When looking for a moneylender sg, it is important to choose one that has been licensed by the Ministry of Law. It should also have a good reputation and offer affordable rates. You can check a company’s license status by searching online or visiting the Ministry of Law website. In addition, you should be aware of the maximum rate of interest that a moneylender can charge. This is usually 4% of the principal loan amount. Licensed moneylenders should also provide receipts for each repayment, and you should always double-check the information before agreeing to any charges.
A licensed moneylender sg will have a variety of financial loans to meet the needs of its customers. These include personal loans, cash credit, and foreigner loans. They will also have an easy application process. In addition, a licensed moneylender will not use abusive language or act in a threatening manner towards its customers. They will not ask for your SingPass user ID or password, and they should not keep your NRIC card or other personal identification documents.
In Singapore, there are several licensed moneylenders that offer fast and convenient services for borrowers. However, some of them are not reputable. For example, some of them may have high interest rates and hidden fees. To avoid these issues, you should research a moneylender’s reputation before choosing one. You should also consider whether you will be able to repay the loan on time. Missing payments will result in late fees and can affect your credit score. If you are unsure about the company’s reputation, try looking at customer reviews online.
GS Credit is one of the top licensed moneylenders in Singapore. It offers a quick and simple loan application that is accessible through the internet. It also has a dedicated team of customer service representatives. Besides, the company is a member of the Credit Association of Singapore and is regulated by the Moneylenders Act. Its goal is to help borrowers with their financial problems.
The maximum amount that a borrower can get from a licensed moneylender is six times their monthly income. Moreover, the company must offer loans to Singaporeans and permanent residents of the country. If you are interested in obtaining a loan from this company, you should read the terms and conditions carefully before applying. You should be prepared to provide proof of employment and your bank account. The company will also need to verify your identity before approving your application.
You should also be aware that the maximum interest rate that a moneylender can charge is 4% per month. This is regardless of the borrower’s income and whether it is secured or unsecured. In addition, the moneylender is not allowed to solicit for loans through text messages, phone calls or social media platforms. If you encounter a moneylender that does not follow these guidelines, it is best to report them to the police immediately.
Licensed moneylenders are only allowed to advertise in three ways – business and consumer directories (print or online), websites that belong to the moneylender, and their own physical place of work or office. They are also not allowed to advertise through SMS, emails, or flyers. Moreover, they must meet their clients at their approved place of business for face-to-face verification of their identities.