In Singapore, a licensed moneylender is someone who offers small personal loans to others at a certain interest rate. The main advantage of borrowing cash from these individuals is that they are under strict regulation from relevant monetary bodies, meaning that the chances of committing fraud are minimal.




Moreover, there are policies on how much interest rate they can charge, and the kind of penalties that can be imposed in case you’re late in repayment. Under the new Singapore laws, money-lenders should not have a total borrowing cost which is 100 pct more than the loan principal. It means the maximum amount a borrower can pay his financier is a sum twice the principal amount and nothing more.



How to locate the best moneylender:-



There are various ways you can find a good loan financier who will meet your needs. First, you can check with the registration office for a list of all the licensed short-term loan providers in your area.





After identifying a few licensed money lenders Singapore that seem decent, the next step is comparing the rates offered by different service providers so as to find the most suitable lender. When doing this, remember to read their contract carefully in order to fully understand the terms & conditions of borrowing cash from them.



Preferably, the financier should explain all terms of transaction and also provide a copy of the original loan contract. Ensure that you comprehend and agree to the repayment schedule, including interest rate and the total fees charged.




Other things to know:



Once the amount has been availed, it’s advisable to get an updated and signed receipt from the lender each time you reimburse the loan, or pay any other fees. Take note that the name, cash amount and date mentioned on the receipt is always correct.



In summary, registered Singapore money lenders can provide you with quick loans to handle any emergencies that may come your way.