With so many Singapore moneylender, how do you know which is the best or who is more reliable? In addition to that, we also have to be wary of moneylenders without a license. They are also often call loan sharks.
- Legal moneylender do not call you asking you if you need a loan. Loan sharks always do this.
- License money lender do not SMS you claiming to provide loan services. Loan sharks do.
So why do loan sharks do these actions when the real license moneylenders do not? This is because loan sharks are afraid to show their faces. They know that what they are doing are against the law. Singapore moneylender under Ministry of Law cannot perform such actions. Legal money lenders can only wait for people to approach them.
Loan sharks will never show their faces because they are afraid of the consequences. As such, loan sharks will never operate through an office which is what a license money lender needs to do. Often, loan sharks will claim to be from a certain license company providing this service so that it is more convenient for you. Do not fall for such tricks. These people will even tell you to go down to the office to check it our if you like. Why will they do that? This is because they are absolutely certain that you will not travel down to the office just to check when you can get a loan through the phone.
We have seen so many cases and heard so many complains from the public regarding loan sharks. Note that there is a drastic difference between loan sharks and legal money lenders. Loan sharks will threaten you and your family members if you are unable to make payment. Which is always, because the amount they require you to repay is unreasonably high. License moneylender on the other hand, will work out a reasonable monthly installment plan, just like banks.
If a moneylender proposes something which you are not comfortable with, speak out! Let them know your concerns and why you do not like what is being provided. If they do not make any changes to suit you, leave. I am sure you will be able to find a moneylender in Singapore that will be able to fit your criteria.
In order to help you reduce the amount of time spend on looking for a reliable money lender, we have shortlisted a few of them here. After looking at all the available reviews on Singapore moneylender, we find that these listed ones are one of the better legal money lender in Singapore. They have all been a money lender for more than 10 years! To be able to sustain for such a long period of time, they are definitely top of their league.
We are constantly reviewing the moneylenders in Singapore and will be updating our list of reliable money lenders. If you have any other questions with regards to money lenders or getting a loan from them, you can check out Ministry of Law’s site. In addition, you can also call us at +65 6871 4268 for immediate answers. We will do our best to answer all your burning questions.