Are you in urgent need of cash? One of the best options to arrange money immediately is calling a licensed money lender Singapore.
There are many reasons you should deal with a licensed money lender in Singapore. Licensed money lenders must follow strict rules and regulations set by the Moneylenders Act, so you can be assured that they will handle your finances responsibly.
Licensed money lenders are also required to disclose all the terms and conditions of your loan agreement in writing so you know exactly what you’re getting into.
Here are some key benefits of dealing with a licensed money lender.
Professional Service
When you deal with a licensed moneylender, you can rest assured that your loan will be handled professionally and responsibly.
Licensed money lenders are required to follow all the Moneylenders Act rules and regulations, so they know exactly what they’re doing when it comes to lending out funds. Reputed lenders also have the proper training and experience to handle financial situations.
Have a Better Reputation
In addition, licensed money lenders have a good reputation for asking for repayment, so you won’t need to worry about your loan being in constant default or being harassed by debt collectors.
Licensed money lenders are always professional and courteous, even if you’re asking for debt repayment at the last minute or requesting to use your funds for something else besides the original purpose specified.
Competitive Interest Rates
Licensed money lenders are required to charge reasonable interest rates, so you can be sure you’re getting a fair deal.
In addition, licensed money lenders must provide you with a loan contract and statement of accounts, which itemize all the fees associated with your loan.
Flexible Repayment Options
Licensed money lenders are required to offer flexible repayment options, so you can choose a plan that works for you.
Many licensed money lenders also allow their customers to repay their loans in flexible installments. You can choose to repay your loan over some time, or you can opt for a repayment plan that allows you to pay off your loan in installments.
Hassle-Free Loan Restructuring
If you’re having trouble meeting your repayment terms, licensed money lenders are willing to work with you to develop a solution.
Licensed money lenders are required to follow the Moneylenders Credit Bureau Procedures, which ensures that your loan is accurately reported. It gives you access to valuable tools like Loan Watch, which will inform you of changes to your credit score.
In some cases, you might not be able to repay your loan on time.
A licensed money lender in Singapore has the power to restructure your loan agreement so you can pay off your debt without incurring additional charges or interest payments.
Peace of Mind
The governing body highly regulates licensed money lenders. Hence, you can be sure that they will act in your best interests. If you face problems with your loan, you can contact the money lender’s customer service department for assistance.
Protection from Fraudulent Lenders
Unfortunately, many unlicensed money lenders are operating in Singapore. These lenders often charge high-interest rates and hidden fees, and they don’t provide their customers with all the terms and conditions of their loan agreement. Unlicensed money lenders are not governed by the Moneylenders Act, which means they act with complete impunity.
Licensed money lenders are required to verify the identities of their borrowers, so you can be sure that you’re dealing with a legitimate company.
In addition, licensed money lenders must adhere to the Moneylenders Act, which protects borrowers from unfair practices like excessive late payments fees and harassment.
They will Answer All Your Questions
Licensed money lenders are required to maintain a toll-free hotline with trained staff who can provide you with assistance.
You can call the hotline any time of day or night for help finding a loan or repayment information. Licensed money lenders also have licensed customer service agents on their payroll, so you’re sure to receive your payments promptly.
A Physical Address for Personalized Interactions
Licensed money lenders must have a physical address, so you can visit their place of business whenever you need.
You can call the money lender’s hotline or email them for additional information, but your best bet is to visit their office in person if possible. Licensed money lenders are always available by phone or email so that you can consult them about your loan agreement at any time.
Follow a Strict Code of Conduct
Licensed money lenders must follow the Moneylenders Credit Bureau Procedures, which is often called “the Bible” for licensed money lenders.
The extensive rules and regulations govern things like responsible lending practices, debt collection, and information disclosure.
Licensed money lenders must also adhere to the Moneylenders Act, protecting borrowers from unfair practices.
If you’re looking for a safe and responsible way to borrow money, licensed money lenders are the best options in Singapore.
The governing body highly regulates these lenders, so you can be sure that they will act in your best interests.
