Trusted Money Lenders
You need to ascertain if the moneylender is legal. You must be very sure that a licensed moneylender is NOT the same as loan sharks or Ah Longs. In fact, licensed moneylenders are fully legitimate organizations that help people with short-term cash loans. No doubt their interest rates are slightly higher, but they DO NOT operate like loan sharks.
Governed under the Moneylenders Act 1951, all licensed moneylenders in Singapore are registered under the Ministry of Law. This is very simple, if it is not in the list, it is not legitimate.
If you plan to get into this type of loans:
- The first thing you should do is to browse the list of registered licensed moneylenders. Just remember that you must find them in this list.
- Decide on a few companies and then, you can contact them directly.
- A meeting should be scheduled at this point and you will go through a simple interview process. After that, the process is almost over where you will be given the agreement to sign. Read through all the statements and sign only if you are absolutely sure and comfortable.
A personal loan can help a lot especially during rainy days. This is where you apply for a loan from the bank or a financial institution for some extra cash which you might need for many reasons. As the name suggests, a personal loan is when you apply for extra cash for your own personal reasons. In most cases, you do not need to disclose such information.