Finding a licensed money lender in Woodlands

Woodlands is a planned residential area in the northern part of Singapore close to its border with Malaysia. Many of the citizens and residents living in the area are facing financial problems may require a loan due for different reasons. The amount and type of loan will vary, some require a personal, business, renovation, medical or microloan, while others wish to consolidate their credit card or other debt. These borrowers may have already approached the various banks who may have rejected the application or are taking a very long time to process the loan application following the procedure.

Hence many of these citizens in the Woodlands area who wish to take a loan is looking for a reliable licensed money lender in Woodlands who is willing to lend them the amount they require at a reasonable rate. In some cases like medical emergencies, they require the funds quickly. While they may be able to get a loan from other moneylenders in Singapore, many residents in Woodlands would prefer a local moneylender, since they visit the office if they require any clarifications or have to submit the documents required. Though the local money lender is not offering the best rate, they will save time and money since they do not have to travel.

Though the borrower may get a loan from a unregistered money lender, it is always better to borrow from a reputed licensed money lender for a number of reasons. To safeguard the interests of the borrowers and ensure that the money lenders do not indulge in unethical practices, the Singapore government has made it mandatory for all money lenders in the country to be registered with the Ministry of Law. The government provides an updated list of money lenders which borrowers can refer to while taking a loan. If any borrower finds that the lender is indulging in unethical practices, he can complain to the government agency, which will review the complaint, and remove the unethical money lender from the list of licensed money-lenders in Singapore.

There are many licensed money lenders in the Woodlands area, so a borrower can conveniently get quotes from these different lenders using loan comparison websites. The borrower only has to provide some basic personal information like his contact details, the amount he wishes to borrow, and the average income for the last three months. After receiving the request for a loan, based on their terms and lending criteria, the various money lenders will give their best offer, with the interest rates, fees and other terms and conditions.

The borrower can review the various loan offers, and choose the most suitable offer for him. Depending on the loan amount and repayment period, some additional documents may be required before the loan is approved, and the amount credited to the bank account of the borrower. Compared to banks and other lenders, many prefer to borrow from a moneylender, since they process the application five or six times faster. The interest rate is also better in some cases, and there is more flexibility in the repayment period specified for the loan.

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