Are you short on cash at the end of the month, but you still have pending bills that you need to cover? If your answer is yes, then consider asking help from an authorised money lender. Here are the qualities of a licensed money lender that you need to keep in mind before loaning.
1. Accredited by Law
For the sake of security, when you are about to ask for a loan, look for top money lenders, and ask them properly, if they are an authorised money lender because this will help you to know if Singapore's Ministry of Law granted them licensed to be a money lender.
2. Low-Interest Rate with No hidden charges
Unlike loan shark, an authorised money lender offers low-interest-rate with no hidden charges, but as much as possible these licensed money lenders avoid charging high rates because they have to follow what’s written under Moneylender Act.
3. Various Policies.
Before looking for top money lenders, ask yourself, what type of policies do I need to avail, what suits my needs, because an authorised money lender offers several policies such as personal, medical, wedding, and business.
4. Negotiable Policies
However, there is some licensed money lender who wants the borrower to have a clean credit score, because they want security that you will be able to pay them back. So, look wisely for an authorised money lender that can help you, even with bad credit.
5. Smooth and Easy Loan Request Process
Loaning is simple, as long as you go for licensed money lender because Singapore’s Ministry of Law requires them to carefully give details in layman terms for borrowers to fully understand what will be the loan request process. Remember to read details to details, before signing a contract.
6. Secure Personal Data
Sometimes, before you signed up with an authorised money lender, better stay away from them if ask for original copies of your personal data, because licensed money lender cares for their borrowers’ privacy, so carefully apply to trustworthy top money lenders.
Familiarise with these qualities when you are looking for a licensed money lender. If you think you are ready to pay your pending bills, contact Power Credit Enterprise in Singapore, as they an authorised money lender.
