Licensed money lenders in Singapore can provide a variety of loan solutions, such as personal loans and mortgages. They are regulated by the Ministry of Law and must comply with strict guidelines. This ensures that they offer responsible lending practices and are not predatory. If you are in need of a quick loan, it is best to compare the different rates offered by these lenders. You can also look at online reviews to find out more about the experiences of other borrowers.
You should never deal with loan sharks or unlicensed moneylenders. These people are not only stealing your money, but they can also cause you serious legal problems. Moreover, they can also damage your credit score. You can report them to the police if you think they have committed a crime. In addition, you can file a complaint with the Registry of Moneylenders if their actions are severe enough. The Registry views every complaint seriously and will investigate it thoroughly.
When you are looking for a licensed money lender singapore, make sure that they are registered with the Ministry of Law and have a license number. You can check this information on the Registry website. It is also a good idea to visit their business premises and speak with their representatives. You can also ask for a list of the charges they will incur if you default on your loan. It is important to choose a licensed money lender who offers the lowest interest rate possible.
It is also a good idea to choose a licensed money lender with flexible terms. For instance, some money lenders will allow you to postpone your repayment schedule for one month if you are having financial difficulties. In addition, they should not charge you extra fees for late payments. Finally, a good licensed money lender should have an easy application process and be able to provide you with the money you need quickly.
A licensed money lender should not withhold your NRIC, driver’s license, or passport as this is against the law. In addition, they shouldn’t acquire any information that contains passwords to your Singpass account or email accounts. You should also keep all receipts of your loan repayments as proof of payment. In addition, you should always be aware of the amount that is outstanding on your loan, and try to pay as much as you can each month.
Licensed moneylenders are allowed to charge a maximum of 4% per month for both nominal and late interest. This is a much lower rate than what loan sharks charge. Additionally, a licensed moneylender will never ask you to transfer money to them before they disburse the loan.
It is also important to know that your lender must not contact you through text, phone call or social media. They must meet you in person to approve your loan based on your identification documents. In addition, they are not allowed to request access to your online bank account or credit report. This is to prevent fraud and other criminal acts.