Licensed Money Lender
Personal Loan Mandai
Despite Singapore being known as one of the busiest commercial places, it can also be deemed as a vacation get-away, especially Mandai. The area is known for its forested area which is nearby Singapore Zoo and the Upper Seletar Reservoir’s trails and fishing.
Summary of Top Legal Money Lenders of 2022
People can also visit the Sembawang Hot Spring Park and Sentosa. For a wild adventure, you can try coming down to the Night Safari or the Universal Studios! Moreover, you can easily end the trip at the Singapore Flyer to get the best view of the city above!
How to Identify a Licensed Money Lender
You can easily verify a legal money lender by checking the list of licensed moneylenders in the Registry of Moneylenders, under the Ministry of Law in Singapore here.
Note that legal money lenders in Singapore will not use threatening behaviour. You will need to visit the licensed money lender’s office to process the loan agreement.
Licensed money lender in Singapore will not also ask for your SingPass Password or any delicate or sensitive information unless necessary and licensed moneylenders will always perform due diligence and walk you through the process every step of the way to ensure the customers are fully aware and informed.
In Singapore, you can quickly determine if a lender is legal if it is listed from the website of the Ministry of Law. Remember that notwithstanding that the moneylenders are licensed, you have to be mindful if they:
- Use abusive language, or behave in a threatening manner towards you.
- Ask for your SingPass user ID and/or password.
- Retain your NRIC card or any other personal ID documents (e.g. driver’s license, passport, work permit, employment pass, or ATM card).
- Ask you to sign on a blank or incomplete Note of Contract for the loan.
- Grant you a loan without giving you a copy of the Note of Contract for the loan and/or without properly explaining to you all the terms and conditions.
- Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS, or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
- Withhold any part of your principal loan amount for any reason.
These practices are not acceptable. If you encounter them, you are urged to report the institution to the Registry of Moneylenders, with information such as its business name, license, contact numbers, and address. You may reach them via 1800-2255-529.
You may also find about any collateral requirement upfront. Understand that the law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you are knowledgeable of the terms of the contract, in particular, the repayment schedule, the interest rate charged, and the fees applicable.
It can be noted that with effect from 1 October 2015, the maximum interest rate that money lenders can charge a borrower is only at 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal.
How can Loan Advisor help you?
Loan Advisor is designed and primarily created to help borrowers to have their future deals easier to obtain which is made possible by an online comparison tool. From the website, people can easily find the most ideal loans available with updated information along with fair reviews. There, loans offered out in the market are compared only for your convenience.
Moreover, Loan Advisor picks the best licensed or legal money lender in Singapore based on 3 criteria:
Licensed Money Lender in Singapore
Make sure they are applying for a legal or licensed money lender in Singapore, to learn if it follows the guidelines made by the Ministry of Law list to assure the lending is secured and transparent.
Customer Review
Check reviews from both experts and the actual customers to ensure the institutions people are checking offer or provide quality service.
The Best Rate in Town
Compare rates, fees, and other features from other licensed moneylenders within the area.
To avail and get up to three free quotes from the best licensed money lenders in Loan Mandai, feel free to fill out this form.
