How to identify the loan sharks? In Singapore, loan sharks are very prominent. As they are not legal nor licensed. Well, there is a great difference between the licence and the illegal money lenders. It can be tough to recognise them. Well, this is not an issue. As most of the loan sharks masquerade as licensed money lenders. In this article, we are going to help you out with the purpose. Check out the money lenders in Singapore.
As here, we are going to provide accurate information about the licensed moneylenders. These things are very important and must be understood. There are certain things about money lenders that you can recognise. It becomes a problem to recognise the legal and illegal money lender. Well, there are certain aspects that can reveal a lot in this article.
We are going to point out some of the qualities of the licensed moneylenders.
These qualities will help you out to make a difference as they will enable you to differentiate between the licensed and the illegal money lender. These are the things that are very important about licenced money lenders. In this article, we discuss licenced money lenders. We are going to provide you with some of the insights about them. Keep reading to know more about Licensed money lenders.
Here’s how to identify the licenced money lenders
In this article, we are going to provide you with insights into the licensed moneylenders. These are the qualities that the licence money lenders have in Singapore. We are going to provide you with some information about it. There are certain things that must be considered. This will definitely help you out the purpose to get a money loan in Singapore.
As you will be able to differentiate between the licensed money lender and the loan sharks.
What can be better than this?
This will provide you with your perspective about the licence money lenders. Keep reading to know how to differentiate between a licensed money lender and a legal money lender.
Do your research
This is the utmost important thing. Do not forget to do your research. As the licence money lenders are mentioned in the list of the law of ministry. This will definitely provide your perspective as these licence money lenders in this list. This list is very easily accessible. Moreover, it is just a few clicks away. This will provide you with your perspective about the licence money lenders. Also, you can differentiate whether this licence is permitted by the authority.
Moreover, you can also research their reviews. The reviews will define most of the things. It is definitely worth the licensed money lender. What can be better than this? The list is just a few clicks away. You can definitely reach out to the moneylender. Also can differentiate as the names are mentioned of the money lenders in the law of industry list. In this way, you can definitely differentiate between the licence and the illegal money lender.
Terms and conditions
This is the main thing that you can differentiate about the terms and conditions of the licensed moneylenders as the loan sharks are very dissimilar from the licenced money lenders. As they do not stick to the ethical way of approaching. On the contrary, the licence money lenders have favourable terms and conditions as they are quite customer-friendly.
These terms and conditions can definitely take you a long way. There are many specifications about it. Over the years, it has gained prominence as the loan sharks. These terms and conditions must be favourable as for the law of ministry. As for the lenders, follow these rules. It can take a heavy toll on them if there is any failure to follow up. These terms and conditions can really differentiate between the licensed money lender and the loan shark.
The interest rate of the money lenders
As per the rules and regulations, interest must not exceed 4%. This is the interest that has been speculated by the law of ministry. The licenced money lenders do not exceed their interest charges beyond 4%.
This is something that must be considered as the interest rate must not exceed 4%.
On the contrary, loan sharks do not follow these regulations. They have their own interest charges. The percentage of the interest charges is definite. The borrower must pay the 4% of interest charged per month. You can differentiate between the licensed money lender and the loan shark by checking the interest rate.
Quick disbursement of the loan
The licensed money lender enables the quick disbursement of the loan as they are the 24 hours money lenders. They will lend money when it is most required; it will not call for a long process. The loan must take place. These are the things that must be considered. As the quick disbursement of the loan is very important. The licensed money lender will not take too much time. On the contrary, the loan sharks tend to eat up too much time. There is a stamp, and it takes a long period of time to disburse the loan. You can definitely differentiate by having a glance at the disbursement time period of the loan.
Modes of advertisements
You can also check the mode of advertisement of the licensed moneylenders. As the legal moneylenders have their own website. On this website, you can definitely connect with the moneylender. It is a mode of communication where you can get to know about the moneylender. The loan will be processed easily. Secondly, the money lenders have their own pamphlet stuck, shutters, buses, Street, etc. This is the only mode of advertisements. Other than that, there are no other things that can be differentiated. These are the primary modes of advertisement. Check out these modes of advertisement for better results.
These are the things you must know to differentiate between legal and illegal money lenders. This will definitely help you out with the purpose. Do not think twice before reaching out to the Licensed money lenders. We hope this article will help you out with the purpose.
