Finances are never easy or straight forward. Life has the knack of throwing unexpected situations your way and most of the time we find ourselves struggling to get through the month until the next pay date is due. The temptation to get instant credit can be overwhelming in such instances but here are also, a few rules of thumb to follow if you want to make sure that the process is hassle-free.
Know the correct interest rate
If you have absolutely no other way out of your predicament and have finally come to the conclusion that you must go for a fast loan in Singapore, then make sure you are well aware and is alright with the interest rate that you will be charged. This usually is a little higher for instant money, so be careful and calculate whether you can afford to pay this back. If not you risk getting caught in a vicious cycle where your pay will be gone for repayment and you will once again have no money to hand. Speak honestly with the lender and then decide if this is worth it for you. If taking a risk is the only solution to your financial dilemma, take a calculated risk do not make an impulsive error.
Plan out how to utilize the money
Often, we may get the money that we need and then make the biggest possible blunder; spend it on something not needed. Be careful and plan out how you will utilize your loan cash. That way, even if you do have to struggle to pay back the amount you will have the satisfaction of knowing that you used it well for the right purpose. Borrow only the amount that you must and nothing extra. The more you get, the more you will spend and the more your debt increases.
Understand your penalties
This might sound strange but some lenders charge a hefty penalty from clients who wish to settle off the money they borrowed too early. Therefore, the best way to know this, is to speak to the lender in detail beforehand and if they do charge a penalty, get it down in writing from them so that they have to stand by this amount. In some cases the organization will charge you much less if you intend to pay off the amount sooner than initially agreed upon. Delayed payments will always have a penalty. However, there are several ways around this. If you feel that you might miss an installment, contact the lender and ask for options. Since they too, wish to get back the amount, they might arrange a new schedule for you or something else to assist. If you ignore the lender and do not pay back on time, apart from the relationship that you have with the entity, your personal credit score will also take a massive hit.
Read the agreement before signing
Do not rush. As much as you need the money, that is no excuse to get into even more trouble. Even your lender, if reputable will urge you to read the terms of agreement and understand them before anything else. If you sign without understanding the full extent of your binding, you will have dire consequences later. If you must, by all means, borrow the money but do it right and make sure that it is hassle-free.