People often go to money lenders for loan rather than banks because of the time they could save in obtaining money. On the other hand, this gave rise to various fraudulent money lenders in the Singapore community. Later in 2015, the government tightened the rules and regulations governing the money lenders. There exist several best licensed money lender in Singapore like The CreditHub Capital.
CreditHub Capital offers their clients loans at a competitive interest rate and provides best services in all of Singapore. Within an hour of approval of your loan application, you can receive the money. Even so, there exists certain moneylender who overlooks the rules and prey on people’s needs. Here are a few tips to identify the best licensed moneylenders in Singapore.
With the advancement in technology, nearly all the best money lenders have went online to expand their business. It gave rise to various websites and forums that rates and reviews the money lenders in Singapore. Before opting for a money lender, you can conduct your research with the help of these sites. In addition to this, there are few other websites that lets you to make side by side comparison of the loan offers and interest rates of various moneylenders in Singapore.
Furthermore, you can visit the moneylenders you have chosen in person and ask them about their interest rates. Moneylenders would not usually share their interest rates. But money lenders like CreditHub, upon filling up a loan application and submitting your SingPass, will tell you the interest rate for sure. If you find it suitable, then you can avail for a loan from them.
While opting for loan, do not go to a licensed money lender who offers short term loans of less than one month or offer a loan amount in smaller installments. The target of such money lenders is to make people to pay more interests rather than making repayments. The clients are further encouraged to ask for a written cautionary statement from their money lenders while borrowing a loan. With the cautionary statement, the client can file a complaint against the money lenders if they have breached the rules framed by the Singapore Government.