In Singapore, most people are familiar with banks and other financial institutions for borrowing money. However, there are other options that can be more convenient and affordable for borrowers. Licensed money lenders in Singapore offer quick loan applications and flexible repayment terms to suit your budget and needs.
Unlike unlicensed moneylenders and loan sharks, licensed money lenders in Singapore follow strict government regulations. They must also provide a full list of fees including the nominal interest rate, late interest charges and other chargeable fees in writing to borrowers. Additionally, they cannot use abusive or threatening language when communicating with borrowers. Moreover, they must display their license prominently at their outlets and be registered with the Registry of Moneylenders.
In addition to this, licensed money lenders must verify the identity of borrowers before disbursing loans. They must also conduct face-to-face verification with borrowers and provide them with a copy of the loan agreement. This helps to protect borrowers from being scammed by unlicensed moneylenders who might pose as licensed lenders.
Besides this, all licensed money lenders must comply with the Moneylenders Act and moneylenders rules. They must also have a physical address and be open during business hours. Moreover, they must not disburse loans without having an office where borrowers can visit for face-to-face verification. This ensures that borrowers are protected against fraud and other illegal activities carried out by unauthorized moneylenders in Singapore. The Ministry of Law and the Registry of Moneylenders make it very easy for borrowers to check whether a particular moneylender is licensed or not. borrow money in singapore