Licensed Money Lender Educational Loan: 4 Things You Need Before Applying
A licensed money lender is a great help to secure your children’s better future through educational loans. With the price of college education in Singapore soaring up high up to $40,000 for Singapore Citizen students, parents would consider getting financial assistance from a licensed moneylender.
However, getting a loan for any purpose is a critical decision to make. Because dealing with money and debt was never simple. If not properly planned, you might get you and your child’s future in jeopardy. So to help you, here are the four things you need to consider before getting an educational loan from a licensed money lender.
- Study how an educational loan works
Take time as much as you can to research and understand the factors affecting your loan application. Firstly, you need to know where you or child would enroll and how much would it cost. You should be determined enough to decide that’s the school and course your child wants. Because you don’t want yourself be filing another loan application because your child wants to shift course or changes his/her school.
Ultimately, learn how loaning system. Study the process how to apply, the requirements, the accredited, licensed moneylenders, repayment terms, interests, and penalties in case you are not able to pay it. It will be all worth your time.
- Create a variety of licensed money lender options
Watch out for loan sharks out there! You may want to immerse yourself a bit to the lending industry before choosing where to file your loan. It would not hurt to dig deeper on the moneylender’s credibility, compare interest rates, analyze difference on repayment agreements and evaluate how much they can lend you. You can go online, read their reviews from customers or interview other who acquired educational loans from them.
- Compute the total loan cost
The safest and best way to do this is read the terms of agreement thoroughly. It is very easy to overlook mini charges, processing fees, bank charges, taxes, and other charges which the licensed money lender would not have emphasized during your discussion. Don’t get yourself caught up in a situation you’re surprised by the total cost, and it’s too late for you to back out.
- Look for other resources to finance your or your child’s education
Before applying for an educational loan, exhaust every option to avoid it first. You can look for universities which are offering scholarship programs such as academic, athletic, and student assistant. There are also internships which are free and even offer monthly allowances. You have to persistent and resourceful. It may not eliminate the possibility of getting a loan, but it can decrease the amount at least.
A licensed moneylender is always there to help those who are in need of financial assistance for education. However, you should not rush into making this decision. You should have a plan on how to apply and how to pay for it or if possible to ensure financial security for you and your family.