If you reside in Singapore and you require a loan, it is crucial that you only work with licensed money lenders. If you do not, the chances are that you may end up getting scammed.
In this blog post, you will learn how to find a licensed money lender in Singapore to get the loan without worrying about being scammed.
- Look for a License Number
A reliable one will have a license granted by the Ministry of Law. You can do this by checking the list of licensed money lenders on the MAS website. You will also find the license number mentioned on their website. For example, Bugis Credit has a license number mentioned on their website that confirms that they have required licenses to provide lending services.
- Member of Singapore Moneylenders Association
Besides looking for proper money lender licenses, ensure that the company is a member of the Singapore Moneylenders Association. It is important because members of this association are required to adhere to specific standards and are also subject to regular audits. In other words, once you check these criteria, you are sure to deal with reliable lenders.
- Read Reviews
Customer reviews tell you a lot about the lender and their business practices. Therefore, it is always a good idea to read reviews about the lender before you decide to work with them. This way, you can get an idea of what clients have to say about their experience with the lender.
- Check Their Loan Services
When looking for a licensed lender, it is crucial to look for one that offers various loan services. This way, you can find the right loan for your needs. Here are some of the most common loans offered by Singapore-based money lenders like Bugis Credit.
- Short-Term Loans – Short-term loans are designed to help you with your immediate financial needs. They have a repayment period of one year or less.
- Payday Loans – Payday loans are a type of short-term loan that is designed to help you get through a financial emergency. This loan often covers unexpected expenses, such as medical bills or car repairs. The loan is typically for a small amount and the repayment period is short.
- Monthly Loan – A monthly loan is a type of loan that is repaid over a month. This type of loan covers expenses, such as rent or utility bills.
- Medium-Term Loans – Medium-term loans are designed for those who need a more extended repayment period than what is offered in a short-term loan. The repayment period is generally two to five years.
- Personal Loan – Personal loans are a type of loan designed for those who need a more significant amount of money than what is being offered with a short-term loan. This loan often covers expenses such as home repairs, weddings, or tuition.
- Long-Term Loans – These loans are designed for those who need a more extended repayment period than what is offered with a medium-term loan. These loans typically have a repayment period of five years or more.
As you can see, several options are available. Be sure to research and compare different ones before you approach them.
- Visit Their Website or Call Them Personally
Nowadays most money lenders allow you to apply for a loan online. Alternatively, you can call them and visit their office to apply for funding. Remember, a licensed money lender will not ask for personal information but only require you to submit valid identification and income proofs. You will also be required to provide your phone number and communication address as well as current valid proof.
If you keep these things in mind, you should be able to find a licensed money lender in Singapore that you can trust. This will allow you to get the loan you need without any worry.