious individuals, he implies that he wants to find a real lender. The search for a private lender takes only a few days for some and a few months for other people. In the sector of credit between individuals, scam attempts are very common especially on the internet. In fact, there are many private individuals who pretend to be low-rate money lenders and who ask for a certain amount of money for so-called fees. This is the biggest and most common scam on personal loans. So you must opt for low interest Singapore licensed money lender to avoid any such fraudulent activity.

However, there are other factors to consider in determining whether it is a serious lender or not.There are several points to judge whether the loan between individuals is serious:

  1. The interest rate proposed by the lender

The first point to consider is the interest rate offered by the lender. Generally, in the case of a credit between individuals, the interest rate is cheaper than those offered by banks. However, the rate offered by the individual must not be 40% cheaper than that of the bank. Keep in mind that the goal of a lender is to make money through the interest rate of the loan. As a result, in the case of a serious lender, it is in the best interest to try to offer the highest rate in order to maximize its earnings.

  1. The proposed sum of money

Another criterion is the amount offered by the lender that usually does not exceed 10,000 for a serious lender. Individuals offering to lend tens of thousands of money are in 99% of cases to flee.

Regardless of the amount loaned, it is always advisable to politely ask why the person is lending money to other individuals. If he replies that he prefers to lend this money because of low bank interest rates, this lender seems a priori honest and serious.

  1. His past as a money lender

There is an important question to ask in order to determine whether one is in the case of a serious and honest personal loan.Ask the individual if they have loaned money in the past or if it is the first time. This question is important from a legal point of view insofar as an individual does not have the right to lend money to more than one person because it would be considered a bank, which is strictly prohibited.

  1. The signing of the contract at the notary

The finalization of a loan between individuals generates fees and, therefore, only a minority of loans between individuals requires the services of a notary. Thus, in the case where the lender proposes to use a notary, it means that it is serious and in this case the loan between individuals will take place in the best conditions since a notary will have framed the operation. Passing through a notary secures the transaction for both the lender and the borrower.

By following the tips and tricks above, this avoids any financial disappointment for both the borrower and the lender.

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