17 Aug Borrowing Loans from a Legal Moneylender in Singapore
If you need a quick loan to get you through an emergency, then the best place to turn is borrowing money from a legal moneylender. Legal moneylenders offer loans of different amounts and terms – some with more lenient conditions than others.
In Singapore, for example, there are a few licensed lenders that make it easy for borrowers to borrow smaller sums of cash without needing collateral or even credit checks – perfect if you’re in dire straits!
Not only are these loans an excellent way to get what you need when you need it, but they also come with some great benefits too.
One of the best perks about getting a loan from this type of lender is that they do not have any collateral requirements. This means that if things go wrong and you cannot make your payments on time, there will be no repercussions or penalties for missing those payments.
Additionally, many people turn to a legal moneylender in Singapore because their interest rates are lower than other types of lenders such as banks and credit cards.
Who is a Licensed Moneylender in Singapore?
In order to provide clients with peace of mind, every licensed moneylender in Singapore is required by law to register their company name and have an appointed representative who is authorized to transact business on behalf of the company.
Furthermore, because these are professionals who work within the confines of banking laws; they can offer clients lower interest rates as well as more flexible repayment terms than unlicensed lenders.
By considering all aspects before choosing a lender for your needs, you can ensure that you’re making an informed decision that will best suit your financial situation.
A moneylender in Singapore is regulated by the Monetary Authority of Singapore (MAS) which sets guidelines for interest rates, maximum loan amounts, and other terms. The MAS also requires these companies to be registered with them before they can offer their services.
How Can I Know if the Moneylender Singapore is Legit?
It is a good idea to research the moneylender in Singapore before you borrow from them. A lot of people think that all moneylenders are bad, but there are some who offer legitimate loans and fair rates. The key to finding out if they are legit is looking at their history with other customers and what kind of reviews they have.
Here are some of the most important things to look out for when figuring out if a moneylender in Singapore is legit or just loan scams:
Check If the Moneylender is On Ministry Of Law’s Registry
When borrowing from a licensed moneylender, you need to be sure that the lender is registered with Ministry Of Law. This way, if any problems come up during your loan repayment process, you know where to go for help.
The Registry will let you know about any complaints or pending court cases against a Moneylender in Singapore. Being on the registry means more than just being able to lend legally.
It also means that you can be trusted by your customers and have a good reputation as a reliable lender.
Check the Interest Rates and Fees Offered by a Moneylender in Singapore
With the current economic climate, some people are starting to look for alternative sources of funding. Interest rates and fees offered by a licensed moneylender can be lower than those offered by banks or credit unions.
A legit moneylender in Singapore implements the standard rates and fees to their clients. The rates and fees are set by the Registry of Moneylenders and are way lower than what loan sharks offer.
How will you do this?
First of all, make sure that the interest rates and fees offered by the moneylender are competitive with those offered elsewhere. It can be hard to compare these types of loans because they vary from one lender to another.
Secondly, try not to borrow more than what is needed as this could lead to problems down the line (e.g., being unable or unwilling to pay back).
Finally, remember that borrowing money will never be free and if it sounds too good to be true then it probably is!
Check if the Moneylender has a Physical Address
Maintaining a physical address is important for the safety of your money if you are using a loan from a money lender. It makes it easier to go back and get your hard-earned cash after they’ve taken it from you at high-interest rates.
The best way to find out if the person is legit or not? Take them on in person! Don’t let them scare you off with their phone calls and texts. And don’t be fooled by their website – do some research first!
Google maps can show you where they’re located so that you know what kind of neighborhood, they operate in. You’ll also want to call ahead before going over there, just so that someone isn’t waiting right inside for you when you arrive.
Follow this simple checklist and see if the money lender has a physical address:
- Does their website have an “about us” page?
- Do they provide contact information on their site?
- Is there any signage at the location where they are conducting business?
- If they offer loans via telephone, does that number show up in your phone’s call history as being from them?
Ensure That You’re Issued with the Relevant Documents
It’s an easy process to get a loan from a moneylender. All you need is some form of identification and the amount of the loan you require, and they will do the rest for you.
A lot of people are unaware that they can be issued with the relevant documents from a moneylender. It is important to know what you are entitled to in order to avoid any future issues or problems.
These documents include a receipt, a statement of account, and an agreement for a repayment plan. By obtaining these three items, you will have all your bases covered if anything happens down the line with your moneylender.
It is important to be sure that you are issued with the relevant documents from a moneylender. This will ensure that you have proof of your agreement and can avoid any disputes over what was agreed to in the contract.
Wrapping It Up…
Singaporeans are one of the most prosperous and hardworking in the world. They are also very conscientious when it comes to their personal finances.
Unfortunately, there are some who have fallen on tough times because they were not able to manage their funds well enough or were unable to secure a job within a short time span after being unemployed.
For these people, looking for an emergency loan is often seen as their only option for financial relief. Thankfully, a lot of moneylenders in Singapore offer loans with low interest, making them the perfect solution for a quick cash need.