You may think you have few options for an unlicensed moneylender loan. However, several licensed Singaporean moneylenders can help you get cash when you need it most. Learn more about this option and loan repayment here.
Maintain a good record
Tracking income and expenses helps you budget. Recording your transactions will help you decide on loans or other financial products. It will also show you how much money is left after repaying your debt. If you can’t pay all your bills, you may need to make changes to avoid debt again. Record your credit score as well. This will explain how to improve your credit score. Lenders may not lend to you without income or assets. This is why you should work or start a business to improve your finances.
Work for more hours.
High-interest moneylenders face challenges. You must recover every dollar or risk legal trouble. Working overtime, a second job, and more shifts at your current job are good ways to repay your loan. If all else fails, consider a promotion or a new job. If none of these work, try working smarter rather than harder: Delegate your most important tasks so they don’t slow you down.
Use the loan for your business.
Get a business loan first. Your choice—online or offline. Before the lender approves your loan, you must fill out an application and submit supporting documents. The licensed moneylender will lend you a certain amount based on your capital and monthly revenue. If there is clear evidence of its viability and how much money has been invested into starting it up to succeed, getting a small business loan should be easy.
Consider consolidating your debts.
Debt consolidation helps manage finances. One loan can pay off multiple loans and save interest. MoneyMax Singapore personal loans are a great way to consolidate debt. That money can be used to settle all your debts. This will lower your monthly payments and eliminate high-interest rates, relieving stress!
This article provides simple ways to repay your loan on time and avoid legal trouble. Know the loan laws when dealing with licensed moneylenders so you know what to do if things go wrong. This will prevent repayment issues and payment defaults.