Dealing with a licensed moneylender helps with ensuring security especially since you are dealing with a highly sensitive medium — money.
Naturally, you would not want to deal with a fly-by-night lender, which means that there is no guarantee that you could even talk to anyone in case you have some questions. When you apply for a loan with these kind of illegal lenders, there may be instances whereby you would not even receive official documentation or a contract offered to you. So in these situations, you actually may come to realise that you do not have any written evidence to hold on to in case problems arise along the way.
But if you choose a licensed moneylender, there are no worries on your part. Licensed lenders possess a valid and up-to-date registered code of authentication, which means that they are legal to operate their business in the country. They offer an authentic source of money lending to clients, so there is no chance of you getting scammed by these people. The contract and details stipulated there are all legal and legitimate, and they comply with the Registry of moneylender in Singapore’s policies when it comes to interest rates.
If you want to contact the company for your questions, you can always visit their office to speak with someone there. This is a big point to consider since there will come a time where some concerns may arise, and you need to make sure that your needs are met. Also, it is comforting to know that if ever you have questions or inquiries, you can always consult someone to receive an immediate response.