Taking a loan is a hassling process. One has to go through a lot of formalities to get the loan approved. Getting a loan from trustable sources is another dilemma. Before applying for a loan, there’s a number of things that should be checked. Like finding a legal money lender, if they’re reliable enough, if they’re licensed, the advantages and disadvantages of borrowing money as well as the interest charged on loan taken out, a low-interest personal loan could be taken out.
A low-interest personal loan
Finding a Money Lender with a low-interest personal loan may be hard but is much better in the long run. If a loan is taken with low interest, it becomes easier to pay it back and get rid of the debt. The borrower would’ve to pay lesser over time as the interest accumulates, making the amount smaller than it could become if a different lender was chosen. That’s why it’s important for a money lender with low interest to be chosen.
Urgent Loan Money Lenders Singapore offer low interest personal loans up to only 4%. They are a commonly used money lender for both Singaporeans and foreigners with employment in Singapore. Singapore is a well-developed nation with good financial systems and is recommended for money borrowers online and in person.
It’s necessary for all licenced Urgent Loan Money Lenders Singapore to provide a written cautionary statement to the borrower before getting the loan. This cautionary statement is a warning given to the borrower about the possible abuse a money lender could partake in and where such behaviour can be reported. It is important that the borrower signs it to show that they acknowledge it. This is also done so that the lender implements regulations and do not act abusively.
Finding a Legal, Licensed Money Lender
- It is important that the chosen money lender is legal so as to avoid illegal means of being forced to pay back the loan. These include being blackmailed, threatened, use of abusive language or taking control of the borrower’s property.
- In the urgency of finding a loan quickly, one might forget about this, although it’s important. No legal money lender gives loans 24/7. Not unless it’s online, in which case, the borrower could receive their money in only eight minutes.
- Licensed money lenders are always not aggressive and do not use threatening language.
- No unnecessarily high amounts of loan interest. A service charging interests way too high is likely to be an illegal one. In Singapore, according to the Ministry, no money lender is allowed to charge above 4% personal interest. So a loan could be easily be borrowed from Urgent Loan Money Lenders Singapore online with a low-interest personal loan.
- The Terms and Conditions of the loan taken out is taken seriously by licensed money lenders. Illegal ones might try to omit it out. If the terms and conditions aren’t offered any explanation, it’s an illegal lender.
- Paying a fee prior to approve a loan is not required by licensed money lenders. Don’t pay this fee if asked for it.
- A good moneylender always has a fixed address. Taking the loan online or not, a clear, viable address is always provided by a good moneylender.
- A face to face interaction for verification is usually needed by good money lenders, where the borrower would have to sign a detailed loan contract to confirm details. If not, it then becomes very suspicious. If asked to sign an incomplete loan contract or a blank one, it is a clear sign to back out.
- Seizing of property of the borrower is not allowed by a licensed moneylender unless they get a Writ of Seizure and Sale. They also do not destroy or vandalize property.
- An Urgent Loan Money Lenders Singapore money lender is able to advertise their services through three channels only; websites owned by them, business or consumer directories, and on or around the exterior of their business address. If any numbers send any SMS or WhatsApp messages advertising loan lending services, then it is an illegal service that should be blocked and deleted.
Once a reliable licensed money lender is found, the application process is very simple.
- Visit their website and fill out a form with the required details involving name, citizenship, monthly salary, and the amount to be borrowed.
- Log in to the website, and the information will be filled in according to the data entered before.
- Certain documents will be asked from the borrower, which will have to be uploaded by them onto the website.
These documents include:
- Passport or NRIC; to prove identity.
- Bank statement or bills; to prove residence.
- CPS contributions or payslips; to prove employment.
- Now the loan application can be submitted to the website.
- After the submission of the loan application, an SMS will arrive after eight minutes with the results of the application.
- After the approval of the loan application, an appointment should be scheduled by the borrower for a face to face verification.
- During the face to face verification meeting, a detailed loan contract will be provided for the borrower to sign, confirming the loan, which can be opted to be received in cash or to be transferred into the borrower’s bank account.
Before getting the loan, one should be informed about these things:
- Nominal low-interest personal loan.
- Late repayment interest charges.
- Form of payment.
- Other legal charges to be paid.
In lieu of the precautions taken, if things still take a wrong turn, here’s what to do:
When wanting to complain about a lending service:
One could report the service to the Registry of Moneylenders with their name, license and contact number. The borrower’s information is not disclosed to the lender that they complained about by the Registry. There’s total anonymity.
Regarding threats from Money Lenders:
If harassed by money lenders, the improper practice will be subjected by the Registry of Moneylenders. A police report can also be made to take the matter seriously.