Trusted Money Lenders in Singapore
All around Singapore, you are given a lot of options when it comes to applying for a loan. Whether is quick cash that you need or a bad credit loan accorded to you, you can find them all around the country in every location possible.
This should be your top priority: The money lender in Singapore must be registered with Ministry of law Singapore. Being registered with the government means that it comes under the jurisdiction of the Moneylenders Act of Singapore and all its requirements. The services accorded to you by the lender will have legal implications which mean that they cannot impose any clause as they like. When you borrow from a licensed moneylender, you are both bound by law and that will be very useful in a situation of dispute. On the other hand, you need to check if the moneylender is accredited by a professional body which means it is fully recognized and registered.
One-stop place for local licensed money lenders
You can be in areas like Jurong or Toa Payoh, Woodlands or Rochor but whichever location you are in, you can be assured that there is someone there who can offer you a personal loan. In most cases, you can get a loan from a bank or a financial institution. If you require fast cash or if you are in any of the following situations:
- Bad credit health
- Need quick money
- Do not mind the higher interest
- or any other reasons that you might not want to disclose to a bank
Then, you might want to get a loan from a moneylender. Before you go ahead and call the numbers you see on classified ads or on public furniture, these loans would be ideal for you because of the below.
Fast and easy loan application
Applying for a loan from a local provider means you can avoid the hassle of going through red tapes. In other words, the procedure is simpler and a lot quicker. Unlike getting a loan from a bank, you can now get loans by:
- First, make an appointment with the moneylender
- Have the meeting and discuss the purpose you need the money
- Show any available documents you have like income statement, bank slips and such
- Discuss and confirm the terms like interest rates, payment schedule, and any collaterals if required
- Within the next hour or so, you will know if your application has been approved
In fact, you would mostly get the money within 24 hours after your application has been processed. Because of this convenience, it is very easy to get the money you need in the shortest time possible. However, before you head out to start borrowing money, do the following:
- Check online for the ones nearest to you – The ones around your neighborhood would be the most convenient
- Run through their information with the registered list of moneylenders. This is provided for by the Ministry of Law
Once you determine the most suitable one, then the rest will be quite easy.
Finally, read the Money Lending Rules and Regulations before signing
Even if they are registered in this list, you would still have to validate them. Remember, just because you need to borrow money from them does not mean you are at their mercy. You still have your rights as a borrower! In fact, there are regulations for registered moneylenders in Singapore which are as follow:
- they cannot disclose any of your information as a follower. This can only be done with a written consent from you
- they can only charge a maximum interest of 4% per month on the amount borrowed
- once the loan is approved, they cannot charge more than 10% for administrative fee of the loan amount
- late interest: for late payments, there is a maximum rate of 4% per month for each late month
- a maximum of SGD60 per month for late repayment fee
- the total amount must not be more than 100% of the loan amount. This takes into consideration all charges and fees like interest rate, late fees, etc.
As a borrower, you are protected by the Moneylender Act and you can complain to the Ministry of Law if they breach any of the clauses mentioned.