Bugis is a popular shopping area in Singapore in the eastern part of Singapore attracting locals as well as tourists from other countries. Many of the shoppers at Bugis find that they want to purchase items which they cannot afford. One way they can get the items they want despite not having enough funds is by taking a loan from a money lender. In other cases, people are facing financial emergencies due to problems they did not anticipate like job loss, medical problems or accidents. Since conventional money lenders like banks will take a longer time to process the application, they are interested in finding a suitable money lender. They would like to find out who is the most popular money lender near Bugis, so that they can get a loan at the best rates.
Offline
One of the best ways for a person who is living or working in Bugis or nearby areas,to find out about money lenders in the area, is by asking friends, relatives, colleagues and business associates about the money lenders in the area. They can ask whether they or anyone they know has taken a loan from a money lender in the last few years. These borrowers will able to find provide information on the different moneylenders who are based in the Bugis area, how many years, they have provided services, and the number of clients
Reviews
There are many directories and review websites which are listing the various moneylenders in Singapore and specifically the Bugis area. These websites usually have a provision to allow the clients who have used the services of the money lender to rate the service provided. A well established money lender will have a large number of customers borrowing money, and so the number of reviews posted will also be higher. In contrast a new money lender will not have many clients, so the reviews will be fewer. So higher number of reviews is one indication of the popularity of the money lender.
Media coverage
In most countries, the money lenders are well networked. They are connected with the government officials and media so that they can recover their money easily in case the borrower does not repay on time. The local media outlets, including newspapers, websites, and television may carry news stories on the local money lenders who provide a loan to people in the area, along with the profile of the local money lender. The money lenders may also advertise in the media, and their advertisement may have information regarding the number of clients which is an indication of their popularity.
Comparison websites
Since most borrowers would like to compare the interest rates and other terms before applying for a loan, there are a few reliable comparison websites which list the various moneylenders in the Bugis and surrounding areas. In addition to the interest rates, the website will also usually provide information on how many people have applied for a loan to the specific moneylender through the website. This information can be used to gauge the popularity of the specific moneylender.
