The demand for local moneylenders in Singapore is increasing steadily. However, are these lenders reliable and legitimate? The answer is yes. There are various benefits to using a legal lender in Singapore to obtain a quick loan, including simplicity, affordability, and loan security. Keep these considerations in mind when choosing the best moneylending company to borrow from.
A legal lender can provide the financial support you require, whether you’ve hit a rough patch in your business or simply need some fast cash for an emergency. To make it even more agreeable, here are six reasons to consider contacting a licensed moneylender when you need to borrow money in Singapore.
Licensed Money Lenders are Open to Foreigners
Banks in Singapore frequently exclude foreign money borrowers, particularly those with lower salaries. As a foreigner, your prospects of securing a quick loan from a local bank are slim, especially if your yearly salary is less than $40,000.
Banks consider your financial stability highly erratic, casting doubt on your ability to pay. Fortunately, Singapore’s licensed lenders welcome financially stranded foreigners. Most personal lending organizations have loan classifications designed specifically for non-citizens. To qualify for personal loans in Singapore, foreigners must meet the following fundamental requirements:
- A full-time job
- A valid proof of identity
- A valid work pass
- Papers of revenues for the last 3 months
- Proof of address
Professional and Respectful Debt Collection
Have you had a terrible encounter with loan sharks? Thanks to regulated money lenders, you don’t have to worry about impolite, hostile, or violent debt collection experiences.
Licensed lenders should conduct their activities with utmost humility and humility in their dealings. For example, a lawful lender is not permitted to use insulting and harassing tactics to pressure their borrowers into paying when collecting payments (or at any other time).
Contact the lending provider if you are unable to repay your loan on time. A lawful and understanding legal money lender will try to help you adapt your payback schedule.
Quick and Streamlined Loan Approval
Before the emergence of approved personal lending companies, applicants had to undergo lengthy and stringent processes to obtain loans. A typical borrowing process would include finding loan guarantors, providing a qualifying asset as security, and signing an endless array of documentation.
The review process, particularly document verification, is smoother and faster, allowing you to earn instant cash within a day.
“I need urgent money” — a sentence many of us have considered before — can now be realized owing to considerably faster loan alternatives from regulated lenders.
Strict Adherence to Loan Agreements
The regulatory body that governs licensed lenders requires them to conduct business with the highest level of integrity and professionalism. This means they cannot alter the loan contract after it has been signed and executed.
In comparison to moneylenders, the Singapore government has set a high interest rate, which reduces public demand for loans. While this rate is likely to fluctuate depending on individual conditions, it should not exceed 4% per month or 48% annually.
Suppose a loan official tries to coerce you into a loan contract that contradicts what you originally signed. In that case, you can phone 1800-722-6688, a special hotline set up by the Police and National Crime Prevention Council for victims to report crime-related information.
Physical Office for Added Assurance
If you have any questions regarding a licensed lender in Singapore, you can always visit their physical location for extra information. Legal loan firms require borrowers to sign loan contracts in person, which makes it much easier to contact loan officials if you suspect a scam. A lender’s physical presence also enhances its reputation and distinguishes it from loan sharks.
Regulated by the Registry of Moneylenders
Another incentive to borrow from a certified moneylender is that they operate independently. The Registry of Moneylenders serves as a watchdog, defining the scope of operations for lending enterprises.
As a result, you have the assurance that the government will protect you if something goes wrong. Any discriminatory treatment by a licensed lender, regardless of your financial situation, place of employment, or citizenship status, can be examined or challenged in court. After all, written loan agreements are mutually and legally binding!
Due to the strict government regulations, you will unlikely encounter any legal issues with licensed lenders in Singapore.
Conclusion
In short, borrowing money from a licensed moneylender in Singapore is a wise decision if you have urgent cash needs. It is advisable to apply for a loan from a well-established lender with a valid license, such as Golden Credit (S) Pte Ltd, to secure the required funds through a formal legal process. You can rest assured that Golden Credit (S) Pte Ltd is fully committed to professionalism when dealing with your borrowing needs.
Look no further than Golden Credit (S) Pte Ltd for those seeking a reliable and trustworthy licensed money lender. With years of experience and a commitment to excellent service, we are here to help you easily navigate your financial challenges. Contact us today to discover how we can assist you in securing the financial support you need.
