These days more and more people are focusing on living in the moment to cut down the stress and escape for sometime from the hustle bustle of life. Be it staying at a luxury resort during annual vacation or celebrating the special day at a high profile destination, people across the globe are going all out when it comes to making an experience count for the entire lifetime. The best option to bear the cost of such huge expenses is by getting a loan and paying it back in installments. This does not affect the daily chores and provides a chance to live that desired moment as well. There are many large sum of money licensed money lenders Singapore to be consulted for evaluating options however in order to avoid the basic mistakes, it is advised to go prepared.

• Defining the clear purpose of loan

There should be a clear defined purpose to apply for a loan. Only when you are convinced about the need to borrow money from the lender can make you assure them about the repayment of the same in the definite time period.

• Loan amount in direct proportion with payback capacity

Your desires can be many but the preferences to live them should be in proportion with your income. The borrowed amount should fall under your monthly limits without cutting a hole in your pocket. This makes you plan for the future in a better and sustainable way.

• Due diligence of the money lenders

It is very important that you perform a full background check of the money lender so that you don’t become a victim of a fraud. Ask the right questions when discussion interest rates and loan repayment options along with the company documents.

• Proper attention to terms & conditions

It’s often seen that in the haste of getting a loan sanctioned, an oversight of terms & conditions is done. The repercussions can be severe as you never know what the money lender has written in the document and whether you would be able to fulfill that condition or not. Before signing any document, go through the terms & conditions and take an expert advice if need be.

• Selecting the tenure of repayment correctly

Don’t go for very long tenure also when applying for a loan. The interest can sometime change with the introduction of a new reform and this can lead to unnecessary hassles in getting through the month.