Licensed money lenders can be helpful and useful at times, especially to borrowers who are in urgent need of cash due to emergencies that occur. There are also times when borrowers could not meet the banks terms and are not legible for bank loans. This is one of the reason some turn to licensed moneylenders.
In Singapore, there’s a long list of companies and directories that contains a listing of money lenders in singapore offering quick loans. Further which, they will offer money lenders reviews Singapore. For consumers, this can be confusing and overwhelming to read. So which moneylender should you trust? You might be worrying whether you will get “cheated” by the many terms and conditions that money lenders lay out.
A simple search could give you a range of results with each money lender promoting their own or some finance directories providing a list of money lenders reviews Singapore. So get smart about searching a money lender.
Do Proper Research on Money Lenders Reviews Singapore
Start with money lender review sites as they serve a good platform for borrowers to learn from others. Learn from other borrowers that share their experiences with the various money lenders in Singapore. Also if you have benefited it yourself, let others know through money lender reviews.
Importance of Money lenders License
Other than checking money lender reviews Singapore, it is utmost important to evaluate the money lender based on their license.
Firstly, find out the license of the money lender you want to approach. Check the license number with the registrar of money lenders in Singapore. If they do not have a valid license, do find another licensed money lender. The registry updates the list monthly, hence do check the list for valid licenses.
In Singapore, licensed money lenders in Singapore go through a strict license process. Any licensed money lender found flouting rules will be penalised heavily. Hence the creditability of a licensed money lender weighs heavily on it’s ability to have a license. Companies cannot operate as money lenders without a proper license.
When in doubt, ask the licensed money lender for their actual license. Ensure that the license number and exact name matches the registration certificate the lender shows you.
Read the Terms
Besides checking money lender reviews in Singapore, when you are about to borrow from your preferred money lender, it is best to read the terms laid out.
Licensed money lenders have to state the terms properly and explain to borrowers any terms relating to the loan to their customers.
Compare Money Lenders Reviews. Evaluate & Decide
With money lenders reviews easily available, one should compare between them and check against the actual website of the licensed money lender. Besides checking, do proper research by asking for interest rate quotation. Also, check for any payment penalties such as repayment penalties, late payment penalties. Ask directly with the loan officers either through the phone or Internet.
Compare the terms offered by the loan officers against the ones written on their website. Look through the various money lenders reviews in Singapore to get a better and more accurate assessment of the services they offer.
Confirm with the loan officers on the interest rates offered against the ones mentioned by the Singapore government. The interest rates have now changed to 4% monthly interest rate cap with a governing board the Moneylenders Credit Bureau. The bureau was setup to ensure better administration of the licensed money lenders in Singapore.
With these, one should check for licensed money lenders reviews Singapore, licenses of money lenders and confirming loan details with the loan officers.