Legal money lender Singapore is licensed to lend money to Singaporeans and foreigners who want to solve their financial issues without much hassle. The increasing cost of living in Singapore has been forcing many of them to borrow loans to meet their daily expenses also to cater for emergent situations which require money.
People who don’t possess any collateral or have bad credit history usually find it difficult to borrow loans from the banks. Their only options are pawnshops and private lenders who provide loans without checking your credit history. Private money lenders remain to be the best as the pawnshops will require a collateral.
There are many advantages of choosing licensed money lenders rather than banks
1. They provide fast short term credit to people who don’t possess any collateral to offer the banks.
2. The paper work involved in banks in lessened by private money lenders as the loan application is done online. Most of the banks in Singapore will require you to avail yourself physically in their centers in order to fill out the loan forms.
3. Licensed private money lenders offer fast loans which approved in less than 24 hours hence you can use the money for urgent situations.
4. They don’t perform credit check like the banks. However, you must be a citizen of Singapore, a permanent resident or foreigner with a valid passport and have steady source of income.
To know whether a private lender is legal, it must be registered and licensed by the Registry of Money Lenders Singapore. It must possess a valid license number which is usually indicated on their websites. You should compare this number with the one provided by the Ministry of Law’s website.
Unlicensed money lenders in Singapore do not possess a license to carry out their operations and usually charge exorbitant interest rates. These lenders operate against the law and will harass you to pay the debt. They are referred as loan sharks by locals. Do not attempt to borrow money from them.