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How much is Licensed money lender interest rate in Singapore

From 1st October, 2015, there has been a change in the licensed money lender interest rate. The rate of interest is now 4% for each month along with no caps of income. The amount of the applied loan will depend on the borrower’s annual income along with the fee of administration. If you are looking for the licensed money lender interest rate online, you need to know certain facts. These facts are as stated by the Registry of Moneylenders.

Essential Facts of Licensed money lender interest rate

  • Effective Interest rate of about 13% is for assured loans
  • Effective Interest rate of about 20% is for uncertain loans like those of personal ones.

If the yearly income of a person is less than $30,000, then the aforesaid rate of interest will be capped. An authorized money lender will reveal to his or her clients about the Effective interest rate of the amount of loan in writings. However, it is important to note that the licensed money lender interest rate might differ from one another for their clients.

The effective rate of interest considers the amalgamate effect of the installment frequency for one year. This means that the Effective rate of interest displays the real borrowing cost of a period of one year.

However, if a person’s annual income is $30,000 or above it, then the aforesaid caps will not be pertinent to the person. There will be a personal agreement about the rate of interest between the borrower and the moneylender. Several licensed money lender interest rate has discounts for their clients if they are repeat ones. However, the repeat customer has to have a good credit history and rating to enjoy the discount.

Other rules and regulations about licensed money lender interest rate

The new rules regarding the licensed money lender interest rate on loans is subjected to various caps. They are like,

  • an administrative fee will not be more than 10%,
  • each month the interest rate will not be more than 4%,
  • each month the late interest will not be more than 4%
  • Per month late fee will not be more than S$60%
  • Total cost of borrowing will not be more than 100% of loan principle.

These following caps will not be pertinent to the loans given to the business that was registered for about two years prior to granting of loan. At present, if a person earns less than S$20,000, they can take secured or assured loans for S$3,000 maximum. As per the Ministry of Law, the aim of the new rules is to protect the borrowers who have no choice other than going to money lenders.

The Advisory Committee of Money lending has made such recommendations on the licensed money lender interest rate, after which Government accepted it. According to the Association of Money lender in Singapore, the new regulations have created anxiety among the members. However, before signing a contract of loan, it is important first to research about the money lenders to know about the best options of cash loans.

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    Fast Cash Loan : How to get loan in Singapore

    How to obtain fast cash loan in Singapore

    Need a fast cash loan right away? There are a few ways to obtain an urgent loan in Singapore. The best option we would suggest is to approach a legal money lender for a fast cash loan. Just make sure that the money lender you approach is enlisted at the Registry of Moneylenders, as you do not want to end up with a private money lender that claims that they are a Legal moneylender. Licensed moneylenders in Singapore offer huge number of loan packages and payday loan is the most popular choice when you are requiring a fast cash loan.


    Why choose a Licensed moneylender to obtain a fast cash loan?

    Licensed money lenders approval process will only take less than an hour unlike the bank which will need a long process of approval. Money lenders will design a plan of repayment keeping in mind your financial capability which will consider your present as well as future commitments and income. Procedures of obtaining a fast cash loan is simple. You will just need to provide your employment documents and Identification card for the loan officers to process your loan. Usually you will be able to get cash loan within an hour time.


    How can I get professional advice?

    You can call or visit the Licensed money lenders before taking up a loan from them. Loan officers will always available to help you whenever required. They handle and respond to all their questions in just a professional way and will assure that all your financial issues will be confidential. Utilizing their experience, they will frame the loan packages to make it suitable for the requirements of ongoing changing market.

    You don’t have to worry if you have a bad credit score as you can simply contact them and to allow Loan officers to give you advice on your financial situation.

    Usually loans will be determined on your present income instead of your past history of credit. If your income is eligible for the repayments of the applied loan, loan will be approved and cash loan will be handed to you immediately after signing some documents that is required by the Registry of moneylenders.


    The Most reputed as fast cash loan in Singapore

    The relationship of creditor and debtor is very sensitive. A little bit of carelessness about choosing the creditor can lead you to a difficult situation. There are many creditors who are not reliable for having secret charges, less concerns about their clients’ requirements and threats of problems.

    But we, the provider of fast cash loan in Singapore, can assure about our reputation in this business which we have earned for decades. We assure to treat you professionally and ethically. We will never let you in any risk with our services. We are always available to help you in every financial need.


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      Best cash loan in Singapore

      In today’s economy, the rise in cost of living has outpaced income growth. Although we have a budget plan for everything, but challenging economy and unexpected expenses always cause us to struggle to keep within our budget in our daily life.

      Poor money management and financial obligations become burden nowadays. Bills become a part of our daily life and seem to be endless. There might have small portion of people ease to meet these financial demand, but most of us need to stretch in keeping up with our debts.

      In the circumstances of time is of the essence and you are in the middle of financial hardship, a cash loan, may be your right choice. The word “loan” might make you feel frightening and hesitate, but cash loan can be beneficial when your finances are a little stretched.

      Loan, more specifically cash loans offer quick cash advances when you really need it for those crucial times. Cash loan are short-term loan and are much different than bank loans. Borrower able to reduce amount of time for receiving their money due to speedy delivery time on their loan. Cash loan, are perfect for people who have urgent necessity usage of expenses in a short period.

      For obtaining a cash loan, you can visit licenced moneylender that specializes in this type of loans. They will always be willing to provide few types of cash loan and recommend which are more suitable based on your finance condition. Legislation of these types of cash loan for every licenced moneylender take effect that restricts them from imposing illegal high interest rate. So, there will always have a cap on how high the interest rate can be. This make you worry free about the interest rates.

      In addition, cash loan can be used for anything without restricted to a specified type of expenses. This is unlike with a bank, typically they will take steps with restrictions on what you spend your money to ensuring repayment. Although borrowers are free from restrictions on spending with cash loan, but keep in mind there may be a hefty price to pay for loans which go unpaid within the stated terms. With that in mind, borrowers must be careful on what they spend the money on and ensure repayment is done in a timely manner.

      Having hard time on making next payment on your daily life or emergency expenses needed, cash loan provides you fast money through easy and hassle- free process. This will be saving your time and effort from applying bank loan. With quick method of obtaining fund, it can be extremely useful in many situations.

      Times can be tough and it can be difficult for making the decision to apply for a cash loan also. But it seems to be the odd choice with so many other financial burdens to be bear. There are bound to have the moments which you need money fast in this modern life when financial demands are increasing rapidly. Being hassle free, cash loan is in the speed and convenience which is the best option if you should require a fast cash loan.

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        Legal Money Lender in Singapore

        Legal Money lender in Singapore

        If anyone is in financial crisis and need money urgently, they must search for the legal moneylenders in Singapore. There are many authorized and legal money lending companies in Singapore. These authorized moneylenders provide immediate solutions of different kinds to the people who are confronting financial emergency.

        People all of a sudden can face financial problems or debts for which they might require urgent access of money. In such a situation people don’t have the time to fill the long application of loan in banks and wait for long weeks for approval. In this case, a legal money lender in Singapore can be reliable. However, there are many types of moneylender that people would find. But one has to make sure whether they are licensed or not.

        All the legal moneylenders will have their name enlisted in the Ministry of law. Therefore, before applying for the loan, he or she must check the registered list to be assured of that. The rates of interest and repayment plans follow the Moneylenders Act and Rules. Hence, all the services provided by the legal money lender in Singapore will be according to the law. They will have the customer service staffs always available to respond all the questions of their clients.

        Why to choose a legal moneylender in Singapore?

        People have to fill a long application form of bank to apply for the loan and then after long weeks they get the acceptance of the loan. However, if anyone has a poor credit history then bank will not grant loan to them. But one doesn’t have to think about all these while availing loan from a legal money lender in Singapore. Whether you have a bad credit history or yet not clear the payment of any property, it’s not important for them. The application process is very simple and within few hours, he or she will get the approval of loan unlike the banks.

        Advantages of legal money lender in Singapore

        A legal money lender in Singapore will not charge any extra to apply for loan. They don’t have any hidden charges or services. They will explain all the procedures, requirements clearly before signing. They will only check the individual’s current earnings along with the identification. A legal money lender assures that they will consider no other factors for approving the loan. They will just make sure whether you are capable of paying back the money along with the interests as per the terms and conditions.

        What makes a legal money lender in Singapore different?

        A legal money lender in Singapore follows a strict ethics and regulations as they deal with their clients. They will explain all the details about their rules and applications for loan thereby assuring no secret charges or services. Their application process is very easy and is a matter of few hours. A legal money lender will be able to provide valuable suggestions or solutions according to one’s financial circumstances that can help them to overcome the financial crisis successfully.

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