Many people are there who need money for the sake of an emergency or while being abroad, or they need the money for education and other reasons. As a result, banks cannot always lend money for various reasons, including stringent ones. Therefore, the only option that is left with people is to take the loans or money from the lending institutes or lenders who can provide you with emergency money that you need. But again, while taking the money from the lenders, there are a few things that you need to keep in mind when you choose the lenders and follow the same.
Choose a licenced lender in Singapore-
If you are in Singapore, then you should always choose a Licenced Money Lender in Singapore. One of the reasons for this is that there have been numerous cases of unlicensed moneylenders defrauding people. There have been cases of scammers and unlicensed money lenders. Some of the techniques that these scammers use are sending messages about the loans through SMS or WhatsApp, where they show that they are licenced money lenders. Besides all of these, they also send emails and connect through websites and social media, which resemble those of the licenced money lenders. Apart from that, these scammers will approach you through mobile messages or phone calls and will ask you to transfer the money to pay the GST fees or processing fees before giving you the loan.
About Licensed Money Lenders in Singapore-
Therefore, it is very important that you choose a legit and licensed Singapore money lenders. It is very important that you be very cautious when giving your personal details to any such company or firm and never give your NRIC number or contact number and address, as that can be used for unlawful purposes. Plus, don’t get carried away by their social media accounts which shows that they are licensed lenders in Singapore. One of the most important things that you should know about the licensed money lenders in Singapore is that they are not allowed to solicit loans through text messages or phone calls or social media platforms.
What the Licensed Money Lender Does-
A licensed money lender in Singapore will always meet you in person at the approved place of business and will conduct a physical face to face verification of your identity before granting you any kind of loan. Besides that, any loan transactions done online is not allowed. You should check online the list of money lenders who are legit along with their correct license number. So, verify the websites of the money lender and make sure that you don’t get into any kind of scam. You can connect with the police or call the national crime prevention council for any such cases.
License with Ministry of Law –
The licensed money lenders those who give personal loans in Singapore are the ones who have license with the Ministry of Law. They ensure that interest of the clients is met and they make all the transactions with the borrower completely transparent. They will have a specially designed loan packages which suits the needs of every client. Plus, they have a high level of customer care services, so you can always connect with them. You can also check with their interest rates online.