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Ultimate Guide to Singapore Money Lender
Posted: Jul 16, 2022
In Singapore, the cost of living is high. There are times when we unavoidably encounter financial difficulties and require cash to get us through trying times. Some people may require the cash to cover expenses until their next paycheck, their wedding, house renovations, or an unexpected expense. Singaporeans often take out several loans, according to Credit Bureau Singapore (CBS).
There are several options for borrowing money. One of the more traditional choices is applying for a personal loan from a bank. Due to their extensive administrative procedures, banks in Singapore take days to process your loan application. In terrible circumstances, your loan application may even be turned down due to your income level or credit rating!
How much money may I borrow?
In Singapore, secured and unsecured loans are provided by banks and authorised money lenders. Generally speaking, secured loans have no maximum loan amount but do demand collateral. However, you can borrow a range of quantities from unsecured loans.
Do I Expect to Pay Exorbitant Interest Rates?
You can be sure that authorised Singapore Money Lenders cannot do that! Singapore Money Lenders with licenses are subject to rules they must follow. Regardless of your income or the kind of loan, this interest cap is applicable to all types of loans.
What About Penalties for Late Repayment?
Licensed Singapore Money Lenders are only permitted to impose a max of 4% per month for each monthly of late repayment if you fail to deliver timely repayments.
Are There Any Additional Fees I Should Be Aware Of?
Licensed Singapore Money Lenders have the right to charge a variety of fees, including administrative costs, late fees, and late interest.
It's crucial to remember that the total fees, which include interest, late interest, upfront administrative costs, and late fees, cannot be greater than the loan's principle amount. If you borrow S$3,000, the total of the interest, late fees, administrative charges of 10%, and late fees of S$60 cannot be more than S$3,000.
Prior to executing the loan Contract Contracts are enforceable in court. It's advisable to confirm that all of the information is accurate before you sign anything. Licensed Singapore Money Lenders must give you written notice of the nominal interest rate, late interest charges, any applicable fees, and instalment payment information before approving your loan. These should all be explained in unambiguous terms! If you are uncertain, consult them right away to get your questions answered. The warning signals of offensive lenders and where to file a complaint when necessary are other pieces of information that Singapore Money Lenders will offer.
What Should I Do If I Am Unable to Repay My Loan? What Should I Do If I Am Unable to Repay My Loan?
Unexpected difficulties can happen occasionally. Be honest with your lender if you encounter difficulties making your loan payments. These financial organizations are frequently adaptable, eager to assist, and prepared to listen. You might attempt to bargain for a loan extension or a plan for refinancing. There are a few things you may take to stop legal action against you if you are unable to pay your debt on time. Learn more about them here. Do keep in mind that authorized money lenders have the legal authority to sue borrowers in the worst-case situation.
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