Licensed Money Lenders Boon Lay

Boon Lay

Boon Lay is a town named after Chew Boon Lay, who owned the land way back in the late 19th century and early 20th century. Over time, Boon Lay’s village slowly developed into Jurong Town Corporation’s housing estate (JTC).

The town lies next to Jurong West that is already Singapore’s western part. You’ll find various transportation options in the place where you can travel around without any problem. 

Residents lived efficiently in Boon Lay because of the convenience. All essential places are accessible to them, including the leading industry of lending. 

Seeking financial assistance is not a problem here. Thanks to the Licensed moneylenders in Boon Lay, which provides the best loan products and services. 

Through Boon Lay’s money lending services, residents learned about the importance of credit scores.  

Licensed Moneylenders in Boon Lay: What drags down your Credit Score?

A Credit Score is a number in your credit report that tells if you’re creditworthy or not. It indicates your payment pattern in your financial activities. This way, financial institutions like moneylenders use this to identify whether you are a high-risk borrower or not. 

A low credit score means poor performance in handling our financial obligations. Factors that can drag down your score is your payment behaviour. 

Are you paying your debts on time or not? Have you, in any case, default a mortgage or any type of loan or not? All these are just a few of those factors that can highly affect your score. 

Now, the downside of having a low score is that borrowers can barely get loan approval. That isn’t good. 

But the good news is trusted Boon Lay money lending companies, welcome high-risk borrowers.  If you’re one of them, don’t stress too much. These type of lenders can help you improve your credit scores.  

Credit accounts

The number of existing credit accounts has an impact on your score. No matter how much your credit is, it’s still considered a credit. Having three credit accounts with various amounts is quite a handful, and it is a red flag for banks and lending facilities. 

In that case, low-interest personal loan approval is at risk. You might be thinking about closing all your accounts. However, it isn’t a wise move as well. 

Registered moneylenders in Boon Lay have a piece of advice to credit account holders: open only an account or two. Afterwards, pay it on time. It is the best way to recover your failing credit score. 

Credit history

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 a chance to zero-credit applicants. Also, they’ll advise you on how to create a good score. 

Better open a single credit account and be responsible for your payment obligation. 

Loan interval

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. Trusted money lending companies have a solution for this. Calculate how much you need to finish off your car purchase. 

Let’s say your auto loan is approved. But sadly, you underestimated the actual car cost. You forgot to include other expenses aside from the car’s exact 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 can 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.