Singapore has an active, thriving population of over 5.8 million, approximately 10% of which are foreign workers.
It is also one of the planet’s major financial centres.According to the World-Atlas website,
it is ranked 4th largest.
Being one of the foremost global financial hubs, there are a plethora of moneylenders – but not all are bona-fide.
This is especially the case when it comes to personal loans.
So, if you ever find yourself in the position of seeking a loan, make sure you use a licensed money lender in Singapore and not one of the many loan sharks.
Moneylender options
One of the best places to get a loan is through a bank.
However, they do have specific criteria when applying, which means that it is not always easy or convenient to go down that route.
There is also often a waiting time and, if you are in a hurry, this too can be off-putting.
Instead, people who need to borrow money promptly often go to moneylending companies rather than going through the banking system.
But you need to stay away from loan sharks and find yourself a licensed moneylender in Singapore for safety.
The thing that tempts people to go to loan sharks or illegal lenders is the instant availability of funds.
But there are severe downsides.
They will charge far more in terms of interest. And should you default in any way, they may employ “strong-arm” tactics to retrieve their money.
Fast loans through a licensed moneylender in Singapore
If you use a licensed moneylender in Singapore, you will get fast results.
Decisions are often made on the spot or within 24 hours.
They do, however, have to operate within Singapore law, so there will be certain criteria that must be met before a loan can be offered.
The criteria for loan amounts include:
– A ceiling of $3,000 for applicants earning up to $20,000 per annum
– Maximum of two months’ salary for those earning between $20,001 and $29,999
– Maximum of four months’ salary for those earning between $30,001 and $119,999
– No limit for those earning $120,000 or more per annum
Any contract a licensed moneylender gives you in Singapore should clearly state what the interest rate is; what the repayment period is; any late payment fees that might apply and any repayment options they have.
List of licensed moneylenders in Singapore
To help you to make sure you apply to a properly licensed moneylender in Singapore you can download a list of companies from the mlaw.gov website.