Guide to Finding a Licensed Money Lender in Singapore

You never can tell when you will need emergency funds, so it is better to find a reliable option to obtain the required amount the quickest way possible. Even when you have a bad credit rating, you may still qualify for a reasonable payday loan by consulting a licensed money lender in Singapore. With the help of a registered and certified money lender, all you need to do is to send in your online loan application, wait for a few hours, and you can receive loaned amount on the spot when you are visiting a licensed money lender’s office. There is no lengthy waiting period, and you can expect the lender to approve your application – even with a less-than-perfect credit rating. So, that eases out your worries when it comes to paying off your expenses since you already have an access to a guaranteed financial source.

How to Find a Licensed Money Lender

Bad Credit Score Payday LoanWhen you need to apply for a legal payday loan, the best way to go is to consult a licensed lender in the country. While you may come across a number of options during your online search, it is ideal to check carefully the credentials and reputation of the lender before making a final decision. Keep in mind that not all lenders are reliable, since there are “fly-by-night” lenders involved in fraudulent activities. With that in mind, you should consider contacting the Registry of Moneylenders in Singapore as you search for the right lender. By doing so, you can be sure that the lender you contact will meet your needs and standards.

It is a good option to look for a lender that has been in the business for a considerable number of years. An established company with a notable reputation is your best bet since it is impossible for a business to last for years when it is not capable of providing clients with top-notch quality service. Moreover, these lenders comply with the guidelines and policies set by Singapore’s Registry of Moneylenders, which means you are in good hands by consulting them for your needs.

Check the Rates and Repayment Schedule

Before you finalize your decision of submitting your loan application to a particular lender, make it a point to check the rates and terms of payment offered by the company. Although you might have found several licensed lenders, you need to understand that there are varied rates offered by each. The same holds true with the repayment terms, so it is always a smart idea to check these factors first before making you affix your signature to the loan contract.

Be Wary of Fraudulent Money Lenders

One of the best ways to check if the lender is legitimate is by making sure that they provide borrowers with a loan contract before taking out a loan. This is a basic requirement for certified lenders, and they should be able to provide their clients with a contract to legalize the process of loan application. In case you find yourself in this situation where a contract is not provided, then it is best to look elsewhere because you might end up getting scammed by an illegal lender.

In most cases, legitimate lenders offer low interest rates to their clients regardless of the type of loan they apply for. This is another way of knowing whether the lender is legal or not since most fake lenders charge their clients with a very high interest and tight repayment schedule. When you come across this type of lender, consider getting out of that situation because you are only headed for trouble.