Trustworthy Licensed Money Lender In Singapore

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.

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