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 088/2016.
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.
The complete list of 159 legal money lenders operating in Singapore that's verified by Ministry of Law (1st March 2018).…
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