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 moneylenders featured here and SmartLoan are 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 licensed, he may encounter many problems dealing with loan sharks.
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 will usually receive the funds you need within 24 hours upon approval of the loan. The money lenders in this directory are all trustworthy and licensed by Registry of Moneylenders.
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 have a license to operate as a legal money lender.
- They are required to follow the laws and rules.
- They offer their services 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 interest 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.