In this article, we will discuss it safe to take a loan from 24 hours licensed lender in Singapore. Also, we will discuss what does a licensed lender do, are there any 24 hours lender and how to differentiate between licensed and unlicensed lender.
Who is a licensed moneylender?
Some situations might arise where you will need to take urgent cash to meet requirements. This urgent need might be for anything that is to pay your medical bills, taxes, or to make purchases. This is why the idea of 24 hours licensed lender is a good thing to have in Singapore. It is because you will be able to take a loan at any time you want.
There will be no time restriction like come back in the morning or the evening etc. Licensed moneylenders are those people or groups of people approved by the government to give loans. This means that they can give out loans to people just like banks do. The only thing is that the banks are a lot safer option to take a loan from these lenders. This is because many lenders you find in the market are fake and will run away with your money.
This is why you need to check out a 24 hour licensed money lender guide to know about them. The guide has every information about these people and how to identify the real one also. Singapore is a country that is known to be one of the most expensive in the world. That is why many people need to take a personal loan to pay for any expenses that they are facing.
The licensed lender also has their timings and also days on which they are open and close. Some lenders in the market might be open all the time, while some will be off for the weekend.
What does a licensed money lender do in Singapore?
The licensed moneylender is people who have been approved by the government to give out loans. They can give out loans to anyone they want, but they have to be within the correct age limit. They can provide loans to Singapore citizens, permanent residents, and also foreigners with employee pass.
The licensed moneylender act as an alternative option if someone needs an urgent loan. Or they also act as an alternative option when someone is rejected by the bank. This is a common thing, and these people target those who have been rejected by the bank. That is because they know that these people want the loan to meet their expenses.
The process of taking a loan from a licensed moneylender is completed within minutes. This means that you might get your money in just 5 minutes of approval. While if you take a loan from a bank, it might take you a week or two. When someone needs urgent cash in time of need, they can visit these licensed moneylenders. This is because they might meet their money requirement within minutes of approval. This will help them to get rid of their problem very quickly without extending it.
Are there 24 hours licensed money lender in Singapore?
The answer to are there any 24 hours licensed lender in Singapore is no. This is because there is no such lender that will keep their shop open all the time. Even if you find a 24 hour licensed lender, there is a high chance that they might be a fraud.
If you are taking a personal loan online, then the portal is open for 24 hours. But if you are taking an offline loan, then there is a very high chance they might fraud you. There are different websites you can find on the internet which are open 24 hours to give out a loan.
The office of these lenders has a certain time from which you can visit and take the loan personally. But if the need arises after office hours, then you have to take a loan from the online portals. Also, you can get the best personal loan Singapore when you take a loan from these licensed lenders.
The online portal which you visit has a common thing that is they are connected to a server. This means that all the data about the interaction with a customer is stored on that server. These servers are kept to keep records and to also remove any kind of misinformation between both parties. Some people take the loan and then try to backfire at the lender to take more money.
How to differentiate between the licensed lender and an unlicensed lender?
Here is a list of few things which you can use to get the difference between licensed and unlicensed lender.
- Terms and conditions of the contract
If you are taking a loan from a licensed lender, then they will go through all the terms and conditions. This means that they will make you understand them properly before you sign the contract. They will tell you about the repayment method, amount and also rate of interest, etc. While an unlicensed lender will be on the urge to just make you sign the contract.
- Interest rate and repayment fees
The MinLaw has made it clear that no one is allowed to charge a rate of interest more than %4. If you see a lender taking more than this amount, then you should stay away from these kinds of people. Also, the late repayment fees have been fixed at S$60 per month for every borrower.
- Advertising channels
The licensed lenders are only allowed to advertise by putting up posters and hoardings. While the unlicensed lender will do marketing by messaging, Emailing, and also calling.
- Amount of loan you can borrow
There is a certain fixed amount of loan which a person can borrow depending on their annual income. This is made in a chart format, and it is uploaded on the licensed lender website. While the unlicensed lender will not mention anything about the amount, or it might be too much to believe.
