Personal Loan in Singapore: Legal Moneylenders Vs Loan Sharks

Posted by nicolejiang23 on June 6th, 2018

Do you often need money in the form of loan in Singapore? If yes, then you should be well aware of the moneylenders and loan sharks. Although both provide financial support at the time when you need financial support, borrowing money from loan shark can put you in a trouble. Legal moneylender operates under the guidelines of the ministry of law; loan sharks violate their own rules. If you have finally decided to avail the personal loan in Singapore, you should be clear about where to approach. Your first step should be to look for the licensed moneylender in your area.

The government of Singapore also regulate new rules in the industry to protect the right of the borrower, but most of the people still get trapped in the hands of loan sharks. Availing personalloan in Singapore is now easy and an individual with good civil score can get the unsecured loan easily. Now, there are set standards of rules that should be followed at the time of availing loans. This is to avoid any penalty that a moneylender can impose upon. Although these moneylenders look alike, there are factors that will help you to identify them easily.

Personal Loan

Loan processing: There is no denying that personal loan in Singapore can take few days if you apply in a bank. People with the urgent need of cash, moneylenders are the best option. As they take few hours to process the loan with minimum documentation. On the other hand, loan sharks will mark up the interest rate and earn huge profit.

Interest rate: The interest rate is genuine and affordable when you approach a moneylender. However, loan sharks try to en-cash the adverse situation and try asking for a higher interest rate on a loan.  

Loan Sharks

Harassment: Finally, harassment is the most important factor that differentiates a professional moneylender and a loan shark. It is a wide option to turn to a moneylender over preferring a loan shark. If you look for the good night sleep, never get attracted by the offers from the loan sharks, as it will definitely turn to awake you for nights in future. It is genuine to explore the internet if your search is for a personal loan in Singapore. Find the professional moneylenders who follow rules and regulation and work for genuine profit. You can also request for an additional time if you are unable to repay the loan amount from a moneylender.


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Also See: Loan Sharks, Personal Loan, Loan Shark, Unsecured Loan, Loan, Singapore, Sharks
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