In any stage of your life you may need to some money from someone and in most of some cases whether you are not even able to ask for the help or even when you do you sometimes don’t get any response in the return but with the help of the money lending companies this problem has been solved. These money lending companies have made things easier because now you don’t have to worry about not getting any help and also own that you have an official place you can go to when you are going through some financial crisis. Living in Singapore you must have heard of the licensed money lenders Singapore and just because you haven’t ever had an experience with them you won’t exactly know how they really are. Listening of the money lenders you would think they can be a trouble but that’s only the case with the illegal money lenders. Licensed money lenders can be a great help for you in the time of need because they work under a license that stops them from any type illegal as they can pull against the money borrowers.
Licensed money lender Singapore
Licensed money lenders are those that are working on the registry of moneylenders. They are bound to follow the laws of that ministry and are legal money lenders so they won’t is causing you as many troubles as the people normally ace with the money lenders. Licensed money lenders Singapore are recognized and operated by the Singapore’s ministry of law. Being in Singapore you can find a lot of the licenses money lenders Singapore. The ministry of the law of Singapore has a whole lot of these licensed money lenders Singapore which they keep updating and this list has all the money lenders that are legal and are working under license. Any money lender that goes against the rules of the ministry, the license can be taken away and their name can also be removed from the list of money lender Singapore.
During this process of finding a money lender that is licensed, you should make sure if the moneylender is actually licensed or not. You can do this in such a way that you can confirm if they are licensed or not by checking their license number and matching it with the list of this licensed money lender Singapore. You can find this list of licensed money lender Singapore on the finance directory by the name of Easy credit. If you want to search a good and a legal money lender Singapore you can easily find it from the list of these money lenders on Easy Credit. This list keeps on getting updated each time a money lender Singapore becomes a part of it or gets removed from the list. Easy Credit also allows you to see the realty updated list along with the date on which this list was updated.
When you need a loan you will have to fill a form that is given to you by that money lending company and you have to give them all the necessary information’s based on the type of loan you want that money lender Singapore to give you. That form is basically an application by the help of which the company will make a decision if that either you are worthy of getting that loan or not. Based on your reason and if you have a very strong reason behind getting that loan the company will so easily grant you the loan within the period of few minutes. This money lender Singapore will demand your personal information that would need and you will have to provide them with all of that f you want them to approve of your loan application. A lot of loan packages are offered by this money lender Singapore that can offer you a great deal I this loan process and can make this taking loan and pay it back really easily and possible. So based on the type of loan and the preferences of the money lender Singapore you can easily get a loan.
What are licensed money lenders bound to do?
A licensed money lender Singapore is definitely bound to do some of the following things as per the rules of the Ministry of law.
- A lender has to keep all the information of the borrower confident and he can’t disclose any personal information related to the borrower unless granted permission.
- Moneylender Singapore can only charge 4% per month of the interest maximum from the boprro9wers.
- A licensed money lender Singapore is not allowed to receive more than 10% of the administrative fee upon the approval of the loan.
- The late interest that a money lender Singapore can charge upon late payment should not be more than 4%.
- The fine upon the late payment by the money lender Singapore shall not be more than just $60.
- Total fee that is obtained from the borrower the for f the late payment fine an interest etc. should exceed more than the 100% of the loan that was taken by the money lender Singapore.
So these were some of the laws that according to the Ministry of law should be followed by the licensed money lender Singapore. These laws are what that has made moneylending less fearsome for the people who avoid getting any loan out of fear of the illegal money lender Singapore.
List of licensed money lenders
Following is the list of some of the licensed money lender Singapore that you must know about so you would know who to contact to when you are in such a situation.
- Credit Hub: Credit Hub is one of the best money lender Singapore and is working under the license number 136/2017. Almost all types of loan services are provided b them.
- Credit excel: Credit excel is also one of the leading money lender company and is working under the license number118/2017. They act under all the regulations by Ministry of law and provides you with the facility of instant cash.
- 101 credit: it is also an important name of money lender Singapore that is working under the license number 62/2017. It is counted as one of the best money lenders in the Singapore because of their instant cash service.
- 1133 moneylenders: these are the best money lender Singapore that are registered under the license number 115/2017.
So this was all you needed to know about the licensed money lender Singapore and what the purpose of them and how can you know a money lender is licensed or not and in the end you also got to know some of the licensed money lender Singapore.
Easy Credit is a complete finance directory for all the people that are newly encountering this field and you can also get to know all about the moneylender Singapore and also abbot some of the licensed money lender Singapore. Easy credit also allows you to see the list of these licensed money lenders Singapore and you can see the most updated list here. According to the ministry of law, you can only contact these money lenders by visiting their address but if you ever receive an SMS from any of the moneylenders that are claiming to be licensed you a report them easily.