Many people are still sceptical of money lender loan singapore after the slew of Ah Long stories in the media, but there are still legitimate money lenders who offer reliable financial assistance. The key is to pick a licensed money lender that matches your needs and profile. The best way to do this is by reading online reviews. Check whether the licensed money lender has a solid reputation and is known to deliver on their promises. Also, ask friends and family for recommendations.
Licensed money lenders are required to follow certain strict rules in the industry. These include setting credit score eligibility criteria, and only lending to borrowers who can afford to repay their loans. They also must disclose their fees and interest rates clearly, and not hide them in fine print. Moreover, they must also conduct face-to-face verifications with borrowers before giving them their loans. This helps them ensure that borrowers understand their loans and protect themselves from being scammed.
Another thing to look out for is how the licensed money lender advertises their services. They should have a business directory listing and service website, and should be able to provide a list of loan packages tailored for Singapore residents, businesses, and foreigners. They should also have advertisements showcased on the doors and walls of their physical locations.
Licensed money lenders are also required to follow the strict guidelines set by the Ministry of Law on advertising their services. This means that they should not contact you via SMS, email, or phone call to promote their loans. Furthermore, they must not post any advertisements on social media platforms. If you see any unauthorised moneylenders doing this, report them to the authorities immediately.