If you are looking for a licensed money lender, it is important to find one that offers low interest rates and reasonable fees. Also, make sure that the money lender does not withhold your NRIC, driver’s licence, or passport, and always keep receipts of repayments.
Licensed money lenders are only allowed to advertise on their own websites, business or consumer directories, and within or outside their business premise. Avoid any advertisements that are not on these channels.
How to Find a Licensed Moneylender?
If you are in need of cash, it is important to know how to find a money lender who is licensed. A licensed moneylender is a private company that is regulated by the Ministry of Law. Licensed moneylenders can offer both secured and unsecured loans. They also have to follow strict regulations and cannot use abusive or threatening language when communicating with their borrowers.
Make sure that you read the terms and conditions of a loan carefully before agreeing to it. Licensed money lenders in Singapore are allowed to charge interest rates and late payment fees, but these charges must not exceed the principal loan amount. You should also keep a record of all receipts to ensure that you are repaying your loan on time.
Licensed moneylenders should have an office that is open during business hours. If you are unable to pay your loan on time, it is important to communicate with your lender and ask for an extension.
Licensed Moneylenders in Singapore
If you are looking for a moneylender, it is important to find one that offers a variety of loan products and adheres to the legal Singapore guidelines. A reputable licensed money lender will be registered with the Registry of Moneylenders and have a professional staff to answer any questions you may have. They also follow the rules and regulations set by the Ministry of Law regarding interest rates, fees, and repayment options.
Additionally, a reputable licensed moneylender will not harass borrowers in any way. They cannot confiscate personal belongings or property as collateral and will not vandalise their debtors’ homes. If you suspect that a moneylender is harassing you, you should contact the Registry of Moneylenders and report them.
It is also a good idea to compare the interest rates and fees charged by various licensed moneylenders in Singapore before choosing one. This will help you avoid paying unnecessary interest, which can cost you a lot of money in the long run.
Licensed Moneylender Reviews
Many people are afraid to take out loans due to the fear of being taken advantage of by money lenders. However, the truth is that money lending in Singapore is quite straightforward when you find a top licensed money lender. Licensed money lenders follow strict guidelines to ensure that they approve you for the right loan amount, consider your monthly income and do not charge you unreasonable interest rates.
When you search for a moneylender online, look for a website that has a high proportion of positive reviews. This indicates that the moneylender is reputable and has a solid track record.
Katong Credit, for instance, is a top licensed moneylender in Singapore that is known for its customised loan solutions and humane application reviewing process. Its loan officers are sensitive to the needs of their clients and always go the extra mile. This has earned them numerous glowing recommendations from their clients. They also offer a wide range of personal and foreigner loans.
Licensed Moneylender Fees
Licensed money lenders are private loan organizations that have the legal right to lend cash to borrowers in Singapore. They adhere to the guidelines set out by the Ministry of Law and are registered with the government. This means that they do not operate like the dreaded loan sharks.
They can charge a maximum of 4% monthly interest on both secured and unsecured loans. This includes late interest fees that are levied on amounts paid late.
Make sure you read and understand the terms of your loan before committing to it. You should also shop around for the best loan deals. One of the best ways to do this is by using a loan comparison portal.
Finally, always remember to repay your loan in full and on time. If you are having difficulty doing so, you should seek help from a credit counselling service such as CCS. This will allow you to develop a realistic repayment plan and manage your debt more effectively.money lender singapore