A Singapore licensed money lender is a financial institution that adheres to the rules set by the Ministry of Law, protecting the interests of borrowers. They offer various loans at competitive rates, including personal loan and mortgage loans. However, before taking out a loan with any licensed moneylender, it is essential to do your research and carefully assess your situation and requirements. You should also consider other options, such as applying for Government grants and schemes.

Before you borrow from a Singapore-licensed moneylender, be sure to verify their license and physical address, as well as the terms of their loan agreements. You can do this by visiting their official website and cross-checking it with the Registry of Moneylenders list. In addition, you can look for reviews on various loan comparison websites and social media.

Ensuring Compliance: What to Look for in a Licensed Moneylender in Singapore

If you are unable to repay your loan, the Singapore-licensed moneylender will notify you in writing. The letter of demand will specify the amount outstanding, a list of additional fees, as well as the repayment schedule. If you receive an unclear or incomplete loan contract, report it immediately to the Registry of Moneylenders.

Illegal money lenders, also known as loan sharks, prey on individuals who are in financial distress by offering high interest rates and aggressive repayment terms. Those who fail to repay their loans will face legal action from the loan sharks, which may include wage garnishment and placing a lien on the borrower’s property.