A reputable money lender should be in your top of your list of trusted advisors. You should also be sure that they have a good track record before you sign up for a loan. You can do this by asking for customer reviews and reading up on their credentials, if you aren’t already a member. A quality moneylender should have the following hallmarks: a solid reputation, a stellar customer service, fair and transparent pricing, and the right tools for the job. The best licensed moneylender will even have a slick website to boot! Of course, if you are in the market for a high-tech loan, be sure to get quotes from multiple lenders before you make a final decision. This is a savvy move as it could save you time and money in the long run.
There are several online review sites that offer a plethora of information on different loan services. They are a useful tool for consumers to get an overview of different money lending services in Singapore, and to learn more about their customer experiences.
If you’re looking for a moneylender, it’s vital to take your time and shop around to find the one that is best suited to your needs and credit history. It is recommended to use a service such as Lendela, which allows you to compare licensed moneylenders and their personal loan rates according to your requirements.
A good money lender should provide you with a comprehensive loan contract that details all the loan terms and conditions. This includes the interest rate, permitted fees and late interest charges as well as the frequency of instalment payments and the total amount you will be paying over the entire loan term. It should also mention the full name, date of birth, and residential address of the borrower.
You should also check if the moneylender is affiliated with the Credit Association of Singapore (CAS) or the Consumer Protection (Fair Trading) Act. This organization is responsible for regulating all financial operations in Singapore and works to protect the interests of both borrowers and licensed moneylenders.
The Singapore government strictly regulates moneylenders and has put in place laws to prevent them from charging excessive interest rates. They can only charge a maximum of 4% per month on unsecured and secured personal loans.
Despite their tight regulations, some moneylenders still charge exorbitant rates. This can be especially devastating for borrowers with a bad credit history and no other option.
To avoid this, it is essential to check the Money Lending Act and the Credit Association of Singapore before you apply for a loan. These are the laws that govern the money lending industry in Singapore and ensure that every loan transaction is fair and honest. personal loan