Negotiation is one of the most important parts of life. Every single day, you negotiate for something – whether you want to get extra sugar on your cup of coffee or extra gravy for chicken. In the loan industry, negotiation is even more crucial. It doesn’t start and end with a simple loan transaction – you need to know the right buttons to push, and you also need to know your licensed money lender Singapore inside and out. So, if you want to get a loan successfully, here are some important negotiation tactics.
Confidence is Key
Try walking in the Singapore personal loan office with drooping shoulders and sad disposition. The loan rep will still entertain you since as part of the protocol, but your body is already conveying one message: weakness. This is very important since loan reps are trained to look for ‘cues’ and hidden signs about your borrowers. Even if you’re not lying, the loan rep may be predisposed to tag you as a liar and someone who’s incompetent in loan repayment. Avoid this pitfall and always walk with confidence.
Research is Ace
A well-informed man is a wise man indeed. Before walking in the office, make sure that you’ve done your research well. You can start by knowing more about the lender that you’re planning to transact with. Visit the lender’s website and get all necessary information. Once you’re in the office and the loan rep became inconsistent with the details, you should look for a new lender. An inconsistent lender is probably a predator out to get your money.
Be Vocal about Your Options
When you saw a business loan Singapore program that has obviously lower interest rates, you should go for it. The lender will always try to suggest something that will benefit the business, so counter it with the option that you really want. Of course, you need to know more about the options that you have. This will help you control the whole process of the negotiation.
Loan negotiation shouldn’t be stressful if you know how to apply the right strategies. Timing is also important since you also have to relay your facts well.