Here is what you need to know about negotiating a loan

This might not be the article you are looking for, but we assure you it is the article you need. The one minute it takes to read this article could save you thousands of dollars. Because even ex-lenders have spoken out. From claims of negotiating better interest rates on your behalf to promises of lightning-fast loan approvals, we've heard it all. These are the lines loan brokers often use to hook you in. See here and here, where loan brokers and finance companies in the US have been sued for millions for their deceptive practices, and now they are reaching our shores.

Many brokers claim to be able to negotiate the interest rate for you to try to stand out from other brokers. But it is a hollow promise. Among the many other false claims they make. 

Credit:This is a publicly available LinkedIn article. 

Unlike the US and UK — where regulations such as the Truth in Lending Act (TILA) and the Consumer Credit Act have existed since the 1970s — Singapore currently has no laws governing brokers, or even requiring them to register a company or act as a formal representative of one.Unless you are a high-net-worth customer or a large company — in which case you would likely have a private banker or CFO and wouldn't require a loan broker — most borrowers will find that, due to the “straightforward” method of program lending assessments (which you can read more about here), one bank or lender may offer a different rate compared to another. The best way to find a more affordable loan is to simply compare more options.

In fact, many lenders today use machine scoring, where credit decisions are made by software based entirely on your submitted financial data. There’s no one to "negotiate" with—your profile either qualifies or it doesn’t, unless your broker is Neo from the movie The Matrix and can talk to computers.

The reason we are doing this is because our company has observed a sharp increase in such loan ads — many of which lack even a proper website, legitimate contact details, or a valid UEN number, and make outlandish claims that we’ve already debunked in this article, which you should definitely read if you are thinking of using a broker.See examples of these cookie-cutter websites.
https://bespokecapital.net/
https://mamatfunding.com/
https://onehubcapital.net/
https://www.smbempire.com/ (all social media profiles are fake, and the address actually shows Australia.)We thought it might be necessary to fight fire with fire 🔥and thus this article.

And because a basic website can change its content anytime ( AI can literally generate in seconds), here are the screenshots of these websites - should they change their claims from the point of writing this article.
https://ibb.co/7xRzB6BR
https://ibb.co/tTqh5ns5

At this point, you are wondering, how can all these be legal? Well, up until a decade ago, it was okay for a real estate agent to represent both buyers and sellers. 2 decades ago, insurer were trying to out match each other and they increased the projections on their benefit illustration until it got to a point it was multiple times the current 5% and 9% that have been standardized by MAS, after it had to step in. But it is not unheard of, even today, that an insurance agent, might try to pass it off as guranteed as either 5 or 9%, instead of projections, and you know what we are trying to say here. 

While MAS has recently published the “Guidelines on Standards of Conduct for Digital Advertising Activities,” loan intermediaries do not seem to be covered. Unfortunately, as some brokers engage in false advertising, others follow suit just to stay competitive—resulting in a race to the bottom in transparency. We are trying to change them by pushing for regulation. Consider supporting us here.

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