Monthly Archive June 2017

Moneylenders In Singapore To Help You In Your Difficult Times

payday loansA licensed moneylender is someone who tries to follow all the kind of rules and regulations to set out under the Singapore law and is also registered as well as licensed under the Singapore Moneylenders Act.  A moneylender can also offer you with a great kind of loans, which include the emergency loan or any personal loan when a precise amount of money is required in order to address some of the certain kinds financial situations.

Whether you require having the car repaired, or pay an unexpected medical expense or have received a higher than expected utility bill, then there is a moneylender in Singapore who can work along with you in order to get the right kind of loan for all your needs.

The benefits of Moneylenders

When it comes to comparing the different kinds of services of loan sharks to moneylenders, the benefits that recognized money lenders hold are considerable.

  • Set Rates

As, the moneylenders much comply with the law, the interest rates and contract that they offer the customers are set which means that you can rely on what is in the lending agreement. Now, compare this with a loan shark who is not at all bound by any kind of legal authority to change their rates or conditions of the loan whenever they so want to.

  • Guaranteed Lending

While some of the people may not qualify for certain kinds of loans, the moneylender will honor you with what they can provide to those people who will qualify for their services. Once again, a loan shark is not under any such obligation as they can provide you all, some of them or none of what they promise with no consequences to their actions.

All kind of things are considered if you are in need of any kind of personal loan or any type of the emergency loan, then using the services of a licensed, moneylender in sg offers you with many benefits over going to a loan shark. Even if you have any kind of bad credit also, a moneylender may be able to help you out then also. Before approving any kind of loans, our experts analyze the paying capacity of each and individual borrower, and then only after correct calculations, we decide regarding the monthly installments. Making dreams come true in today’s world and also money driven times is not possible without cash ready in our hands. At every bend of our life, you will need cash to fulfill all of your dreams.

Tags

Trustworthy Licensed Money Lender In Singapore

money lenderMany licensed moneylenders in Singapore have false accusations of using underhand tactics to get the amount from their borrowers and it is because there are many people who choose to use unlicensed moneylenders who stoop to unethical tactics to make any money. Many moneylenders in Singapore are under strict rules and regulations. Those who are licensed are required to operate by many specific codes and rules and regulations and it is even possible to lodge a complaint against any moneylender and then get your day in court. Licensed moneylenders use ethical methods to provide borrowers with the many funds and they need to meet their expenses and they will not harass you for any payments and will they take advantage of you by charging you exorbitant fees.

  • There are no harassing methods 

These Licensed moneylenders in Singapore do not use harassment for anything and they are required to strict policies to ensure that they retain their licenses. These policies they are to follow are well laid out by the government and reliable moneylenders will instead advise you on the best loan package you should take and the most feasible repayment scheme.

  • There are no advertisements

As it is against the law in Singapore for a moneylender to advertise its services and it will lose its license. It is important to avoid moneylenders that advertise their services through cold calls, emails, print adverts and many television advertisements.

  • They charge reasonable interest rates 

Many moneylenders make their income from the fees they charge for their services and the interest rates they charge on loans and the interest rates charged by moneylenders are under the rule and regulation of the Insolvency and Public Trustee’s Office and the limits on the interest rates chargeable by many licensed moneylenders, which are set by the Singapore government. You can also identify an unlicensed moneylender by studying its interest rates and their interest rates will be extremely high and fall outside the limits set by the Singapore government.

  • They have a proper office for discussion

Many Licensed moneylenders will not request your personal details that are Sing Pass Login details and they will then request you to come to the office for Sing Pass verification. Any company asking for your details online can use the information to its own advantage and if you want to be absolutely sure that you are dealing with the licensed moneylenders then you should check the list of all moneylenders provided by the Registrar or Moneylenders.

Tags

Moneylenders In Singapore

moneylender Some Do’s and don’ts while approaching the Moneylenders sg

  • Kindly take into account the myriad government schemes before even thinking about the moneylenders. Connect with those agencies and consider borrowing money from moneylenders sg as the worst case scenario option
  • Once you enter the loan contract the loan repayment (inclusive of interests) becomes a liability.
  • Meditate upon this option multiple times and also ponder about your money resources. Borrow as much as you can repay. Read the contract terms and conditions diligently before acting. If you fail to meet the terms and conditions, such as the late payment fees and the monthly installments hangs heavy on you as well as your family.
  • Law enforces moneylenders to explain the terms and conditions of loan contract in the language you comprehend and also provide you the hard copy of the same. Understand the contract to its last detail, the repayment schedule and the interest rate charged on every installment.
  • Consult different money lenders about their interest rates before running into a contract with any moneylender. Chose the one that meets the financial requirement of you and your family.

There is no specific limit in case of secure loans. There are following instructions in case of insecure   loans

  • Can borrow an amount of up to 3000$ only in case your yearly income is below 20,000$
  • Can borrow an equivalent amount of your two months income if your yearly income is 20,000$ Or more but less than 30,000$
  • Can borrow an amount equivalent to you 4 months income if your yearly income is 20,000$ or more but less than 30,000$
  • Can borrow any amount if your income equals or is more than 120,000$

For loans lent between 1st June 2012 and 30 September, 2015 money lenders are supposed to subject you to the details of effective interest rates of the loans before the loan is initiated. If your gross income is less than 30,000$ the interest that can be charged is following:

  • 13% interest rate for secure loans
  • 20% interest rate for unsecured loans

If your income is 30,000$ or more the above rules won’t apply and you will have to negotiate the effective interest rate with the moneylender

The interest must be charged on the amount which comes after subtracting the re paid total from the original principal amount. For instance, A borrowed a sum of 10,000$ and has repaid a sum of a 4000$ only remaining amount of 6000$ will be eligible for interest charges.

Tags