In Singapore, there are many occasions when you will need fast cash. Maybe you need to pay for a sudden car repair, or perhaps you have unexpected medical bills to settle. Whatever the reason, you should always take the time to shop around for the best licensed money lender singapore before making any decisions. You should also be familiar with the new rules that have been set up by the Ministry of Law to protect your rights as a borrower.
One of the most common reasons to seek a licensed moneylender is because of loan sharks who can be extremely frustrating to deal with. They charge exorbitant interest rates and are known to pester borrowers relentlessly for repayment. In addition, they may not be able to provide you with the type of loan that you need. Fortunately, there are a number of ways that you can avoid dealing with these predators and find a legitimate licensed money lender singapore that will meet your needs.
First and foremost, you should check if the money lender is registered with the Ministry of Law. You can do this by checking the list of licensed money lenders that have been approved to operate in Singapore on their website. Once you have found a list of licensed money lenders, you should also look up their interest rates and terms before you apply for a loan.
Licensed money lenders are required by law to go over all of the terms and conditions of their loans with you before they grant you access to the funds. This is to ensure that you are fully aware of the consequences of not paying back your debt on time. Licensed money lenders are also not allowed to withhold your personal information, including the passwords to your Singpass account and online banking accounts. In addition, they cannot withhold your NRIC card, driver’s licence or passport.
Another thing to keep in mind when shopping for a licensed moneylender is that they can only charge a maximum of 4% per month for both nominal interest and late interest fees. This rate is the same for both secured and unsecured loans. Additionally, licensed money lenders are not allowed to ask for a higher interest rate under any circumstance, no matter whether they are offering you a larger loan amount or longer tenure.
If you think that a licensed moneylender is breaking any of the rules, it is important to report them to the Singapore police force or the Consumers Association of Singapore (CCS). They will investigate the complaint thoroughly and may even prosecute the money lender if they are found to have committed a serious crime. CCS can also provide you with free counseling and advice on how to deal with your debts. Moreover, they can also help you negotiate with your creditors and work out a repayment plan. This way, you can avoid losing your property or assets in the long run.
