Has anyone taken loan from licensed money lender before?

Often as natives or as foreigners residing in Singapore, you might run into financial problems. It can happen to anyone. Whether you faced an unexpected financial loss, ran out of savings, wanted to invest in a new opportunity, you met an accident, or you have to pay back money borrowed from friends or lost your job – there are a thousand possibilities of why you might need money urgently in Singapore. So what to do? The first thing to do is calm yourself and do not panic. Panic causes you to make some of the worst choices that you regret later. Keep calm and think of how to safely procure a loan.

When you need money urgently in Singapore, you have several options:

Friends and Family

You can borrow from friends and family, if they are willing to lend you money. Although usually not everyone has idle cash at hand to lend in times of emergency. Most people these days operate on credit cards themselves. Even if you were to obtain a loan from friends and family, you would have to pay back within a short period.

Banks

Borrowing from banks is a long process and not really useful when you are in need of urgent money in Singapore.

Traditional money lenders

Traditional money lenders charge interest rate according to their own wishes and ask for a good credit score in order for you to obtain loan.

Licensed money lenders

A great source of immediate loans are licensed money lenders. They are reliable money lenders with a legal license to lend money. Licensed Money lenders in Singapore are governed by official regulations and therefore much more credible than any other legitimate financial institutions. Has anyone taken a loan from a licensed money lender amongst your friends and family circle? You might be tempted to ask them about their experience and how they were dealt with.

Who are they?

Licensed money lenders are recognised by the Registry of Money Lenders as well as the Ministry of Law. This distinction earns them a place in the formal money lending industry. A Reliable money lender in Singapore will be listed on the website of the Ministry of Law. There is a list of Frequently asked questions (FAQs) that are available for your reference before you make this decision, do take some time to read up if you have no clue how this transaction works.

How do they operate?
All you have to do, if you need money urgently in Singapore, is fill in an application form, provide personal details, submit documents for proof, and choose the kind of loan you want. The process is fast, reliable and involves minimum annoyances.

Pros and Cons of Licensed money lenders
As with every other source of money lenders, licensed money lenders also have their pros and cons.

Pros
· Fast

· Reliable

· Efficient

· Minimum procedures

· Don’t ask for credit scores

· Application procedure is not too strict
Cons
· Charge a higher interest rate than market

· No fixed interest rate

· You need to be aware of hidden claims and clauses

· Carry out a detailed market survey to determine the best interest rate offered by various money lenders.

 

Finding a reliable licensed money lender is not a problem. You can easily search the list available on the Ministry of Law’s website and pick a reliable licensed money lender of your choice. A reliable licensed money lender is important because your transactions involve money – therefore, you need to be sure that you are not getting into any unnecessary trouble and the entire deal is legitimate.Try to find a licensed money lender who understands your needs and is willing to customise their Personal Loan to suit your urgent needs.When in need of money, having a reliable source of money is important for your own satisfaction as well as a guaranteed supply of money.

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