In order to find out if the moneylender is licensed, click here to find out. I-Credit Pte Ltd is a licensed moneylender listed no 76th on the list.
Here are some tell tale signs that would help you to determine whether a money lender is genuine. Licensed money lenders will not;
1) Use abusive language or resort to threatening behavior
Be very careful when they behave in a way that’s not professional. A licensed money lender is registered with the government body, ACRA (Accounting and Corporate Regulatory Authority) and is accountable to the government and to the people they serve. Our company registration number is 200907915D and our moneylender license is 94/2018.
2) Retain your NRIC card or any other personal ID documents
That’s no reason why a licensed money lender will retain your important personal ID. But we do check your IDs to verify if you are a Singaporean or PR (permanent resident) of Singapore. We only serve Singaporeans or PRs only.
3) Ask you to sign on a blank or incomplete Note of Contract for the loan
This is a very deceiving act, as the other party can write down terms and conditions that’s mostly beneficial to them. The correct way a licensed money lender does is on 4) .
4) Not grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.
The correct way is to let you read the Note of Contract and get your signature on 2 copies of the document for both parties. The borrower will be educated by the licensed money lender on the interest rates, when & how to pay the installment, other charges, etc.
5) Grant you a loan without exercising due diligence
In I-Credit, we will ask some questions before we approve your loans, click here and read “Steps to consider before accepting a loan“.
6) Withhold any part of your principal loan amount for any reason.
There’s no reason why this should happen as this is an unethical practice.
If you find other money lenders practicing unethically, you can report to Registry of Moneylenders with the moneylender’s business name, license and contact numbers.
As of 1st Oct 2015, the licensed moneylenders interest rate has changed to 4% monthly with no income caps. The interest rate shared on this blog post is based before 30th Sep 2015. Do take note of the change, or you can contact us for more information. Read more on the latest interest rate for licensed moneylender.
If you are searching online to find out the licensed money lenders interest rate, we have the answer for you.
Here’s what you need to know regarding Licensed Moneylender’s interest rate according to Registry of Moneylenders:
– 13 per cent Effective Interest Rate for secured loans, &
– 20 per cent Effective Interest Rate for unsecured loans (personal type).
The above interest rate is capped if the annual income is less than $30,000. An ethical licensed money lender is to disclose to borrowers in writings what are the Effective Interest Rate of the loan amount. Do note that different license money lender company may have slightly different interest rates for their clients and lend them the money.
The Effective Interest Rate takes into account the compounding effect of the frequency of
instalments over a one-year period. This means that Effective Interest Rate better reflects the actual cost of borrowing over a one-year period. Visit https://www.mlaw.gov.sg/content/rom/en.html to find out more about how the Effective Interest Rate is calculated from 1 June 2012.
If your annual income is $30,000 or more, the caps above are not applicable and interest rate is to be agreed upon between the moneylender and the borrow.
In i-Credit, We give discounted interest for return customers with good record and credit rating. we typically offer 3 different sets of interest rates for different clients.
Please note the 3 rates below are no longer available, due to the new 4% interest rate on 30th Sep 2015.
11% Interest Rate per month: usually rendered to borrowers with good credit history and/or on time installment repayment.
14% Interest Rate per month: for returning customers that have previous business relationship or record with us.
18% Interest Rate per month: for new customers that have no previous business relationship or record with us.
We have a more detailed calculation example if you are not clear.
In the end, we want our clients to come back to us when they are in need. Do contact us if you have inquiry regarding the interest rates or other related questions.