Whether you need to pay for a large purchase or need an emergency fund, a loan can come in handy. Singapore has many licensed money lenders that offer a variety of loans tailored to meet borrowers’ needs. However, it is important to be careful when choosing a money lender in Singapore.
The best way to find a loan that suits your needs is to compare the different options available. This will help you decide what works best for your current financial situation and ensure that you get the most out of your money.
Personal Loans – a good choice for borrowers with bad credit
If you have poor credit and need a quick loan, a personal loan may be the best option for you. These are unsecured loans that allow you to borrow money without having to put up collateral. This can save you money on interest payments and also give you more time to repay your debts.
These are generally available from banks, credit unions and licensed money lenders for a short-term tenure. They are often used for a wide range of purposes, including paying off debts, starting a business, renovating your home or buying a car.
Compared to a mortgage of a larger quantum, approvals for personal loans are typically quite fast and you can usually expect to receive your funds within a few days. Moreover, you can choose to repay the loan in equated monthly instalments.
A good loan company will always be willing to talk to you and discuss your personal financial goals. They will also work with you to come up with a repayment plan that is affordable and comfortable for you.
Before you sign any documents or agreement, be sure to read all the terms and conditions. This includes the loan amount, interest rate, late payment fee and other fees that you will have to pay. Be wary of any money lender who does not explain these details clearly to you and make sure that you understand the contract before you sign it.
Unlicensed Money Lenders & Loan Sharks
There are many unlicensed money lenders and loan sharks in Singapore, who charge high interest rates and employ unconventional business practices. They can sometimes be found offering loans on flyers, SMSes, emails or phone calls, and you should never trust an offer that comes from someone you do not know.
If you have been in contact with an unlicensed money lender, you should report it to the Ministry of Law as soon as possible. They can provide you with more information and guidance, as well as a list of licensed moneylenders in Singapore.
You can also take a look at the Money Lenders Act in Singapore to ensure that you are dealing with a legitimate and licensed money lender. This will ensure that you do not fall prey to fraud or other illegal practices.
The Ministry of Law regulates the money lending industry in Singapore and has a comprehensive list of licensed money lenders in Singapore to protect your interests. You can find this list on their website or by visiting their office in person. moneylender sg