Best Licensed Money Lenders in Singapore
Personal and economic crises can come along when you least expect them. Perhaps you need to borrow fast cash today, to deal with sudden financial obligations.
In such times of need, the most secure and best source of financing would be a reliable bank or a licensed moneylender in Singapore.
For immediate borrowings, we recommend that you approach licensed moneylenders, as they have official approval to issue short-term loans. They also process loan applications faster than the big banks, most can get a loan application approved for you within the day.
With so many agencies around, it can get confusing. Our goal is to help borrowers by reviewing only the top qualified lenders for their use. This information should help you find one who can meet your borrowing needs. Have a look at the past reviews for those featured in our list.
Each licensed moneylender listed here is verified to have met these following requirements:
Our list introduces legal moneylenders who are known to provide excellent financial assistance to borrowers. You could check online government listings for all the licensed agencies out there. But if you’re only looking for the most reliable ones, you needn’t look further.
We aim to offer the most useful business directory of moneylenders in Singapore. The key is that we first established whether our choices are licensed to offer loans, before personally reviewing their credibility as well as their services. You only have to approach a lender from among those listed to be assured of reasonable fees and quality service.
Things To Take Note When Taking Loan From a Licensed Money Lender
Impersonating a legal licensed moneylender in Singapore by illegal moneylenders such as loan sharks is not something unheard of. In fact, if someone approaches you via Whatsapp or SMS with a quick loan advertisement, the person is highly likely to be operating an illegal moneylending business because there are strict guidelines for moneylenders to advertise their services.
Of course, if the deal is too good to be true, using abusive languages or the party request for your Singpass and password over the phone, you should be wary of such practices. The need to protect yourself is much greater than the need to resolve a financial problem.
Here we share some of the key information that you need to take care when you are taking a loan.
Thoughts When Taking A Loan
You need to remember these key points:
Fees That Licensed Moneylenders May Charge
Effective 1st October 2015. Moneylenders may impose the below expenses and charges:
The total fees imposed by moneylenders on any loan. These include interest, upfront processing fees. Others are late interest, and late fees. These cannot exceed the amount equal to the initial loan. That is of the personal loan you borrowed.
Ascertain that the moneylender offers you the correct principal amount of the personal loan. The licensed moneylender is only allowed upfront deductions of the approval fee. This is about 10% of your initial amount. You need to retain all account statements and the receipts of payments. This act as the confirmation and evidence of payments. If you are unsure, always check the reviews of moneylenders in Singapore to ensure you are getting the best one.