Money Lender Singapore – How to Find a Legitimate Money Lender
If you are in need of quick cash, a money lender Singapore may be your best bet. These regulated entities offer a convenient and safe alternative to banks, which can be a bit restrictive when it comes to loan approvals.
Licensed money lenders in Singapore are governed by the Money Lending Act, which sets out strict regulations for them to follow. They are required to give you a loan contract before you sign on to it, and also inform you of all the terms and conditions that come with the loan.
To make sure you’re dealing with a legitimate money lender, check their license number on their website and physically verify the address where they operate from at the Registry of Moneylenders. Additionally, if they advertise their services in ways that are illegal, such as through SMS or WhatsApp, you should be wary of them.
Illegal moneylenders and loan sharks often target vulnerable people who are experiencing financial difficulties. They are able to lure victims with low interest rates on the surface, but their loan structures are designed to extort them in the long run.
Moreover, these money lenders are only allowed to advertise their services through business or consumer directories and their own websites. They should not put up advertisements on public property, such as billboards or bus stops, which could be a red flag. If you see these ads, it is a good idea to contact the police and report them. money lender singapore