Tips to Find a Licensed Moneylender in Singapore
If you are in Singapore and you need money, it is best to look only for a licensed money lender so as to get what you want without creating any problem for the future. Finding a lender in Singapore who is licensed is not very difficult and you can always get a loan from a reputable lender. But for finding a licensed lender, you will have to consider some points.
How to Know if the Money Lender is Licensed or Not?
Ask the Lender if They are Licensed: Always approach a well-established business for a loan. If you approach a national bank, you are sure that you are dealing with a licensed lender. But if you don’t want to take up this route and take the other way around, you have to ask the lenders straightaway whether they are licensed.
Contact Registry of Moneylenders: Another way to know if the lender is licensed or not, is to contact the Registry of Moneylenders, which is a place where every licensed money lender has to register. If the lender you are dealing with has not been included in this registry, it means that s/he is not licensed.
You may find lenders, who present a fake business certificate, but they cannot in any way trick the Registry of Moneylenders, so if you contact them, they can find the truth about such lenders.
Singing Contracts: One more way which is quite a no-brainer to find whether a money lending service is legit or not is to check if they require you to sign contracts. If they don’t, it’s sure that something is fishy. If you are caught in such a situation, better leave that place and approach the next institution.
Interest Rates: Another decisive factor is interest rates. Interest rates of legit money lending institutions are usually quite low, regardless of what type of loan you need. If you approach a service whose interest rate is 5% or more, it’s a sure sign that you have come across a loan shark who is trying to trap you for paying interest for your entire lifetime. If you avoid such sharks and deal with only an honest and licensed lender, you need not worry about an unaffordable interest which may bankrupt you. You are also guaranteed to get better customer service at licensed money lenders than that at the non-licensed ones.