Singapore is one of the most beautiful cities in the world. Not only that, but the town has got a different lifestyle as well. The lifestyle is quite expensive, and you need much more money to have a healthy lifestyle here.
For all these things, it is seen that many people at any point in time needs some money assistance. When these things arise without all, then you can see that there are many sources by which they all can borrow the money. But among them all, the best thing to go for is to get in touch with the legal money lender Singapore.
Know about the licensed moneylender
But when you are going for the moneylender in Singapore, you need to know about them in the right way. It is because many moneylenders are present there to provide you with the best assistance. Among them all, there are many ones who all don’t have a license to be a moneylender, and they operate as a private moneylender.
As they are private, so, they don’t follow any rules and regulations set for moneylenders. Apart from that all, a legal money lender Singapore is considered to be best for you all. They are having a license and go as per the law sets by the Ministry of Laws of Singapore for lenders and borrowers. Moreover, it, too, ensures that you don’t get harassed due to the money in the future when you go for returning money to the lender.
What does the law state for the moneylenders?
In Singapore, money lending business is a basic need, so the government has set laws for it. They, too, authorize nearly 160 legal moneylenders in here for all people of Singapore. As per the law, you can see that there are various things in there. Some of the essential elements are below.
- No moneylender can charge a more than 4 percent interest rate.
- There will be no hidden charges for you at the time of making money.
- The interest amount that you need to pay must not be more than the principal amount.
- The moneylender can keep no documents with themselves.
These are the top things that you need to have a look at and know when you are going for the legal moneylenders. With the laws in action for a few years back, many customers are now faceless harassment. In addition to it, you can get the help of authorities in case if you face any issue while going for the money lenders.
Additional fees that legal money lender charges
From 2015, the laws have passed by the Singapore government, and with that, there are other charges that a moneylender will charge you. These things are mention in a clear way below.
- You will get a maximum penalty of 10 percent of the principal amount.
- There is a fee of $60 for each month if repayment date misses.
- You may be taken to court for legal options if you can’t repay the amount in time.
These are the top things that you need to take into account as well while going for the money lenders.
How to get money from money lenders?
If you are in a plan to get the money from the moneylenders, then you need to make sure to have all legal documents. There is a requirement of various documents that you need to have with you when you are visiting any money lenders.
To make it clear about the documents, you can go for these documents.
- You need to have the residence proof.
- You need to show identity proof.
- Bring the payslips.
- You can also bring income tax documents as well.
- Bring the copy bank statements for the last three months.
These are the top documents that you need to have with you for getting the loans from money lenders.
How to know about legal moneylender?
As it is mention above, you know that there are several moneylenders who all offer these services to you all. So, to find the legal one among them, it is quite a difficult task but not impossible for you all. To get information about the right ones, you can look at these factors, which are here below.
The legal moneylenders advertise about it via these ways only.
- You can see an ad in consumer or business directories on their official websites.
- You can see that advertisements that are placed within the exterior or even approved business places.
These are the top things that can help you in a significant way without any issue.
Is there are top-rated money lender in Singapore?
If you are in search of a moneylender who all offers excellent benefits, then you can visit Crawfort official website. This moneylender agency is a licensed agency and can provide you with some best interests when you are taking the loans from here.
Moreover, the agency, too, abides by all laws made for moneylenders and can help you in a great way. Not only that, but they also offer various other things to the customers who all take loans from here.
In addition to these all, the best thing in the Crawfort is that they have got a smooth loan approval process. Yes, many money lenders take days to approve the loan. So, for all that, you can visit Crawfort and get the best out of it.
Among them all, you can see that you can even get various kinds of loans from here. The loans include business loans, personal loans, and even payday loans. With all these features, it is always the best option for you all to get here and get loans.
So, if you need urgent money, then you can go for the legal money lenders. When you visit the money lenders, then you can see that various things need to look before asking for money from them. To help you out in, here you can find all the details that you need to know when dealing with legal moneylenders.