Need a loan but have many unanswered queries and questions regarding it? Well, don’t worry, here are some commonly asked questions by borrowers. Have a look.
There are many reasons why banks might reject a loan application, the most common being poor credit score, lower monthly salary, or several current loans. Whatever be the reason for rejection in your case, you don’t have to feel disheartened. There are many money lenders in Singapore whom you can approach.
A legal money lender Singapore has to follow the rules and regulations laid down by the relevant authorities. On the other hand, an illegitimate money lender has no such compulsion and doesn’t need to play by the book. Therefore, you get a better service from a legitimated money lender compared to an illegitimate lender.
This is fairly easy. Every licensed moneylender must register himself with the Ministry of Law in Singapore. You can go to the official website of the Ministry of Law in Singapore and download the list containing the name, license number, and business address of all legitimate money lenders in Singapore.
Lenders can charge six types of fees.