Boon Lay lies next to Jurong West. It is found in the western part of Singapore.
Through time, Boon Lay was developed into a housing estate by the Jurong Town Corporation (JTC). It aims to provide low-cost accommodation for workers.
Also, they help borrowers create a healthy credit score.
Licensed Moneylenders in Boon Lay explain what drags down your Credit Score
Credit Score is a very significant number in your loan application. It determines if you’re creditworthy or not.
Also, it shows what kind of borrower you are. Are you a high-risk or low-risk borrower?
Aside from that, your score indicates your payment pattern. Do you pay late or on time?
Whichever you do, your score greatly affects your loan application.
A borrower with a low score rarely gets approved.
If you’re one of them, don’t stress too much. Licensed moneylenders in Boon Lay still accommodate high-risk borrowers.
Also, they’ll educate you on what pulls down your credit score.
The number of existing credit accounts has an impact on your score.
No matter how much your credit is, it’s still considered as a credit.
Having three credit accounts with various amounts is quite a handful. It is a red flag for banks and lending facilities.
Personal loan approval is at risk.
Closing all your accounts in an instant is not a wise move as well.
Licensed moneylenders in Boon Lay have a piece of very important advice. Open only an account or two. Afterward, pay it on time.
This is the best way to recover your failing credit score.
No credit history is known as an ungraded credit.
Banks and money lending companies can not evaluate your repayment performance.
Identifying high-risk and low-risk applicants are necessary for them.
If you’re seeking an auto loan, loan rejection is possible. Banks, especially, refuse to take unknown risks.
Contrary to that, licensed moneylenders in Boon Lay give chance to zero-credit applicants.
Moreover, they’ll advise you on how to create a good score.
Better open a single credit account. Be responsible for your payment obligation.
Too many loans at short intervals reflect financial desperation. It also means a red flag for banks and lending companies.
Typically, it happens if you applied for an insufficient loan.
Licensed moneylenders in Boon Lay has a solution for this. Properly calculate how much you need to finish off your car purchase.
In an instance, your auto loan is approved. Sadly, you underestimated the actual car cost. You forgot to include other expenses aside from the car’s actual price. To make up for it, you applied for a personal loan.
It’s like you took up another loan to support your first loan. Thus, adding up more repayment in the future and negatively impact your credit score.
Use the online loan calculator found on the lender’s site. It estimates how much repayment you can handle. Avoid getting a new personal loan to pay off your existing loan.
Licensed Moneylender in Boon Lay
The simultaneous loan applications is never a smart move. Your credit rating is reflected badly. Asking loan items all over the place seems like you’re too needy.
Make it a habit to shop around accessible lenders. Decide on which lender offers the best loan product for your needs.
Licensed moneylenders in Boon Lay think of ways to entice aspiring borrowers. Loan products and services offered fit every borrower's needs. Interest rates are strictly calculated.
For every payment a borrower makes, it is reported by the moneylenders.
So if you made a late payment, it is shown in your credit rating.
Non-diligent payers are also known as high-risk applicants.
This is avoidable according to the licensed moneylenders in Boon Lay. Talk to your lender. Inform them ahead of time, if you’d undoubtedly make late payments. Necessary adjustments can be made as long as you complete the payment.
Having a bankruptcy record is a big no-no. It remains in your record for up to five years. It’s a big warning sign for lending institutions to approve your loan.
Nevertheless, you can still clear your bankruptcy status. It takes time though.
Licensed moneylenders in Boon Lay warn borrowers with this history. Your auto loan, house loan or business loan might be rejected.
Consistent payment failure is a big sign of a loss to banks and lending companies.
If you’re stuck in paying your debts, defaulting won’t save you. Rather, it would dig your financial grave.
Once a credit default is reported, it pulls down your credit score in an instant. Your chance of getting a new and bigger loan amount in the future is thin.
Take care of your credit score. Keep in mind the factors that drag down a borrower’s score. Avoid it at all costs.
Licensed Moneylenders in Boon Lay guide to recover a Low Credit Score
Are you a high-risk loan application?
Do you want to recover your low credit score?
Licensed moneylenders in Boon Lay has the best answer for you.
Limit your loan inquiry. Every time you inquire it is posted in your record.
You can avoid this if you shop around first.
Look out for lender’s reviews, feedbacks and loan products, and services.
Once decided, apply for the payday loan you need from a reputable lender.
On-time payment is the best answer to your dropping credit score. Although it takes time, it’s a sure win.
Set an alarm to be reminded on your due date.
Licensed moneylenders in Boon Lay allows early loan termination. It’s a win-win situation. You finish your loan early without additional charge. Plus! You get a good grade from your lender.
The short-term loan is easier and faster to accomplish. The moment you pay off all the loan amount on time, you’ll be rated high.
Then you can proceed to a new payday loan and pay it regularly. It’s a long shot but it will recover your credit score.
Being partnered with reputable lenders can help you build a healthier score. Licensed moneylenders in Boon Lay does not only lend money. They also assist you to keep up your credit score.
Your credit score is one of the defining factors in your loan application. Make sure you make the right decisions for every loan you take. You’ll never know how much it affects your score. Apply for a flexible loan from the licensed moneylenders in Boon Lay.