When you need to borrow money in singapore, there are a number of options. Some people choose to go with a bank, while others turn to a licensed money lender. Both have their own benefits, but which is the best choice? Let’s take a look at the key differences between these two types of lenders.
Licensed Money Lenders Are Trustworthy and Legit
The most popular way to borrow money in Singapore is through a licensed money lender. These private companies offer loans to individuals who are not currently employed or able to secure a loan from a bank. They also charge reasonable interest and offer flexible repayment terms. In addition, licensed money lenders are regulated by the Monetary Authority of Singapore and must sign contracts in person. This helps to ensure that borrowers are not being taken advantage of.
However, it is important to remember that the maximum amount of money you can borrow from a licensed moneylender is 4% of your total monthly income. Additionally, a licensed moneylender cannot charge any fees other than those related to the loan. Any other charges are considered illegal and should be reported to the authorities immediately.
If you are thinking about borrowing money, it’s best to do your research first. Make sure to compare rates and terms from a variety of providers before making your decision. It is also a good idea to check the lending limits for each company. Some may have stricter limits, while others might allow you to borrow more if you’re a regular customer. Lastly, always read the fine print and make sure you understand all of the terms and conditions before signing anything.