Compare Licensed Money Lenders Near
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When you are in need of financial assistance, make sure to only reach out to a licensed moneylender. These days, unlicensed moneylenders are becoming more cunning. They use new tactics to entice unsuspecting borrowers with their pretentious promotions. That said, before talking to any moneylender, verify their credibility first.

Check the Registry of Moneylenders and make sure that the loan provider is on the list. Rest assured that all licensed money lenders are governed by the Ministry of Law to protect the rights and well-being of borrowers. That said, all legal lenders must follow the laws and regulations set by the Ministry of Law.

It must be noted that legal lenders in Singapore cannot charge your personal loan with interest rates of more than 4% per month. Additionally, should you default from payment of loans, licensed moneylenders are prohibited from using harassment, intimidation, and threat.

After much evaluation, you have finally chosen the licensed moneylender you wish to borrow from. Here are the most basic steps to apply for a loan.

Step 1:

Call or apply online. Reach out to the licensed money lender of your choice to set an appointment at your convenience.

Step 2:

Visit the licensed moneylender's office. Come in for an appointment and a loan officer will create a customized personal loan that fits your needs and repayment ability.

Step 3:

Finalize the loan plan. Make sure to check the terms and conditions stated in the contract before signing. Once the contract is signed, you will receive your cash loan.

It must be noted that licensed moneylenders are prohibited from granting a loan online. A face-to-face interview is a must for identity verification and for explaining the terms and conditions of the loan.

How fast the cash loan is disbursed will depend on different factors, including the moneylender you're borrowing from, your credit score, and eligibility criteria. Typically, approval times can range between 30 minutes and several days. Additionally, you are also required to have an in-person appointment for face-to-face verification and signing of the note of contract for the loan.

While having a fixed income will help you get approved faster and easier, it is not the only requisite for a loan application. Whether you have a fixed income or not, it must be proven. That said, licensed moneylenders will ask you to present proof of income, such as an income tax statement or an official payslip.

For instance, the moneylender may ask you for your latest three months' payslip. This will help them calculate your average monthly income and use it as a basis for how much personal loan you may borrow.

Even with poor credit, you can still borrow loans from licensed moneylenders in Singapore. Rest assured that they will consider other criteria when evaluating your creditworthiness.

For instance, legal lenders will also consider your employment, sources of income, current debt, and other aspects of your personal finances.

The loan application process will vary from lender to lender. Plus, each lending institution will have a wide range of products to accommodate borrower needs. That said, look for the best licensed moneylender for you.

The quick answer is yes.

In fact, most borrowers in Singapore have multiple loans – whether it's from banks or other financial institutions. However, the legal lender will analyze your financial situation, including your repayment ability. So even if you are eligible for another loan, you may want to carefully consider if it is worth taking up.

In Singapore, you can borrow up to six times your monthly salary from licensed moneylenders. However, this will depend on your annual income, creditworthiness, and other factors.

It's easy to detect whether a moneylender is a scam. First of all, before engaging with any moneylending company, verify their credibility through the Ministry of Law's website. Check whether they are on the list of licensed moneylenders and if their license is still active.

Another way to detect whether a moneylender is a scam is through their advertising tactics. Licensed lenders use their official website and physical office to advertise their products and services. That said, if you receive an SMS, phone call, WhatsApp message, or email from a loan provider, they are most likely a loan shark.

Additionally, loan sharks usually offer loan plans that may seem very appealing at first. They may even offer to grant a loan without evaluating your sources of income. If you encounter such an offer, decline immediately as it may be a scam. More importantly, loan sharks do not offer a contract and charge sky-high interest rates.

Licensed moneylenders in Singapore are only allowed to charge up to 4% interest rate per month. This cap is applicable for both secured and unsecured loans, regardless of the borrower's income.

The maximum rate of late interest a legal moneylender can charge is 4% per month for every month the loan is repaid late.

When borrowing from a licensed moneylender, you will need very minimal documentation. The key documents that legal lenders generally ask for include proof of identity, monthly income, and proof of residence.

To lodge a complaint, immediately contact the Registry at 1800-2255-529.

You may need to provide all important information and documents related to your loan transactions. Plus, you may also be asked to attend an interview with the Registry's officers. However, do not worry about having your personal information disclosed to the moneylender. The registry will not disclose any details without your consent. They will then investigate your complaint.

Licensed money lenders in Singapore are only allowed to charge the following fees:

• An administrative fee of not more than 10% of the principal loan amount when the loan is granted
• A late repayment fee not more than S$60 for each month the loan is repaid late
• Legal costs ordered by the court for a successful claim by the legal money lender for the recovery of the loan.

The total charges, including interest, late interest, upfront administrative fee, and late repayment fees, must not exceed the principal amount of the loan.

Before approaching a moneylender, it is important to keep these factors in mind:

• The total amount you need: Just because you're eligible for the maximum loan amount doesn't mean you should take up that much debt.
• The maximum interest rate that you can afford: Before making a decision, make sure to compare different loan plans and find the best interest rate that suits you
• When do you need the money? This is important when comparing moneylenders. Some legal lenders may be able to disburse cash within 30 minutes while others may take a few days.
• The credibility of the lender: Don't forget to read reviews and feedback from current borrowers. This will help you in making an informed choice.
• Are there any hidden fees and additional charges? Before signing the loan contract, it's best to ask your moneylender what other charges are there.

Yes, you can. Depending on your loan provider, you may also get a goodwill discount. That said, it is best to talk to your moneylender for further details.

Banks, on the other hand, may charge early repayment fees. Make sure to talk to the loan officer about fees you may possibly incur for paying off your bank loan early.