When you’re in need of a quick cash loan to meet unexpected expenses, it can be tempting to find a moneylender singapore that will lend you the amount you require. However, you should always remember to evaluate your financial situation and only borrow what you can afford to repay with interest. Moreover, it is important to look for the best licensed moneylender in Singapore who has an established track record. You can also check whether a moneylender is legal by looking at the Ministry of Law list of approved money lenders. This list includes the names, addresses, contact numbers, and licence number of each moneylender. It is also advisable to read reviews and testimonials on the website of a licensed moneylender before applying for a loan.
Licensed moneylenders must comply with the provisions of the Moneylenders Act and be transparent about their charges. They must not charge more than 4% monthly interest on a loan amount, and must clearly state the terms and conditions in their loan contract. This is in contrast to loan sharks, who often charge exorbitant rates and harass borrowers into repayment.
The legal moneylenders in Singapore will usually verify a borrower’s employment status and assess their ability to pay back the loan before sanctioning the sum. They should also refrain from promoting their loans to the public through any means of advertisement. This will help to prevent over-indebtedness and reduce the likelihood of moneylenders exploiting borrowers who cannot afford to repay their debts. Moreover, licensed moneylenders must not harass or intimidate borrowers to recover overdue payments, nor seize a borrower’s property.
You should also check whether a licensed moneylender will charge you an administrative fee for disbursement of the loan principal. This fee is usually deducted from the loan amount, and it is typically lower than what you would expect to pay with a credit card. Lastly, be wary of unauthorized moneylenders who request that you transfer funds to their account before they disburse the loan amount.
The best licensed moneylenders in Singapore will provide you with a fast loan application process and transparent fees. They will also allow you to pay your instalments on a weekly basis rather than once a month, and they will provide you with a clear breakdown of all the costs involved. This will make it much easier for you to manage your finances. In addition, they will ensure that your loan is repaid on time and in full to avoid late fees and interest accumulation. For example, GS Credit is a moneylender in Singapore that offers fast approvals, a simple online loan application form, and excellent customer service. Their services are available to all borrowers, including foreigners with variable incomes and permanent residents. Call them today to see if they are a good fit for your financial needs. Their friendly staff will be more than happy to assist you.