Firstly, it is important for you to understand what is money lending? It is a very common practice of providing the cash loans or others which usually gets repaid at a high level of interest within a fixed period. The lenders are always an individual or a company. As there are some financial conflicts between the families and businesses, people usually need to borrow money. Are you also one of them who need to borrow money? Yes? You may have numerous different reasons to borrow money at the high rates of interests, right?
But have you ever thought how you will choose the best and safest money lending company? You must have a very clear-cut idea of the company you are going to choose, and a licensed lender is always reckoned as the best option.
Finding The Right One
What do you mean by a licensed Money Lender? If you are going to borrow money then obviously, you must have an idea about each every single aspect or term related to the money lending process to avoid the possible losses or risks in future. Do you want to borrow money in Singapore? Are you confused while choosing the safest and licensed Money Lender in Singapore? If so, then you need not get worried anymore as the Ministry of Law has already generated a list containing the approved licensed moneylenders in Singapore by which you can easily choose the best company according to your own needs and requirements.
Functioning Of A Licensed Money Lender
Have you chosen the licensed moneylender company for yourself? Yes? If so, then obviously you will have to go through the application process, right? You need not panic as the process is very simple and easy without having any complications. You just have to fill up a simple loan inquiry form online or offline and the company will then analyze all your details to approve your application instantly. You will have to make sure that all your details and information is relevant to the requirement to make it easy for the Money Lender to approve your application at the earliest.
You may also have to choose some options in your application form as the moneylenders usually provide a wide range of loan options including the personal loans, payday loans, foreigner loans and others. You need not get confused and just select the options which are relevant to your requirements and simply proceed with your application.
Some Regulations To Follow
- The Money Lenders must have to disclose all information with the borrower with a written consent.
- The written document or agreement must contain the Signup/user Id and Password for the user
- The company can charge the maximum interest rate of about 4% monthly and not more than the same, w.e.f., 1 October 2015.
- The administrative fee must not be more than about 10% of the principal amount while the loan gets approved
- The late payment charge must not exceed $60 on a monthly basis
- The borrower has the complete rights to file the complaint against the moneylender under the Ministry of Law if any of such regulations are not followed or violated
Some Essential Facts For The Borrower
- If you have to borrow money then you must be very well aware of the interest rates offered by the lenders so as to determine the best for you while applying for a personal or payday loan.
- You must be careful while comparing the rates and guidelines which can help you to meet your current financial crises
- You must also check if there are any hidden charges or clauses being included. Always opt for the money lenders who are offering you the affordable rate of interest with the possible and reasonable repayment time period.
- You must clear all your doubts or every single detail/information with your lender before signing up the application form to avoid the possible risks
Are you ready to sign up the form for borrowing money? If you are facing the financial crises, then you can now just forget all your worries and stress as numerous licensed money lenders are there who can offer you a loan with an affordable interest rate and a reasonable repayment schedule. Just beware of the scams and opt for the best.