Loan Article Resource Blog


Benefits of Getting a Singapore Loan from a Licensed Money Lender

Posted in Loan Services by elitemoneylenders on December 16, 2011
Tags: , , , ,

Singapore represents an independent country found in Southeast Asia. The quality of life in the country rates high among its citizens. However, Singaporeans can face financial challenges like citizens of other countries, such as borrowing money. Borrowing money in Singapore can create a set of challenges. First, some Singaporeans may not know where to go for their loans. Second, foreigners living in Singapore may not know they can borrow money. Last, legal and banking regulations can quickly change. Singaporeans and foreigners should be aware of the benefits of getting a Singapore loan from a licensed money lender.

Anyone can claim to be a lender and offer financial help. A stable background provides one benefit of getting a Singapore loan from a licensed money lender. A licensed lender must fill out documents, demonstrate good character and not have a criminal record. The money lenders have to understand the Moneylender Act, which provides guidelines on lending matters. Moreover, money lenders need to possess a valid license from the right Authority in Singapore. These credentials help ensure that Singaporeans and foreigners have protected rights and receive accurate information. Without using a licensed lender, individuals may not obtain the correct financial assistance.

Another benefit of getting a Singapore loan from a licensed money lender involves the ability to confirm licensure. A list has been developed and added to the licensed Moneylender Registry. The list includes the business name, business address and the  lender’s license number. Since the list can change, Singaporeans and foreigners should check the list before making the decision to borrow. Be wary of lenders who claim their license is pending. Also, refuse to do business with lenders who do not register and obtain a license. Borrowing money is no small decision and requires understanding from whom one should borrow money.

Having a detailed paper trail offers a final benefit. Legitimate Singaporean money lenders understand the need to protect themselves. These professionals ask for details when individuals ask for loans, including personal loans. Examples of information include names, addresses and reason for borrowing money. Additional information includes the name of an employer along with proof of income. Singaporeans and foreigners gain protection from shady lenders who change exorbitant fees or unjust claims on personal property. A legal application gives a great paper trail. The application confirms who borrowed the money, the amount of borrowed money, and the payment plan for the money.

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