Many expenses come with living in Singapore, and it is not uncommon for people to run into unexpected financial difficulties. This is why many turn to licensed money lenders in Singapore, which generally have a more lenient loan approval process than banks and can disburse the cash much faster. However, it is important to choose a trustworthy licensed money lender in Singapore to ensure that you do not end up paying high interest rates or getting scammed.
Licensed money lenders loan companies in Singapore must adhere to the guidelines set by the Ministry of Law, so you can be sure that they are legitimate. One way to identify a money lender in Singapore is to check if it is listed on the ministry’s website. Another way is to look at the interest rate that they charge, as this will give you a good idea of whether or not they are charging you a fair amount.
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It is also essential to double-check the loan terms before signing any contracts. A reputable licensed money lender in Singapore will be happy to explain any details that you are unsure of. You should also make it a point to avoid any loans that have an upfront processing fee, late interest fees or loan repayment charges. These extra charges will increase your overall debt and may even cause you to default on your payments.
A trusted licensed money lender in Singapore will never ask you to provide personal information that is not necessary for the lending process. They will not withhold your NRIC, driver’s license or passport and should always issue you a receipt when you make your repayments.