Licensed Money Lenders Lucky Plaza

One of the iconic shopping centres in Singapore is Lucky Plaza. This shopping centre is located on Orchard Road. 

Lucky Plaza is a popular place for budget shoppers, offering a wide range of products at affordable sale prices. 

Moreover, money lending companies are readily accessible to shoppers and anyone in need of quick cash.

Visit the place and check out the licensed moneylenders in Lucky Plaza. 

Licensed moneylending in Lucky Plaza identifies factors that drag down Credit Score. 

Your credit score is a defining factor of your loan approval. To secure a loan, a borrower needs a good credit record. 

But how will you know if you’re on the right track to keeping your score healthy?

Listed below are the factors to consider in grading your credit score. 

Number of credit accounts

A credit, regardless of its amount, is still a credit. If you have a small credit from one credit card then have another, it drags down your score. 

Money lending companies recognize this as a red flag. You’ll have a handful of repayment dues to handle. Also, closing all your accounts is not advisable by the Licensed moneylenders in Lucky Plaza.

The best you can do is to keep an account or two. Pay them off on time as expected. This way, you can recover your credit score. 

No Credit History

No credit history is defined as an ungraded credit. Without credit, lending facilities cannot evaluate your payment attitude. 

Your lender needs to identify if you’re a high-risk or low-risk borrower. If you lack a credit score, it can pose a problem in your loan application. 

Your home loan or auto-loan approval is at risk. The best you can do is open a single credit account. Remember to pay off the service on time. 

On the other hand, you can visit the licensed moneylenders in Lucky Plaza. They entertain zero-credit borrowers. You can choose a loan product appropriate for your situation.

Be reminded of the importance of on-time repayment. 

Multiple loans in short intervals

If no credit history is bad, too many loans are not a good thing as well. Banks and other financial institutions recognize it as a red flag. 

Multiple loans indicate that you’re in financial desperation. Usually, this happens if you applied for an insufficient loan. 

Take your car loan, for example. Your approved car loan is underestimated. You still have to pay other fees aside from the actual car price. Since you need more funds, you apply for a new personal loan. 

Save yourself from a bad credit score. Shop around and calculate how much you actually need before you apply. 

Aside from this, some borrowers take out a loan to cover another repayment. Licensed moneylenders in Lucky Plaza discourages this doing. 

Be a responsible borrower. Always use a loan calculator to estimate your repayment properly. Avoid getting another flexible loan just to payout an existing loan. 

Multiple loans at the same time

The simultaneous loan application is a typical doing of Singaporeans. You might think it can secure you a fast and better loan service. But, actually, it can drop down your credit rating. 

In the eyes of the lending institutions, you’d look too needy. Don’t ask and apply for loans all over the place.

Before you apply, check the moneylending’s official website and compare the interest rates of various loans. The good news is some lenders are offering low-interest personal loans. After your personal research, you can decide which is the best one for you. 

Licensed moneylenders in Lucky Plaza have a wide variation of online loan services. Check them out