A money lender singapore is a licensed financial institution that offers loans for various needs. They offer flexible loan terms and low interest rates. They also have a simple application process. However, be wary of any money lender that requests advance fees or engages in other serious law violations.
Licensed money lenders are required to provide you with a loan contract detailing all of the terms and conditions. If they don’t, they are probably loan sharks.
Licensed by the Ministry of Law (MinLaw)
You should only consider applying for a loan from a licensed money lender. This is because the Ministry of Law oversees their activities and ensures that they follow strict rules and regulations. This includes interest rate capping, human-centric customer service, and a no-harassment policy. It also ensures that borrowers are not sent into debt spirals.
If you are not sure whether a moneylender is legitimate, you can check their registration with the Registry of Moneylenders. The Registry has a list of registered moneylenders with their licence numbers and addresses. You can also check their websites and advertisements in business directories and other sources.
A legal moneylender will have an office at a registered address in Singapore. They will also make you sign a loan agreement, which is enforceable in court. In addition, they will not charge any fees that are prohibited by law.
Easy to apply for
If you require a fast cash loan to meet unexpected expenses, you may be wondering where to find a reliable 24-hour money lender Singapore. Licensed money lenders are subject to the laws of Singapore and must provide you with a written statement of their terms and conditions before lending you any cash. Moreover, they are not allowed to threaten or blackmail you. If they do, you can lodge a complaint with the Registry of Moneylenders.
Generally, legal moneylenders in Singapore are more flexible with their loan requirements than banks. They typically approve loans based on your annual income and do not check your credit score. Furthermore, they do not charge late fees and interest. However, you should always make it a point to retain all receipts and statements of account.
Flexible terms
Licensed money lenders in Singapore offer flexible terms. They also provide loan calculators that allow you to determine your monthly repayments. In addition, they do not charge loan processing fees prior to the approval of your application. Moreover, they do not change their rates after the contract has been signed.
Unlike banks, licensed money lenders do not check your credit score and are more flexible in their lending processes. They are especially useful for freelancers, real estate or insurance agents, taxi drivers and other part-time workers who may have difficulty getting bank loans.
Licensed money lenders are not allowed to call or send unsolicited messages to the public. If you receive such a message, report it to the Registry of Moneylenders. You should also keep all receipts of your payments as proof of payment.
Low interest rates
With many money lenders in Singapore claiming to offer low interest rates, it can be difficult to know which one is right for you. Fortunately, reputable licensed money lenders like 118 Credit always follow the strictest lending regulations and provide fair terms to their clients.
They understand that some borrowers may need a helping hand when it comes to managing their finances. Hence, they strive to provide the best financial solutions in town. This includes a fast approval process and affordable interest rates for their loans.
They offer a range of loan packages to suit your needs, including personal loans, business loans, and renovation loans. They also have flexible repayment terms, making it easy to repay your debts on time. Call them today to discuss your requirements.
No hidden fees
The best money lenders in Singapore are transparent and honest about their charges. They also provide a range of financial products that cater to different needs. Their services include personal loans, renovation loans, and cash loans. Licensed moneylenders offer flexible repayment plans and have been verified by the Ministry of Law. They must also follow the Moneylenders Act and Rules.
Licensed moneylenders in Singapore are required to be a responsible and ethical company. They should not harass their clients by making unsolicited calls or emails. They should also be able to address the clients’ concerns quickly.
The top moneylenders in Singapore provide personal loans and unsecured loans to citizens, permanent residents, and foreigners who work and live here. They also make it a priority to keep their interest rates low and offer flexible repayment terms.
