Factors to be considered before taking student loan
The student loan has removed the stress from many of the students who without the help of student loans could never pursue their further studies. Student loans have led to the betterment of the economy by removing the restriction of taking up higher education. Getting student loan is not only available but is available very easily. The students can avail these loans at minimal rates of interest and affordable repayment options.
Here are the 3 important factors to be considered before you decide to take the student loan from a money lender.
Is the lender registered?
Find out about the lender through the internet or other who has prior experience in dealing with the money lender in Singapore. A good money lender is the one who is registered and has a license with him. No matter if the money lender is an individual or an institution; a legal money lender will always take out the proceeding of the contract of loan in a legal manner. You can find out the reviews and his registration through his internet website or through contacting him directly too. Getting student loans from money lenders who are registered is the safest and avoids any complication in future https://easycredit.com.sg.
What is the payoff scheme?
The students while looking for various money lenders might get numerous options of money lenders. Before selecting the money lender from whom you plan to make a contract and take a loan, find out their flexibility of payoff scheme. If their payoff scheme suits you, then only go for it. If they ask you to pay in installments but you prefer repaying the entire amount at the end, then do not go for it. Thus, find out the repayment scheme is according to your comfort level. Mostly, the student prefers repaying loans after they get a job. Thus, make sure they have a good option for it.
What are the interest rates?
Make sure the interest rates they are charging you are affordable and economical. There are huge expenses like you tuition fees, living costs, the cost of books etc. thus, do your budgeting accordingly and then go for the amount of loan as required at affordable interest rates. It is not recommended to take loan more than the required amount. Try to cut your loan rates as much as possible to ensure safety and stress-free education.
You should know the interest rates prevailing in the market. If they are similar to what the lender is asking for, they can be considered as licensed moneylender sg and you can go for it. Student loans are usually offered at lower interest rates than the interest rates for personal loans or any other. A registered money lender will always offer you loans at minimal interest rates.
Students should consider these 3 important factors carefully before making a contract with a money lender in Singapore. With the student loan services, the students have reached the heights of success and are seen to grow the economy really well.