If you’re facing a cash flow crisis and need quick access to cash, you may want to consider getting a loan from a licensed moneylender sg. Licensed moneylenders are approved by the Ministry of Law and offer instant loans with a fast application process. In addition, they are known for their reliability and can provide you with the right financial solution to help you get back on track.
There are some guidelines you should keep in mind when working with a licensed moneylender. For example, the maximum rate of interest that a moneylender may charge is capped at 4% per month, regardless of whether they’re offering a secured or unsecured loan. Additionally, late interest payment fees cannot exceed 4% of the total monthly repayment amount.
Moreover, the maximum loan amount that a moneylender may lend is 6 times the monthly income of the applicant. Moreover, the loan amount must be repaid within one year or else the loan will be automatically renewed. Besides, the licensed moneylender must follow all other rules set by the government to avoid exploitation of borrowers.
It’s also important to find a moneylender that offers terms and conditions that match your financial situation. This can help you avoid unnecessary complications down the road. For instance, a licensed moneylender should not withhold your personal documents or access to your Singpass account. Additionally, they should not make you sign a contract that contains hidden costs.
Before you decide on a moneylender, be sure to check their customer service. You should look for online reviews and ratings of their services. It’s best to work with a licensed moneylender that has good customer reviews. This way, you can be confident that the company will treat you fairly and not take advantage of your circumstances.
The most trustworthy licensed moneylenders will always be transparent about their fees and charges. They will list all their charges on their websites so that you can compare them to other moneylenders. You can also call them to ask questions about their rates and policies. You should also read the fine print of any contracts you sign with a licensed moneylender.
GS Credit is a Singapore-based licensed money lender that has earned a reputation for providing outstanding service to customers. Its team of experienced and knowledgeable staff is able to provide advice on a wide variety of loans, including personal loans and business cash advances. Its reliable service has helped thousands of households in Singapore, and it gets most of its new clients through word-of-mouth recommendations. Located near Jurong East MRT, it’s easy to reach by public transport.
The main reason why people choose to borrow from licensed moneylenders in Singapore is because they offer a short-term loan that is much quicker than what the banks can provide. In addition, a licensed moneylender in Singapore will also give you a more flexible repayment period that fits your budget. Nevertheless, you should remember that a licensed moneylender will still charge you an administrative fee for processing your application.