A money lender who is recognized and regulated by the registry of money lenders in Singapore is a licensed money lender. The ministry of law constantly updates the list of approved licensed lenders in Singapore. According to the ministry of law, there are about 160 money lenders in Singapore. Hence there is no shortage of services which are willing to lend the money in Singapore.
EasyCredit.com.sg being one of the trusted and reliable directory in Singaporeprovide you the endless choices of country’s trusted money lenders. It provides great assistance, as it minimizes the searching time for a legal money lender. In order to proceed with your loan application, all you need is to provide valid personal information, pay slip, contact information and other basic necessary information. Majority of money lenders offer their potential burrowers a wide range of loan options in Singapore, such as payday loans, foreigner loans and personal loans.
Most of themoneylenders target the burrowers who have the difficulty of acquiring the loan from the banks because of various reasons. Therefore, there is a chance for money lenders to provide loans at higher interest rates than normal.
In order to prevent such situations, the registries of money lenders have updated the rules and regulations. Therefore, following are the Money lender Singapore low interest rates announced by the registry:
- Moneylenders are allowed to charge the interest rate of maximum 4% per month.
- Administrative fee should not exceed more than 10% of the principle upon approval of the loan granted.
- A money lender is supposed to charge the maximum of 4% per month as the late interest for each month the loan is repaid late.
- They are not supposed to disclose any information regarding the burrower without the written consent.
As you are protected by the money lender act, you have the right to complain to the ministry of law against the money lenders who are in opposition to the rules.
Before making a final decision it is important for a burrower to determine the interest rates offered by the money lender while burrowing the money and is also better to check if there are any clauses or hidden fees. Be clear regarding the details before signing up with your lender and also make sure whether you have the ability to make the loan replacement within the agreed time.