Information to Borrowers about Money Lenders in Singapore

Discussion about money lender:

Generally, at times of financial emergency, one need to borrow money may be from financial institutions or banks. But these systems involves time, people often approaches the moneylenders, who supply the money at high interest rates. They offer you personal loans and payday loans very easily without taking too much time. The borrower should provide relevant documents for availing the loan. With a high cost of living and economically established country like Singapore, individuals should always be looking for loans to satisfy their emergency needs. They may include accidents, school fees, rents and medical emergencies. So many money lenders are well connected across the country. Coming to moneylender system in Singapore, the ministry of law has formed set of rules and regulations for a fair deal. They update the information about the money lenders regularly to avoid frauds. Choose the licensed money lenders when applying for a loan. The information is provided on the website of Ministry of law as well as on the popular site of EasyCredit.com.sg. This site provides you the list of licensed moneylenders support the borrowers in financial crisis.

Does Moneylenders work 24/7?

Usually moneylenders work only on weekdays, but fortunately many Money Lender Singapore Open on Sunday. In case of emergency, one can get a payday loans by visiting the moneylender websites where a quick loan can be approved. All you need to do is providing true information and relevant documents about your work place, address of home and purpose of loan. Always choose the best and licensed moneylenders for a tension free transactions. Study the interest rates and hidden fees carefully. There are many moneylenders who work physically on the weekends to ensure free flow of their business. The borrowers are benefited with the working hours of the companies.

Safety measures to the borrowers:

  • Identify the best moneylender by getting into websites which shares the information of licensed companies and check the government official website.
  • Borrow the amount which is needed at the time and make sure you repay it on a regular basis. This avoids the last minute rush and also the financial disturbances.
  • Read and listen carefully to the moneylenders about the terms, rate of interest and processing fees and choose the best scheme suits you.
  • Always sign a legal contract to make sure everything goes well. Agreements made should be thoroughly followed.
  • Do not handover your original documents like ID card, driving license, passport or ATM cards to the moneylenders. If they force never get a loan from their company.
  • Plan your budget accordingly for repaying the loan to avoid more interest rate.