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What are the fees that moneylenders can charge?

There are six different types of fees that moneylenders are allowed to charge their clients, which is applicable beginning June 1, 2012. These fees including the following: For late payment of interest or principal amount loaned.

How to determine if the lender is licensed or not?

The rule of thumb is to never take out a loan to an unlicensed moneylender. You should first verify whether the lender is licensed or not by going through a list of moneylenders that are legitimate and reputable. (Click here for a list of moneylenders licensed in Singapore). Here are also a few ways to check if the lender is not licensed.

What factors to take into account before I consider applying for a loan?

Before you decide to take out a loan, you should keep these essential aspects in mind: Prior to choosing the best moneylender, make it a point to study your options including different financial assistance programs provided by government agencies. It may also help to contact these agencies directly, so you can learn more about the available schemes offered.

FAQs for Borrowers

How much can I loan from a licensed money lender? How do I know when my personal loan is approved? Can I still get a loan from money lender if I have bad credit history or ratings? Are there any fees if I would like to make an early redemption?

Licensed Money Lender vs Banks

In the current world, there are money lenders who are licensed by the registry of money lenders. The registry requires money lenders who are abiding by the money lenders act and rules. In fact, the fees charged, interests rates a lender can charge and the lending amounts limit are some of the things which are determine by the registry.

10 Types of loans Available You Can Obtain and Their Benefits

When it comes to borrowing money, there are different types of loans you can take out and this makes choosing the right kind a bit difficult if you don't know their uses. With that being said, below we're going to focus on offering you more information about the various types of loans available and the benefits each one carries.

Choosing the Licensed Money Lenders from Reputable Financial Directory

In the money-obsessed society, money plays a critical role in every aspect of society. With abundant money, you are most likely to enjoy an excellent material and spiritual life. However, it is really a big fact that you may confront money problem now and then. When having money problem, you will likely borrow money from these people or organizations such as your relatives, friends, banks, and so on. When they fail to help you, the increasing stress will drive you crazy.