Obtaining a cash loan from a money lender in Singapore is not difficult, but the main question is how can you ascertain that the company from whom you are borrowing is licensed?
Sometimes, you acutely need funds to deal with an emergency. But it can so happen that you might not qualify for a personal loan from the bank. In such a situation, approaching a money lender is a viable, and maybe the only, option. Being a first-time borrower, it is very much possible that you might not possess a great deal of knowledge about private lenders.
It is necessary for you to ensure that the company with which you are dealing is a licensed one and needless to say, you should always take cash loans from legal money lenders Singapore.
Look for these signs. If they are present, you are not dealing with a licensed company but rather with a loan shark.
In case any lender does any of these things, you should immediately put an end to your dealings with him. And the next time you need a cash loan, first check if the lender is licensed or not.
As per the law, licensed lenders must register themselves with the Ministry of Law in Singapore. It maintains a list of all money lenders that at present are licensed. To check if a money lender is licensed or not, you must check this list. If the money lender is licensed, his or her name will appear in the list along with his or her business address and license number.
Here’s how to find if a money lender is licensed or not: