When one faces a financial urgency, it becomes essential to find an urgent helping hand and a source of money that can make things easy for you personally, socially, and professionally. That’s where one’s search for a fast, affordable, and legal solution ends at a 24-hours money lender in Singapore. But the problem is that it is tough to identify the right guy who helps you out without making things messy for you.
When you are faced with thoughts such as “I need urgent money”, where do I get quick cash?”, chances are that you may end up making a hasty decision and find yourself trapped in the web of loan sharks who can be more harmful than helpful, and push you more into a financial rut. In this article, we take a look at how to identify a genuine 24-hours money lender in Singapore who can help ease your financial woes.
Several things can help you differentiate between a scammer and a genuine 24-hours money lender in Singapore. The first step is to shortlist the licensed moneylenders that you are thinking of contacting for the quick cash that you need. Before applying, you must visit the moneylender’s website and check whether they are genuine or not. You can verify the same by using the list of licensed moneylenders available on the website of the Singapore Ministry of Law.
The first sign of a genuine 24-hours money lender in Singapore is that the authorised money lenders are not allowed to solicit for loans via text messages, calls, or through social media. A licensed money lender will comply with the government’s guidelines.
Things that a licensed moneylender is not allowed to do:
Although the above-mentioned method of verifying through the website should give you clarity about the genuineness of a money lender, other red flags can help you further identify the scammers that you should avoid such as:
- Usage of abusive language or using threatening language against customers
- Any kind of phishing activities for either your SingPass ID or password
- Failure to return your important personal identification documents such as NRIC and passport
- Any insistence on signing blank or incomplete loan contract
- Approval of the loan without providing any kind of detailed explanation
- Not providing you with a copy of your loan contract
Another very important aspect of taking quick cash from a 24-hours money lender in Singapore is the fees that you might have to pay for the loan. The Moneylenders Act has capped the maximum rate of interest at 4% per month based on the amount loaned or the late payment interest.
Further, the interest payable is to be computed on the monthly outstanding principal. For example, if you had borrowed $10,000 and have already repaid $5,000 then the interest has to be computed only on $5,000. There are other important fees and costs that the moneylenders often charge such as the loan approval fees and legal costs that the moneylenders incur to recover their loans from the borrower.
Once you can smartly identify the right 24-hours money lender in Singapore, you will not only get a safe loan but, also benefits such as:
Higher borrowing limit: A licensed money lender can offer higher quick cash limits than the other options such as the credit cards and various other finance options. The loans are customised to meet the customer’s needs and the loan amount could be as high as up to 6 times the monthly salary for the borrowers who meet the application criteria. A good 24-hours money lender in Singapore is allowed to offer loans to Singapore citizens, permanent residents, or even to foreigners residing in Singapore.
Longer loan tenure: Taking a loan in Singapore from a registered money lender also allows you to get fixed interest rates with longer repayment tenure to suit your needs. Even for quick cash loans, the tenure of a good money lender can be as high as 12 months if approval criteria are met.
So, the next time you are faced with the thought ‘’I need urgent money’’, keep this guide in hand to ensure you procure an easy and safe loan in Singapore.
Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.