Nowadays, many people turn to loans to deal with their financial needs. These loans include personal loans, payday advances, or short-term cash loans in Singapore.
However, many financial institutions do not have efficient law approval processes. Customers often have to deal with red tape and stringent lending options to borrow money, making the process frustrating and inconvenient. Hence, borrowers turn to unlicensed moneylenders in desperate situations to get quick loans.
However, unlicensed moneylenders, or loan sharks as generally known in Singapore, are illegal lenders. They provide quick loans without paperwork and charge outrageous interest rates, making it almost impossible for borrowers to pay back the money. Pushing them further down into their financial misery, loan sharks resort to harassment and violence to collect their loan and interest money.
MAS (Money Authority Of Singapore) has enforced a law in Singapore that prohibits unlicensed moneylenders from lending money to individuals. It is advisable to seek a licensed money lender in Bedok to ensure that you are dealing with a legitimate loan professional who is not making you a prey.
If you are worried about how to find a licensed moneylender in Bedok and not unknowingly indulge with loan sharks, we are here to help you.
In this blog, learn how you can find the ideal licensed moneylenders for you in Bedok, Singapore.
How to Reach Legal Bedok Money Lenders?
Via the Local Newspaper
If you have been living in Bedok for quite some time, you should be familiar with the local newspaper. A great way to find a licensed Bedok money lender is by checking out the classified section of your local newspaper. It is an effective method, as it allows you to conveniently scan through all the different listings and choose from several available options.
The best part about this method is that it does not cost anything, so it is worth trying out if you do not want to spend too much money finding a licensed money lender.
Via Friends and Family Members
Another effective way to find a licensed money lender in Bedok is by asking friends and family members who might know someone that can help you get access to quick cash loans online. If they cannot provide any beneficial information, they might be able to refer you to someone who can help you with this matter.
Via Online Search
Finding a licensed money lender online in Bedok is easy. All you need to do is search for licensed money lenders in Bedok, Singapore, and you will have a list of licensed Bedok money lender companies on your screen that are licensed under the Monetary Authority of Singapore (MAS) to conduct financial services in Singapore.
You can also consider banks, insurance companies, and finance companies as licensed money lenders in Bedok as they also have a financial service license by MAS.
Also, check out the Financial Services Agency (FSA) website for a list of licensed institutions that offer unsecured loans and financing products, such as mortgages, credit cards, and personal loans.
You can also search for complaints filed against the company on the Consumer Association of Singapore (CASE) and Moneylenders Online Complaints Portal (MOCP) to compare various moneylenders.
Via Online Reviews
Check the lender’s online reviews to find if a lender or cash advance company is licensed and legitimate. This way, you can also see what other people have said about their experience with the company and whether they were satisfied with the service provided.
You will get an insight into how reliable the lender is and whether or not they have a good track record.
Some websites allow customers to leave reviews about their experience with a company or product. For others, try searching for their name or product on Google or Yelp and see what others have said about them.
Via Moneylender Directory
The Moneylender Directory is a list of licensed moneylenders in Singapore, compiled under the Moneylender’s Act. This directory is updated every quarter and contains information like the company name, location, contact details, and license number of moneylenders. It also includes information about the financial strength of each company (if they’re listed), along with any disciplinary actions taken against them. It can be helpful if you are looking for a reputable lender to borrow money from.
- Moneylender Information Centre (MIC) – This is the official website of MIC, and it contains information on the various licensed moneylenders, including their addresses and contact numbers.
- Moneylenders Directory– This directory contains information about various licensed moneylenders in Singapore. It allows you to search for a specific lender by name or location.
- Money Lending Hub – This directory is managed by a private company. It contains information about all licensed moneylenders in Singapore. It also allows you to search for a specific lender by name or location.
Via the Moneylenders Database
The Moneylenders Database is another way of finding a licensed money lender in Bedok. It contains information about all licensed companies registered under the MAS, including their names, registration numbers, addresses, and contact details. You can search for a company in the database using its registration number or name.
You can use the Singapore Credit Bureau database to search for one that matches your needs. It contains information about all licensed moneylenders in Singapore, including their names and addresses. You can also see how long each company has been operating, along with the number of complaints made against them over the past year. It will give you an idea of how trustworthy each lender is before choosing one for your loan request.
How to Get a Quote from Private Moneylenders in Bedok?
To get a quote from the private money lenders in Bedok, you need to fill up the online application form with all the required details. Once the lender receives your application and approves it, they will give you a loan offer letter with the interest rate, tenure, and repayment schedule.
If you are satisfied with the terms and conditions mentioned in that offer letter, you can move ahead and accept it by signing it and sending it back to them. They will send you an invoice, which is payable within 30 days from the date of receiving their invoice.
Your search for a legal Bedok money lender has come to an end now- OnLine Credit is the licensed money lender in Bedok you need. Apply for loans with us and get quick and convenient financing solutions!