If you require quick cash for a financial emergency, you can consider getting a loan from a licensed money lender in Singapore. These lenders have strict loan terms and conditions and adhere to the law. Moreover, they don’t charge high interest rates like loan sharks.
Licensed moneylenders also follow the guidelines set by MinLaw and only charge a maximum of 4% per month for late interest payments. They also charge a nominal fee for every transaction.
Quick cash loans
A quick cash loan is a great option if you need money for an emergency expense. It can help you cover expenses such as medical bills, funeral costs, and rent. You can apply for a personal loan from a licensed money lender Singapore, but it is important to read the terms and conditions carefully before signing.
Licensed money lenders will never harass you or blackmail you. They also will not keep any of your personal documents, including your Singpass user ID and password. They will not ask you to transfer any money to them, and they will only deduct the agreed processing fee from your principal loan amount.
Moreover, licensed moneylenders in Singapore are allowed to advertise their services only through business and consumer directories or websites. They cannot advertise their products through SMS or social media, as this is a breach of the Ministry of Law’s regulations. If you receive an SMS about loans, stay away from it – it is most likely from an unlicensed money lender or loan shark.
Licensed moneylenders
Licensed money lenders are regulated by the Ministry of Law, and do not charge high interest rates like loan sharks. They also do not ask for deposits or other upfront fees. Instead, they charge a maximum of 4% per month for both nominal and late repayment interest. It is important to compare rates with other licensed moneylenders before choosing one.
If you are unable to meet your payment deadline, try to explain your situation calmly and honestly to your money lender. Most of them will be understanding and may rework your repayment schedule. However, if your moneylender is unprofessional and unethical, you can report them to the police.
Before applying for a loan, check the moneylender’s license number on the list at MinLaw. You can also check their name, address, and phone number on the Ministry of Law’s website. If they are not listed, they’re probably operating illegally and should be avoided. You can also visit their office to verify their legitimacy.
24-hour moneylenders
Money lenders are a lifeline for many people who need cash urgently. Licensed moneylenders are regulated by the Singapore government and must abide by its laws. However, many illegal money lenders masquerade as legal ones to lure borrowers into debt traps. To avoid getting ripped off, it is important to look for a licensed money lender with low interest rates and fees.
A good licensed money lender will explain all of the terms and conditions of their loan to you before they disburse the funds. They should also provide you with a written contract with all of the details of your loan. Moreover, they should not charge more than the maximum rate of 4% per month.
The best way to find a licensed money lender in Singapore is to visit their website. They will have a link where you can apply for a personal or emergency loan. These sites will pre-fill your application with your standard information and real-time data from the Credit Bureau of Singapore.
Debt consolidation
If you have multiple debts, a consolidation loan can help you manage them better by rolling your multiple bills into a single payment. It can also save you money in the long run by lowering your interest rate and helping you pay off your debts faster. However, you should consider the fees involved and how a new loan may impact your credit score before applying.
The good news is that you can borrow up to $100,000 for a debt consolidation loan, and you have up to seven years to pay it back. The downside is that you might end up paying more in the long run because of longer repayment terms and higher interest rates. Moreover, debt consolidation doesn’t mean that you’ll get rid of your debts completely. Nevertheless, it can be a useful strategy for many people. It can streamline bill payments, lower your interest rate, and help you pay off those pesky revolving balances sooner.