No matter what your requirements are, it is always better to take loans from a licensed money lender as this can get you a number of benefits. We have all heard stories of how certain people borrowing money from unauthorized sources have experienced major problems with harassment issues. By getting your money from legally approved money lenders, you ensure from the beginning that you are free from such troubles. So let’s have a look at the various benefits that you can get by loaning money from licensed money lenders.
Borrowing money from licensed money lenders protect you from the harassments that illegitimate money lenders can expose you to. The money lenders in Singapore have to follow numerous strict money lending laws that are laid by the government. If the lenders are not able to abide by even a single of them, then they become liable to face serious punishments from the governmental authorities such as monetary fines or even revoking of the lender’s license. The professional licensed money lenders can offer you advice on how to stick to a repayment scheme that is feasible so that this helps you to manage your money properly.
Usually, unlicensed money lenders ask for very high interest rates as they often have a need to ensure repayments from the people borrowing money from them. However, licensed money lenders in Singapore are registered under the “Registrar of Moneylenders”, that issue dictates regarding how much a money lender can charge as interest rates, what fees they can ask for and the maximum amounts that they can lend to the people asking for loans.
By the way, i-Credit offers one of the lowest interest rate in Singapore, compare to most licensed moneylender in Singapore.
The licensed money lenders are not authorized by the law to send advertisements through SMSs or carry out telemarketing campaigns to entice potential customers. If you are bothered by such SMSs asking you to loan money, then you can report this to the IPT as this is a major violation of the DNC act and money lenders act.
Illegal money lenders often make use of a person’s SingPass login details for obtaining personal information about people who they try and can convert into customers. Private information if fallen into wrong hands can be used in wrong manner. Hence the legal lenders only carry out SingPass verification checks in the presence of the person in question as he or she is obtaining a loan in the office. The money lenders check your previously drawn salary so as to estimate your level of income before they can actually issue the loan on your name.
Legitimate money lenders, unlike the illegitimate ones can issue your loans rather quickly. For example, if your yearly income is $30000 or more, then you can get your loan approved quite easily and in less time. Moreover, your credit history won’t be checked thoroughly or taken too much into consideration.
If your annual income is more than $30000, then you can loan money up to 4 times of what is your monthly income. Moreover, the interest rates that will be applicable for you will be at 4% monthly. Check out the loan scheme for more info.
The complete list of 159 legal money lenders operating in Singapore that's verified by Ministry of Law (1st March 2018).…
The smart way to reduce costs - As a small business owner you understand that it is so important to…
Today, we are sharing about debt consolidation and the pros and cons you need to know. There are plenty of people…