Accredited money lender in Singapore offers you hassle-free online instant approval loan application through a secure web portal with instant decisions within seconds. Your loan application will get processed within 1 working day once being submitted online. Now, you can easily apply for personal loans at the most convenient time!
Personal loans in Singapore are easy to avail, hassle-free and safe way of borrowing money to meet your personal needs. There is no credit check. You need not to worry about bad or adverse credit records. Even if you are facing financial crisis, you can easily get rid of all your financial worries with just a click of a button! There are many money lenders in Singapore offering loan application, so it is always better to do some research before applying for a personal loan.
As a matter of policy, all money lenders in Singapore have their set of rules and regulations associated with them. One of these rules is to never misrepresent your personal information. Always make sure to have your details such as name, contact address, contact number etc. correct. It may sound very ordinary but there are many cases of identity theft and some money lenders in Singapore have been known to steal and misuse identities.
The most common and serious problem faced by many individuals is late repayment. Most people do not understand that there is an interest rate attached to personal loans. If you repay the loan amount on time then your credit score will automatically increase. In most cases, individuals who are late in paying back the loans face more problems and are blacklisted by the banks and other financial institutions. Therefore, it is highly recommended to always be prompt in making repayment.
The other common money lending issue faced by Singaporeans is about the legality and license of money lenders in the country. The first and foremost criteria for approval of money lending activities in Singapore are possession of bank account and registration with the Monetary Board of Singapore. Other important criteria include reputation and credibility in the market. The success of money lenders in Singapore largely depends on these criteria.
There are various other criteria that are also taken into consideration when a money lender in Singapore gets a licence. One such criteria is by checking the minimum loan amount that the applicant needs to get a licence. Apart from this, the other things that are looked into our company history and the experience of the money lender. The other important criteria include the presence of at least one branch in Singapore, functioning of at least one branch outside of Singapore, and the availability of at least one legal money lender in the area through which you intend to make your transaction.
While Singapore does not impose any kind of licensing or legal money lender requirements, most moneylenders in Singapore insist on a certain minimum amount of capital so as to open an account and start a business. Once the applicant has a licence, he can conduct his business as he wishes, and as long as the business is conducted in accordance to the laws of Singapore, the moneylender is not legally bound to follow any set of rules. On the other hand, it is always advisable to conduct a background check on the moneylender before you actually start dealing with him. This will give you some idea of the repute and quality of services available from that particular credit 33.
Most of the licensed money lenders in Singapore are usually members of Money Lending Agency Ltd., an organization that is fully authorized by the government to provide financial assistance to its members. A typical member of the MLA is eligible to get a loan up to a certain limit, which is referred to as the maximum credit. This maximum credit varies from one member to another, depending on his or her financial situation. If a member of the MLA cannot repay a loan on time, the moneylender may refuse to extend any more credit to him or her and this would result in the withdrawal of that person’s membership. There are some other conditions that are attached to borrowing from members of the MLA, such as having a fixed income, being over eighteen years of age, holding an active bank account and being a permanent resident of Singapore. All these conditions ensure that the moneylender is protected from fraud and other financial risks.