First, you must understand that there are two types of Moneylenders if we take about countries like Singapore. The primary category is illegal Moneylenders. By looking at the name, anyone can tell that these types of lenders are bias and unauthorised. They do not have an official document that can prove that they are authorised for providing loan facilities to others in the financial market.
The second type of cash providers is genuine, safe and trustworthy. Such moneylender comes under the ministry of law related to loaning service. They follow all the laws and rules reformed by the local as well as national level government.
After all, a mortgager will only get a license from the government officials if they strictly appeal the rules before and while giving the monetary funds.
However, if you are seeking personal loans or business-related loans that does not matter the reason, then you should also approach a legal and licensed moneylender who is verified by the ministry of law. Although, if you are still up for demanding cash from an illegal lender better known as a loan shark, then you must also get ready to face the consequences.
You must have doubts related to how you can find a genuine loaner easily. No need to go somewhere else because we have created a shortlist for how to find an Authentic mortgager immediately.
- Loaning agency
A loaning agency is an organisation that is run by groups of loaners who are capable of giving fast cash to anyone. The concept of providing a mortgage is similar to that of an individual moneylender, but the method is quite twisted.
Just suppose a loan seeker is demanding immediate cash from a loaning agency, then the average cash from every loaners pocket will be pulled out. And when the loanee pays the interest, the mean of money generated from that interest rate will be divided equally depending upon the number of loaners
The good news is that most of this agency acquires only licensed moneylender, after all even they want to make a good reputation in the financial market. The leaders of such organisations are very cautious about their companies’ soft power in the overall world. They only hire a genuine individual who is capable of providing money.
So, you can check out for such an agency and get the licensed lender easily.
- Moneylending websites
Usually, every standardised mortgager who is looking for expanding his or her facility of loans to a huge crowd will publish a website. This not only increases the loaner’s ability to giving loans but also helps a person who is searching out for a good moneylender.
All thanks to the internet, which helps to connect them both without letting them visit each other physically. Now you can quickly search for top five or top ten Moneylenders in Singapore depending upon your preference, and it does not require much time.
All you have to do is add the right keyword to your search menu. The results for your web search will be proliferating.
- Government website
Well, not everyone will find the above mention way beneficial. Some people are very knee to know the type of loaner from which they are asking loan. If you are one of them, then you must try out this method.
The government has introduced certain schemes for the local public, where they have developed and published many web portals which helps loanee to search out for the licensed moneylender.
The ministry of laws with regards to loaning service provides a complete list of all the licensed moneylender present in the cities of Singapore.
If you do not trust the above-mentioned methods, you can then manually check the name of your lender. And you do not have to worry about the data in this list. The officials always check this site and make the changes and required modification in the information as well. Moreover, you can directly contact them to apply instant personal loan.
Many financial market experts suggest approaching only those loaners whose name is registered in this table. Apart from the name of a moneylender, many other aspects are present in this list. One should all of them as loans are subjected to market risk.
Let us know one by one.
Things you don’t know about list of Moneylenders
There are increasing reports of scams related to loans. Who knows if you are the next target of these scammers and fraudsters?
To ensure safety, many measures have been taken to overcome the insecurity. If you have received any of the calls concerning a Moneylenders who is pretending to be a registered one, then you must quickly check the call number from this list.
One should consider contacting the hotline number of the official helpdesk if the phone number is not registered.
Do you want to know when a licensed moneylender was registered on the site? Alright, you must then check for the license number. In the list of license Moneylender Singapore, the last four digits of the number determine the year of registration. So, one can easily check out the year of registration.
In some rare case, a legal lender can charge an interest rate more than the specified value. In this situation, the lawsuit suspended the license number immediately after they notice that they are breaking the rules.
Surprisingly, many licensed loan providers do the same. However, they can’t be mentioned in the same list. To give them a separate identification, those registered moneylender’s who break the laws are shown up at the bottom of the list with an asterisk or star (*) mark.
For your general knowledge, the list of Licensed Moneylenders in Singapore is updated every month and sometimes the updating is done every week. This helps that money providing agencies to gain the market attraction.
These very some basic facts about the moneylender list, which can help you in many ways.