Licensed Moneylenders and Banks Directory.
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The main objective of this directory is to provide fast, new, and reliable information about moneylenders. It aims to give any potential borrower an objective review on money lenders and access to the right information in order to help them potentially maximize their savings, their credit limit, and their credit score.
The goal is to help every borrower have the right information that would help them make good financial decisions as well as help them make the right choices.
With the information that we provide, the end goal is to make sure that the reader would learn about how they can get dependable loans through licensed and registered money lenders who can help them get through the system without any legal glitch.
The money lenders featured here are all verified and licensed by the Singapore Registry of Moneylenders.
The Problem with Unverified Sources
It is important that any potential buyer would not rely on any kind of unverified sources. The mistake of doing so is catastrophic as it could lead any potential buyer to use less qualified moneylenders who are not registered with the proper authority and even illegal loan sharks.
Eventually, once an individual chooses one who is not registered and verified, he may have problems along the way such as:
- Difficulty in running after the money lender in case a problem arises from the contract; and
- The grave inconvenience of dealing with legal issues with Singapore’s local authorities.
What else do we provide?
First and foremost, we guarantee that any potential borrower would have the right amount of data privacy protection. The latest trend among legitimate sources like us is the fact that we provide data privacy protection for individuals. You can be sure that when you disclose personal details, we will keep the records safe or remove it from our records after the legal requirement.
The private information of individuals is never disclosed to any third party without the consent of the data owner. Our service also provides interest rate comparisons as well as administration fee comparisons.
Since money lenders vary in terms of their rates, we provide an in depth overview of their rates including:
- The potential loan rates;
- The required loan periods; and
- Any kind of administrative conditions that every money lender imposes on borrowers.
Finally, this directory aims to provide individuals with useful reviews of information that would allow them to choose among the qualified licensed money lenders and prevent wasting their time looking at options without any guarantee as to their authenticity.
The Benefits of Using a Legal Moneylender
There are many benefits of using legal money lenders in comparison to the use of loan sharks. There are already a lot of choices available in the market but the following benefits are definitely better with a licensed money lender:
The potential borrower could get fast approval. Since the market is competitive, every money lender would want to get the borrower as soon as all of the requirements are met. This means that when you use a legal money lender, you may receive the funds you need within 24 hours upon approval of the loan.
The transactions are now mostly online. Given that most of the market is captured online, legal money lenders also aim to provide the same service. The loan process is now online and in the comfort of your homes. While that is an amazing part of life, would it not be better to fully trust the provider? The money lenders in this directory are all trustworthy and have been properly vetted by the government.
The money lenders have gone through the process of licensing. When one is able to get his license with the government, he would definitely do more to make sure that he keeps it. If you are dealing with a licensed money lender, you are assured that you are dealing with one with the following qualifications:
- They are officially registered with the government;
- They have full government authorization in such a way that if any problems arise, you may seek the help of the government as well; and
- They offer financial assistance in a professional manner.
Borrowers with poor credit are given the chance to redeem their standing. Banks often frown upon loans that come from people with poor credit while licensed money lenders offer a helping hand on that front. The ones provided in this directory offer a helping hand to those in need of it.
Interest rates are affordable. Since legal money lenders are government regulated and they have a very competitive market, the borrower is given an interest rate that is competitive and affordable. This fact lets the borrower borrow again and trust the system more.
The repayment schedules are always flexible. Money lenders have a tendency to always listen to what potential borrowers can afford. This means that the borrower is given a chance to renegotiate the terms of his contract and approve a loan contract accordingly.
What is the best advice that we can give any potential borrower?
The best advice that we can give any potential borrower is the fact that he should compare all of the fees and interest rates that are charged by the money lenders.
The following are the kind of information that a potential borrower would need on that end:
- The interest rates should have a maximum of 4% per month based on the new regulations released. This limitation applies on all kinds of loans.
- If you must, get quotations from different providers because they are all competitive. When it comes to interest rates, you should focus on the ones who are willing to give you the lowest ones after comparison with others.
- Other than the interest rates, it is important that you also compare late fees because this adds another potential interest of 4% per month after the repayment deadline.
- You should also search for quality reviews from real people. Read both the good reviews and the bad reviews so you will know what you should expect with the loan.
- Finally, you should make sure that you use this directory to get all of the information that you need for the kind of loan you require.
There are a lot of money lenders in Singapore, and the world is pretty competitive for them, make sure that you choose the best one because you would want to build a good relationship with any kind of lender.