Money lending is an ancient practice that involves transferring money from one party to another in exchange for interest or other compensation. Today, national laws regulate money lending, and legal entities such as banks no longer offer such services. Sometimes, we tend to think that the easiest way is always the best. However, it’s not necessarily true. There are times when we have to look for other options in life. If you need a loan as soon as possible and do not know where to start, this article will surely help you find a licensed money lender in Bedok.
What do you mean by a licensed money lender?
A licensed money lender is a lender that has approval from the government and holds a valid license to lend money. The Ministry of Law regulates licensed moneylenders in Singapore. This regulation is meant to protect both borrowers and lenders from falling prey to unscrupulous lenders. When you take a loan through a licensed moneylender, you can be confident that you will get the loan amount and interest stated in your contract or promissory note. In the event that you default on your loan payment, they have legal rights to recover their debt through
Why do you need a licensed money lender?
You need a licensed money lender because not all money lenders are created equal. If you’re looking to get a legitimate loan, you can choose between reputable licensed moneylenders and fly-by-night operators who will likely scam you. Licensed moneylenders have accredited entities that are under the watchful eye of the authorities to ensure that their operations are fair and honest.
How to find a licensed money lender in Bedok?
Are you looking for a licensed money lender in Bedok? But you’re not sure where to start? You’re not alone. There are a lot of aspects to assess and many factors to take into account when you are trying to find the right loan provider for your monetary needs. Whether for business or personal reasons, you will have to find a licensed money lender when you need a loan. But how does one do that? How does one find a licensed moneylender, and how does one ensure that the moneylender is licensed?
The good news is that one can get many ways to find a licensed money lender.
Via the Local Newspaper.
Local newspapers are an excellent platform to find money lenders, but you have to be smart enough. For instance, if you want to get a loan through a local newspaper in Singapore, your job is effortless. You just need to go through the local newspaper and find the ads that say “loan needed” or “want a loan.”
You can contact them directly and inquire about their schemes. After that, you can negotiate the interest rate between both of you. Negotiation on a standard interest rate is a normal thing to do.
Through friends or family members
You can also ask fellow business people if they know someone who can help you with a loan. If you are a new business person, it might be challenging to get a loan from the bank. That’s why you should ask your friends and family members if they know someone who can help you.
If you cannot find a friend or relative to introduce you to someone who can lend you the money, you may try your luck on the internet by doing searches. Depending on your location, you may use Google and Bing to search for “wholesale lenders” or “cash advance lenders.” In fact, many websites can connect you with cash lending companies in your area. All you need to do is complete an application form and submit it online.
Moneylenders Directories and Databases
You can also look up some directories or go online and search for local licensed money lenders in any area, state you require. By doing so, you will have a list of all the money lenders who are ready to help you finance your small business start-up.
Things to consider for licensed moneylender in Bedok
But when searching for a licensed moneylender, there are still some things that you should keep in mind. First, avoid going to any private money lenders as these lenders may give you a loan, but they will charge you with an extremely high-interest rate.
Check the legitimacy of the moneylender.
You can check the moneylender’s status by going to the Singapore Ministry of Law’s official website and looking up the company’s registration number (SSM). The moneylender must also be licensed by the Singapore Monetary Authority (MAS), and its lending facilities must be listed on the MAS’s List of Credit Facilities.
Check the reputation of the licensed moneylender.
Before you sign a contract with a licensed moneylender, it is crucial to check their reputation. It can be done by visiting their website and reading their reviews from past clients. Personal recommendations from friends and family are also a reliable way to determine if the licensed moneylender is trustworthy.
You should also check if the licensed moneylender has any complaints from the Ministry of Law or the Ministry of Trade and Industry. There are two ways to do this – you can either visit the Moneylenders Registry at the National Debt Helpline.
Check the approval processes licensed moneylender.
The best money lenders don’t have complicated approval processes and won’t make you wait for funds for an extended period of time. They want to get money in your hands as fast as possible. This is what distinguishes them from the competition.
To wrap things up!
Now that you know the benefits of engaging a licensed moneylender, the next step is to identify one. It is easy to get confused with all the licensed money lenders in Bedok. There are many factors that you need to consider before choosing a lender. On-Line Credit Pte Ltd is your best choice for a licensed money lender in Bedok. The services provided by On-Line Credit Pte Ltd include a broad range of financial solutions for individuals, small and medium-sized enterprises. Our goal is to help Singaporeans find the right loan for their needs.
With years of experience in the financial services industry, we have built our business on your trust values. We are dedicated to deploying you professional financing solutions and excellent customer service. Whether it is a short-term loan or a long-term investment plan, we would be pleased to help you.