There’s no shortage of loan sharks in Singapore. You can find them everywhere. But you shouldn’t concern yourself with them in case you need a personal loan but can’t get it from the bank.
Because loan sharks may or may not follow the mandatory guidelines laid down by the Ministry of Law, Singapore. On the other hand, a licensed moneylender comes under their control. Therefore, when you approach a licensed lender, you know that he or she has to follow certain guidelines, and if he or she doesn’t do that, you can approach the Registry with a complaint.
How can you access the list of licensed lenders in Singapore?
Well, just log on to the website of the Ministry of law, Singapore, download the list of licensed lenders in Singapore, and go through it. In it, you will find the name, license number, and business address of all lenders who currently have a license to operate.
Ok, Fine, I have the list, so now I should pick anyone?
Well, that will be a mistake. Just like everywhere else, some licensed lenders are better than others. If you want the best deal, you should try to find such a one for yourself.
How to find the best money lender?
Here are a few tips that will help you pick the most appropriate money lender.
- Ask your friends – Has anyone in your friend circle borrowed money from a licensed lender? Ask him about the experience and if he would refer the money lender to you. Unless you trust the person’s recommendation blindly, you should arrange a meeting with the lender and ask him intelligent questions in the initial meeting (discussed ahead here).
- How much experience the lender has – If a company has been in the lending business for long and enjoys a good reputation, it must be doing a few things right. It is much better to go with an experienced player than taking a loan from a new player in the market.
- What will be the interest rates and other fees – While there’s largely a consensus about the maximum interest rate lenders can charge customers, not everyone will quote the maximum rate to you. The interest rates depend on your annual salary. The more your annual salary, the lesser the interest rate. Therefore, do shop around to get the best deal. Also keep in remember that if your annual salary is high, you’ll have more bargaining power, but it doesn’t define how much that will be. So, with conscious effort, especially if your annual salary is high, you can get a good bargain.
- Ensure the lender’s license is not suspended – The Ministry suspends the license of those money lenders who indulge in unfair practices. You can find the names of lenders whose license has been suspended in the list you had downloaded from the website of the Ministry of Law, Singapore. Ensure your lender’s name isn’t featured on this list.
So, there you are. With these tips, you can easily find the best licensed moneylender Singapore.