Personal Loan Beach Road
Beach Road is one of the well-developed areas in Singapore blessed with two famous national monuments-Hajjah Fatimah Mosque and Raffles Hotel. The area is also dotted by cinemas, food outlets, specialty shops and many more. Despite the comfort, luxury and entertainment that Beach Road offers, it is still not spared from the proliferation of unscrupulous loan sharks.
These unlicensed companies, because of their anonymity, continue to prey on vulnerable victims. If you want to make sure you are taking a loan from a licensed money lender at Beach Road, there are some essential qualities you have to consider.
How to Identify a Licensed Money Lender?
Licensed moneylenders have a website
Money lenders are not allowed to solicit or advertise via telemarketing services or SMS. So if you happen to come across a company offering personal loans through text or call, then you should block or report them as spam. Singapore law requires moneylenders to place their advertisement on their website and in consumer or business directories.
Licensed moneylenders will never push for online transfers
Loan sharks hide their identity and this is the reason why appointments are also done online without proper procedures or paperwork. At first, they will attract you with their quick processing which usually takes anywhere from 15 minutes to 30 minutes. They will not even require you to present any documents that will prove your financial capacity. Licensed moneylenders will perform background checks to ensure you are a qualified borrower.
Licensed moneylenders takes borrowers’ sensitive information seriously
Singapore has rigid rules when it comes to handling personal data. Loan sharks do not give value to your personal information and they will use any method in sharing your details. Singapore only allows sharing extremely sensitive information through official channels and services. If you are being asked to provide your sensitive information over text, then this is considered illegal.
Licensed moneylenders will show proof of their legitimacy
It is common for loan sharks to move heaven and earth to convince you that they are operating legally. However, once you have taken a loan from them, they will harass you using their scare tactics and you are left with no choice but to repay them.
Unfortunately, you are trapped because you will be forced to reloan because interest rates will leave you broke. An authorised money lender Singapore is not afraid to show the licensed status and they are clear with it. They will not use any tricks to lure borrowers.
Licensed moneylenders are listed in the website of Ministry of Law
If a moneylender is listed in Singapore’s Ministry of Law, then it is clear that the transaction is legal. A company that is fully regulated by the Registry of Moneylenders, Ministry of Law will not perform any illegal activities to attract borrowers. They will always put your financial wellness and service convenience first.
Factors to Consider When Taking a Loan
- Terms of repayment
- Ability to pay
- Interest rate/service fees
- Credit score
- Loan amount
- Loan application purpose
- Type of loan
How Can Loan Advisor Help You?
While it is normal for first-time borrowers to consider obtaining information about a moneylender overwhelming, it still pays to explore options by doing extensive research. Loan Advisor will help you make an informed decision.
You can get up to three quotes from the best licensed moneylender near Beach Road, by filling out the online form.
Summary of Top Legal Money Lenders of 2021
111 North Bridge Road
#01-41 Peninsula Plaza
470 North Bridge Road
#02-12 Bugis Cube
17A Circular Road
365 CREDIT SOLUTIONS
14 Scotts Road
#03-64 Far East Plaza
470 North Bridge Road
#02-01A Bugis Cube
2 Havelock Road
#02-08 Havelock II