What You Need To Know About Licensed Money Lenders In Singapore

There is a plethora of organizations when considering licensed moneylenders in Singapore. One of the main reasons for seeking money lending services is reasonable interest rates. There has recently been a cap introduced on interest rates from moneylenders in Singapore at 4% a month for lenders earning $30,000 per year contrary to objections from money lenders. There has also been charges on late payments will not exceed $60 per month and a maximum loan of six times the lender’s income when said income is over $20,000 annually when a loan is granted. Moneylenders are allowed to ask for an upfront fee of 10% of the original loan cost and the interest rates cannot exceed the amount of the original loan.

Another important factor to consider is flexible repayment terms; make sure the repayment terms are applicable to you. For example, ensure you can pay the monthly repayment fees that are agreed upon with your moneylender, and that they are realistic to your income and outgoings. This should be checked before submitting an application for your loan. A good thing to do is to check multiple companies to see which offers the more flexible repayment fees and check the caps issued by the government against your fees.

Reputation and research into licensed moneylenders in Singapore and people that have previously been approved for loans from such companies is necessary. Try checking how they operate and the way they deal with certain situations. A good research tool is to look on the Ministry of Law Singapore’s website for details and a comprehensive list of recommended moneylenders.

There are also companies in which you can apply for loan. Such are the companies that deal with the licensed moneylenders directly so that the lender doesn’t have to. This is the best way to get the most effective repayment terms and interest rates to save lenders from making mistakes. Professional help with this kind of transaction is recommended as these kinds of originations have a wealth of experience and knowledge when dealing with licensed moneylenders in Singapore.