Do you want to buy a new car? Do you want to shift to a better apartment, but you are short on cash? If you are facing such issues, then don’t worry! In a place like Singapore, there are only a few limited options when it comes to getting credit. However, there is some trusted micro-finance company where you can apply for some credit. Make sure that it is a licensed company like CRAWFORT SG.
How to find the right licensed moneylender
It is quite easy to get fooled by fraud when it comes to looking for a moneylender. Whether you need money for business capital or personal use, you have to find Singapore Best Moneylender. It is best to avoid the shady loan sharks and focus more on the moneylenders that are licensed by the Government. Hence, they are obligated to make you aware of the whole proceeding and cannot fool you. But it can be quite a difficult task to find the right moneylender for your needs. Here are some tips that you can use while looking for a moneylender in Singapore:
Do your research!
It is better to be safe than sorry. Before you trust any moneylender, you need to do some background research. After locating a licensed moneylender in Singapore, you have to gather information about their history or background. You can easily get all the information that you require on the internet. All the licensed moneylenders have an updated website, and you will be able to find out about their loan offerings as well as their contact details. You might also look into review websites. There are several review websites online that compare moneylenders in Singapore.
Check out the Ministry of Law’s official website
After you have shortlisted a few moneylenders in Singapore, it is time for you to check whether they are licensed or not. You will be able to do so by visiting the official website of the Ministry of Law. You will be able to find a registry on the website. This is done in order to make the monitoring of these moneylenders in Singapore a tad bit more easier. If any of these moneylenders will violate the rules laid down by the Government, their license will be canceled immediately. You do not have to worry as the list is constantly updated in order to save citizens from getting duped by local loan sharks. You need to cancel out the ones who do not appear on the registry as the chances are high of them being loan sharks.
Go to their office!
A properly licensed moneylender does not only have a website. It also needs to have an office where clients can come and inquire about the loans. It is an important way by which you can distinguish between loan sharks and licensed moneylenders. Loan sharks usually do not have an office and tend to conduct all of their business online. In the case of a licensed moneylender, you will be able to see a decent number of staff in the office. Every website has a hotline number, and you use this number to find out the address of the office. If you are going to sign a contract, make sure that you do so inside the office and not anywhere else.
Keep a check on the interest rate
You need to make sure that the interest rate is not extremely high. The entire licensed Singapore best moneylender follows the rules laid down by the Government and set a reasonable interest rate. Licensed moneylenders follow a fixed interest rate so that it does not change over the course of time. This is to protect the clients even when the market is unstable. If you can locate your moneylender in the registry, then you can rest assured that the interest rate is well within the rules and regulations laid down by the Government. You will be able to notice that loan sharks often change the interest rate without any warning as they want to cheat you.
Check the fees of the moneylender
Licensed micro-finance companies such as CRAWFORT SG charge only a decent amount of fees. According to the rules laid down by the Government of Singapore, moneylenders can only charge their clients three types of fees that exclude the interest. After you pay these fees, no licensed moneylender will ask you to pay any more amount of money. The first kind of fee is the service fee that is for the initial process. This fee is required in order to process the loan. Keep an eye out as licensed moneylenders can ask for an amount that exceeds 10% of the total amount of the loan. The next type of fee is legal fees.
In case you are unable to pay the loan within a fixed amount of time, the moneylender has to take you to court. Only then will you be charged the legal fee. The third type of fee is the fees for late payment. In case you are unable to pay the loan back within the stipulated amount of time, you will have to pay this fee as a penalty. Before you sign the contract, make sure you have read it thoroughly. Loan sharks often try to cheat you, whereas licensed moneylenders ask lawyers to draw up an appropriate contract. Make sure that you do not sign any unfinished or blank document as it can later be used against you. The contract should mention the amount of the loan, the interest rate, and the amount of time within which you have to pay back the loan.
You need to be aware of the fact that licensed moneylenders are forbidden by the Government to send personal messages which advertise them. Whereas loan sharks do not care about your credit score, licensed moneylenders make sure that you will be able to pay back the loan within the fixed time. Now that you know what to do, stop thinking, and apply for the loan from a licensed moneylender only!