The best licensed moneylender is a reliable financial partner that provides the right capital and finance support to boost your business’s profitability. Moreover, they act as your financial advisors and help you manage your cash flow efficiently and effectively.
Unlike traditional banks and financial institutions that follow strict guidelines, private moneylenders often provide flexibility in their financing terms to meet your unique needs. These loans can be secured or unsecured and are available at lower interest rates than those of conventional lenders.
They can also be a great way to rejuvenate a dwindling credit score that has been affected by unpaid bills and credit card debts. With a good credit history, you can easily qualify for housing loans, auto loans and new credit cards with a better interest rate.
However, it is important to choose a reliable, experienced and established moneylender. He should be able to show a long-term track record and have all the required legal licenses. Besides, he should have an unparalleled reputation in the industry and a clean slate.
There are several online review sites that offer a plethora of information on different loan services. They are a useful tool for consumers to get an overview of different money lending services in Singapore, and to learn more about their customer experiences.
If you’re looking for a moneylender, it’s vital to take your time and shop around to find the one that is best suited to your needs and credit history. It is recommended to use a service such as Lendela, which allows you to compare licensed moneylenders and their personal loan rates according to your requirements.
A good money lender should provide you with a comprehensive loan contract that details all the loan terms and conditions. This includes the interest rate, permitted fees and late interest charges as well as the frequency of instalment payments and the total amount you will be paying over the entire loan term. It should also mention the full name, date of birth, and residential address of the borrower.
You should also check if the moneylender is affiliated with the Credit Association of Singapore (CAS) or the Consumer Protection (Fair Trading) Act. This organization is responsible for regulating all financial operations in Singapore and works to protect the interests of both borrowers and licensed moneylenders.
The Singapore government strictly regulates moneylenders and has put in place laws to prevent them from charging excessive interest rates. They can only charge a maximum of 4% per month on unsecured and secured personal loans.
Despite their tight regulations, some moneylenders still charge exorbitant rates. This can be especially devastating for borrowers with a bad credit history and no other option.
To avoid this, it is essential to check the Money Lending Act and the Credit Association of Singapore before you apply for a loan. These are the laws that govern the money lending industry in Singapore and ensure that every loan transaction is fair and honest. personal loan singapore