Let?s find out about licensed moneylenders, personal and short terms loans

Posted by jecobx on August 12th, 2015

Let’s find out about licensed moneylenders, personal and short terms loans

Singapore, being a chief business centre is a land of opportunities. What do you do if you live in Singapore and want money to pursue your passion or purchase something that is beyond you financial capacity? That’s right; you apply for loan through licensed moneylenders Singapore.

 There are some prerequisites before you apply for a loan through licensed money lenders in Singapore, they are:

• Age – you must be in the age bracket of 21 to 65 years
• Documents – you must have a proof of your identity
• Income- you must have a salary of  at least s,000 per year
• You must either be a permanent resident or a citizen of Singapore.

Licensed moneylenders Singapore is registered under the website of the registry of moneylenders and provides loans at comfortable interest rates. You must never borrow from unlicensed money lenders, and that is why it is always better to confirm the credentials before divulging any information to the money lenders.

Apart from checking if the licensed moneylenders Singapore are listed in the money lenders website;

•  You must also be aware that they do not use any offensive language towards you
• They must not ask you to sign any blank papers
• Never give them your Singpass user id or password
• They must not retain your NRIC card or any other documents like passport, drivers license etc.
• Never accept the loan from the moneylender without understanding the terms and conditions of the loan agreement properly
• If the money lender gives you the loan without performing due diligence, you must be aware that he may be a fraud.
• Under no circumstances can a moneylender withhold any part of the principal amount on your loan.

Personal loans Singapore are those loans that are not for any specific purpose. For instance, car loans help you buy a car of your choice; home loans assist you in purchasing your dream home. Personal loans could be for anything, to plan a vacation for a family, to buy groceries, to renovate a property or any personal need. The biggest advantage of this loan is that it is easy to get. Personal loans in Singapore usually have low rates of interest so that more and more people can easily apply for the loan and use the money to the best of their advantage.

Short term loan in Singapore is just like borrowing money from someone for a very short period of time to help you tide over imminent crisis. As the name suggests, short term loans are given for a lesser duration of time. This loan is also known as payday loan, for you can repay the loan amount when you next pay check arrives. As per a survey, short term loans are the most preferred loans as they provide you with the extra cash that you may be falling short without any hassle. Short term loans have lesser maturity period than regular loans, in some cases as less as 90 days.