Borrowing money from a licensed money lender in Singapore is a common practice nowadays. Gone are the days that people used to suffer from stress because they did not have access to quick cash to settle their financial needs. This individual or groups of people lend money to anyone who is disqualified by the bank and other financial institutions. One of the reasons why money lenders are the trusted financial providers is because they are licensed. In Singapore, the Registry of moneylenders is responsible for registering all money lenders so that they are legitimate financial service providers. Licensed money lenders are also able to account for the amount of interest that they charge their clients and how they calculate them. If there are any hidden charges or fees for late payment, they use legal means to settle the case. This means that they are very transparent with their services.
Borrowers are advised to work with a licensed money lender Singapore because they follow the moneylender’s rules and conduct. People who are guided by the money lenders code of conduct are qualified to offer financial solutions to individuals and also offer all their services with utmost integrity. This means that you can be sure that your problems will not be shared with other people and when you repay your loan your assets will be in the condition that you left them. Before they get this license, they will sit for a test and register their company with the local authority so that in case of any misunderstandings, the local authority will be able to assist you. A licensed moneylender Singapore is required to put a deposit of $20,000 for security and proper conduct of the business. This also stands as a guarantee in case of any complaints from their clients. This means that they are accountable to the local authority.
A moneylender Singapore license is also given to people who are responsible, of good character and familiar with the money lending business. Clients can therefore trust these money lenders. A licensed money lender will not use abusive language or threaten the client in case of default or nonpayment of the loan. They will never ask their clients for their passwords or a bribe. They are also not allowed to retain any personal documents of the client such as the driver’s license or personal identification card. Clients working with the moneylender should also expect approval of loan after the moneylender has exercised due diligence are required by the law.