Simply put, a licensed lender in Singapore is recognized by the Registry of Money Lenders. Once you visit the IPTO website, you can find a updated list of licensed lenders in Singapore and these institutions all possess a valid and updated operating license that matches the ones posted at the Registrar of Money Lenders’ Office.

With this in mind, it is best to look for a license number of the lender’s website, then check if the numbers match the ones indicated at the Registry of Moneylenders. To make it even easier for you, it helps to look for a reliable money lender directory like EasyCredit.sg that includes a list of money lenders in Singapore. By doing so, you can cut down the amount of time spent in searching for the right lender that you need.

Once you have chosen a money lender, you will have to go through the application process. Generally, loan application is done online, and you can expect to have your personal / payday loan approved in a matter of minutes. You only need to provide relevant personal information about yourself, which includes your contact details, employment status and other facts as required by the lender.

As for the loan packages, you can choose from various lines of credit offered by the money lender. Most moneylenders in Singapore give potential borrowers a chance to take out different loan options including personal loan, payday loan, and a few other choices to meet their clients’ needs. It is only a matter of deciding on the loan package that suits your concerns before submitting your application.

It is essential to first determine the interest rates offered by the licensed money lender before you make a final decision of taking out a personal loan. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.

Prior to signing the agreement, check if there are hidden fees, clauses or other details you need to know. Choose lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, simply clarify these details with your lender before signing up your loan application form.

Most importantly, be sure that you understand completely the details presented in the contract before you sign anything. The draft given to you by the lender should be written in a language that you can understand. If you need assistance, you may also want to consult a lawyer who can help explain the details to you. Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.