5 Signs Of A Legal Money Lender In Singapore
A loan can make your life so much easier. But one wrong step, and you could land in a financial mess.
How to verify the authenticity of a moneylender before borrowing a cash loan Singapore?
If you come across a moneylender who you would like to approach you for an urgent cash loan today, the first step would be to check them up on this website. If they are not listed, then it is likely that this is an illegal loan shark.
Take a look at these 5 signs of a legal money lender in Singapore:
The Office Space
Legal moneylenders will have a registered office because the Singapore government’s law ministry requires them to maintain an office on the address that they have used to register their business on the website.
An official contract
A legal moneylender will require you to sign a loan agreement. Since licensed moneylenders fall in a legal framework, they are expected to stick by the book.
Government-approved interest rate
Licensed moneylenders cannot charge high rates of interest. Instead, they are supposed to keep it within 4 per cent per annum.
Fees and charge
Legal moneylenders can charge you only a few types of charges. Even in this case, the Singapore government has given a guideline.
Overall behavior and treatment
A licensed moneylender will always treat you with dignity, answer all your queries regarding the loan, maintain clarity and transparency, and never make any false promises.
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