If you’re looking for a moneylender, make sure to verify their license number before borrowing. This unique 10-digit identification number can be found on their website or business cards. It’s also a good idea to read their contract and loan terms carefully to avoid hidden fees.
Also, beware of lenders that claim to be 24-hour moneylenders. They are likely illegal.
Licensed by the Ministry of Law
If you have a dispute with a licensed money lender, it is best to stay calm and communicate with them in person. However, some lenders may resort to harassing tactics, such as sending text messages and phone calls to borrowers repeatedly or calling them at unusual hours. If these methods are used, it is important to report them to the police.
Money lenders must clearly explain their loan terms to borrowers, including the repayment schedule, interest rates, and a slew of fees. They must also display their business address and license number on their office’s interior and exterior walls, doors, and windows. They are not allowed to advertise or solicit loans through phone calls or text messages.
If you’re not sure whether a money lender is licensed, you can check their credentials with the Registry of Moneylenders. The Registry lists all licensed money lenders in Singapore, and it updates the list regularly. It also includes the moneylender’s name, address, and phone number.
Flexible repayment schedules
If you’re looking for a licensed money lender in Singapore, it’s important to understand the rules and regulations that govern the industry. This way, you’ll be able to avoid being defrauded. These laws include the maximum rates and fees that a moneylender can charge. They also limit the loan tenure and repayment amount.
Most licensed money lenders offer flexible repayment schedules that range from less than a month (for payday loans) to 24 months. However, it’s important to consider your budget and financial obligations before taking out a loan. Missing payments can result in late fees and affect your credit score.
A reputable moneylender will provide clear and concise terms and conditions, including the repayment schedule and interest rate. They will also offer excellent customer service, ensuring that all your questions are answered quickly and thoroughly. This will ensure that you’re fully aware of all the fees involved before signing a contract. R2D Credit is one such company that offers a variety of financial products to suit different needs.
Low interest rates
Moneylenders have to abide by MAS regulations regarding their loan amounts and maximum interest rates. They must also evaluate your ability to repay loans and not give out risky credit, which is why they are a better option for some people than banks.
However, some licensed moneylenders may charge a higher loan cost than banks. This is because they have to pay for the cost of their licenses and have to follow stricter requirements. In order to keep their business running, they must have substantial capital backing.
Licensed moneylenders typically offer shorter loan periods than bank loans, which can be difficult for borrowers who have limited budgets for their monthly repayments. This makes secured personal loans more viable than unsecured ones. Moreover, secured personal loans are often backed by collateral. This can help borrowers improve their credit score faster than unsecured loans. Nevertheless, if you need large loans, it is best to opt for a bank loan.
Fast disbursement
When financial emergencies arise, a licensed money lender may be able to help you with fast cash loans. However, it is important to make sure you can afford the repayment schedule and monthly payments before applying for a loan. You should also compare rates and terms from different lenders to find the best deal.
A licensed money lender can offer you a more personalised service than a bank. They typically have a smaller customer base and can devote more time to each person. They can also give you advice on how to save money and manage your debt.
Licensed money lenders in Singapore have varying requirements and conditions. Some may have stricter criteria and assessment processes, while others might require a more flexible credit score. Before taking a loan, consider your financial situation and how you’ll repay it to avoid incurring late fees and damage to your credit score. You should also read the loan contract carefully to understand all of the details.moneylender sg
