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What Can Licensed Moneylenders Bring To You

Author: Candy Chan
by Candy Chan
Posted: Jun 07, 2017
licensed moneylender

Licensed moneylenders are a group of people, financial institutions, registered organizations or small credit entities who have been legally mandated to offer money lending services to individuals in need. They offer a small amount of money at a stipulated repayment time with a small interest rate. Most licensed moneylenders play an active role in assisting various people who have limited access to banking institutions to access credit facilities in order to benefit from the loan. Stringent laws and measures govern licensed moneylenders in order to ensure they operate within stipulated parameters.

Licensed moneylenders are considered as a life saver owing to the fact that they provide easy and convenient access to money within the shortest time possible. Despite the fact that there are many dubious money lenders, the money lending laws in Singapore have been streamlined in order to avoid unsuspecting citizens falling into the claws of loan sharks.

Every licensed moneylender in Singapore is required to be registered by The Ministry of Law under the Moneylenders Registry. Before one advance a loan, he/she should critically check if the company or institutions he is borrowing from is fully certified and registered to avoid being dubbed. A licensed moneylender should be able to fully and clearly explain the terms and procedures of acquiring and repaying the loan using a language well understood by the loan borrower. They should also explain interest rate charged, repayment method options, repayment period and should also include legal action taken in case of default.

Licensed moneylenders require proper documentation before advancing the loan. Singapore citizens will need to present their I/C, and E-pass or passport for foreigners. They will also need to present the latest proof of billing, a letter of employment, pay slip for the last three months and a confirmation letter from employer.

Licensed moneylenders are very helpful in times of dire need for money and during emergency cases. Be sure to shop around for different licensed moneylenders and settle for one with the most favorable terms in order to benefit greatly.

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Author: Candy Chan

Candy Chan

Member since: May 15, 2017
Published articles: 16

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