There have been so many press reports of loan sharks operating in Singapore. Most of them are presenting themselves as authorized money lenders Singapore. That is why you should be extra cautious when shopping for the best money lenders Singapore. Your research plays an important part in this regard. In fact, there are many important factors to look for when finding a reliable money lender to do business with in Singapore. Make sure that you gather enough information about the potential lender and thoroughly check them out before working with them.
Here are some tips to consider when searching for the best money lenders Singapore.
Make sure to check the validity of the license and certification of the lender before borrowing money from them. There are about 170 licensed money lenders listed on the Law Ministry’s records at present. Check out their website to see if they are approved to operate in the country. Never decide to work with a lender who is not registered with the Law Ministry’s records. Doing so should be only at your own risk since you may have to pay a heavy price in the long run by dealing with crooked money lenders in the country.
A licensed lender, like moneylenders-sg.com, should abide by the rules and regulations set-up by the Singaporean government. They should conduct themselves with high integrity to maintain their reputation on the market. You can easily find such a lender by asking around. Word of the mouth is the most powerful method of selecting a reputable money lender in the country. If you have a trusted source who has dealt with a reliable money lender in the past, you may ask the person for the contacts of such a lender. That way you save a lot of time in the selection process.
If a money lender has received a series of complaints from their clients, the government will usually revoke the license of such a lender. That is the importance of working only with licensed lenders since you know with whom you are dealing and that the company has received the seal of approval from the Singaporean government. You are safe when you deal with such a lender compared to working with shady money lenders out there.
Licensed money lenders have a transparent process of offering loans to their customers. By law, the lender should explain their lending terms and conditions in clear terms so that the client can understand what he or she is getting. The lender should give a copy of the contract to the borrower. It should include the interest rate, repayment plan, and any other fees charged the customer.
Customer feedback is a great way to pick the right lender on the market. The internet is a good resource to find reliable money lenders in Singapore. In fact, you can read customer reviews and testimonials left by real customers on the websites of numerous moneylenders operating in the country. There are also independent third party online review sites that highlight such reviews. Check some of these sites to find reliable money lenders in the country. You are safe when you work with a lender who has a positive rating from the majority of his clients.
A licensed moneylender has to abide by the legal limits on the interest charged for a loan. The highest interest that could be charged by a licensed lender was set to 4% per month by the Singaporean government on 1st October 2015. The lender can charge a late payment fee when the borrower cannot repay the loan within the agreed time frame. A borrower should read through the agreement before signing it when applying for a loan. The loan amount may depend on your monthly salary. Once your loan is disbursed and credited to your bank account, you should check and confirm that you have received the correct loan amount. You should adhere to the terms and conditions of the agreement when you sign the loan agreement. These are important factors to consider when applying for a loan in Singapore.
Finding a reliable money lender in Singapore is not easy. There are many things to consider when shopping for the best money lender in Singapore.