Licensed Money Lender Toa Payoh

Licensed Money Lender Toa Payoh

Borrowing has almost turned to be a necessity, especially during hard economic times. Most people run for an advance or overdraft once faced with a financial constraint. Singapore is full of opportunities that one can take advantage of. If one doesn’t have liquid cash for his or her business, Singapore licensed money lenders such as Toa Payoh money lender and others have got their back. But acquiring a loan is not a walk in the park, one needs to be cautious as there are unlicensed money lenders or rather loan shark in the money lending industry.

How to Identify a Licensed Moneylender In Singapore

To avoid falling into the hands of loan sharks, one should observe the following:

  • Reasonable Interest rates and loan terms – The legal money lender will always offer reasonable terms. This is because they strictly follow the laid down regulations by the ministry of law that govern all money lenders. On the contrary, loan sharks have outrageous interest rates and some unreasonable terms.
  • Documents in hard copy – The money lending Act prohibits the online submission of documents. The law requires that, once the application is done online, the relevant documents are submitted in hard copy to the office. For reputable loan lenders, this is necessary for the sake of verification. For loan sharks, everything is submitted online and they never verify the document.
  • Conventional marketing strategy – In the ever-growing technology, almost everything is available on social media. But, for licensed moneylender sg things are different. Toa Payoh Moneylender should not use social media and other ads to promote and market to target borrowers, instead borrowers should search online to know more about their prospective lenders” Money sharks will always place adverts online to woe people into applying for their facilities.

Why Trust Personal Loan Money Lender Singapore

Legitimacy – They are operating legally and are registered under the Ministry of Law. Additionally, they strictly follow the rules and regulations laid down by the ministry of law that protect the borrower

Low-Interest Rates – They offer the best interest rates in the money lending industry. Though terms vary from one company to the other, through comparison one can get the best money lender in singapore offering the most favorable terms.

Quick turnaround time – Unlike banks where loan processing takes ages, Singapore licensed money lenders just take a few days to process a loan. Facilities such as marriage loanshort term loan, or long term loan take the shortest time possible.

Confidentiality – As the law requires, all licensed money lenders keep their client’s data encrypted. This, therefore, guarantees the security of any information in their database. It’s very hard for such information to get into the hands of unauthorized persons.

No Early Repayment Fee – According to the money lenders Act, Singapore licensed moneylenders are prohibited from penalizing the client for the early settlement of loans. Instead, they should encourage their clients to pay off their loans early and apply for more.

Customized loans – It is only in this category of lenders that one can find Toa Payoh money lender who can customize a loan to fit into one’s budget. Customized loans are the best as they take care of one’s liquidity position.

To apply for a loan with a money lender Singapore click here

Comments are closed