In SG, if you need extra money, never ask any lender; go to an authorised moneylender instead. This individual can legally lend you the amount you need and pay them back on the agreed date and time.
If you are interested, then check out these facts about them.
1. REGULATED BY THE MINISTRY OF LAW.
That is why money lending is legal. But make sure when you borrow money, ask an authorised moneylender in Singapore, so there are no hidden charges.
In case you have no idea who they are, here is a list of those who have a licensed
2. LODGE COMPLAINTS IF HARASSED.
If an authorised moneylender in Singapore harassed or threatened you, you could file a complaint. You can either call the Registry of Moneylenders at 1800-2255-529 or file one online.
3. LOW-INTEREST RATES.
Since October 2015, all authorised moneylenders are only allowed to charge up to 4%. This cap applies to whatever income the borrower has.
In other words, you can assure the interest rate you would get is not higher than that.
4. FLEXIBLE PAYMENT PLANS.
When you apply for an SME loan in Singapore, you can pay it in various methods: monthly, quarterly or annually. But ideally, you should opt for monthly payments so paying your debt would not overwhelm you nor your pocket.
5. NO TEDIOUS LOAN APPLICATION.
It sure is since you only need to fill out the loan application online and attract the required documents. Here are just a few papers you need to gather.
- Birth Certificate.
- National ID.
- Pay Slips
- Utility Bills.
6. FREE FINANCIAL ADVICE.
To guarantee you would not get drowned with debt, authorised moneylenders will teach you how to borrow a loan wisely. When that happens, make sure to listen and note things down.
For more facts about an authorised moneylender, you may reach out to Apply Loan SG. Aside from lending an SME loan, they are also in partnership with several licensed moneylenders. Go to their website today and find out what the procedures are for a loan application.
