At times, you might find it difficult to cope with your immediate cash requirements! For effective and prompt cash flow management personal loans are widely preferred in Singapore by individuals.

This kind of loan involves no collaterals and is easy to acquire. Many banks and private entities are offering personal loans. However, borrowing from private moneylending companies is more liked.

Are Personal Loans Safe?

 Yes! Applying from a Singapore Licensed Moneylender involves no risks as these firms are legal entities that are liable to maintain complete compliance with country financial management and regulatory bodies. Here, you have to understand that you cannot

How well are you protected?

 The Singaporean laws related to lending and borrowing are quite comprehensive. These laws and rules provide the borrower with certain protections such as;

–        Limit on maximum interest rates

There is a defined limit on the maximum interest rate that can be charged by a Singapore Licensed Moneylender. In the current scenario, charging interest rates more than 4% per month is illegal. Got confusions? Call Oasis Credit Services Pte Ltd to learn about personal loans at least markups.

–        Protection against vandalism

The code of conduct defined for licensed moneylenders restricts them from threatening or abusing their customers. You as a borrower can raise your voice against any such incident by reporting the moneylender to relevant authorities.

–        Privacy Protection

In Singapore, financial institutions are legally bound to honor the privacy of their customers. The documents you submit and all the correspondence between you and the moneylender must remain private.

–        Access to correct information

The Singapore Licensed Moneylenders are bound, legally, to provide you with the correct and prompt information. It is a legal requirement that the moneylender should explain to you the terms of the loan in a language that you can understand. Moreover, they are also obliged to provide you with a verified copy of the contract.

–        Limit on processing fee

Any Singapore Licensed Moneylender cannot charge you with a processing fee of more than 10% of the principal amount. Similarly, they are also not allowed to charge you anything more than $60 in terms of late payment surcharge or penalty.

Where to report malpractices of moneylenders?

Unfortunately, even some licensed moneylenders’ fail in complying with regulations. In such cases, the borrower reserves every right to lodge a formal complaint against the moneylender. You are advised to report the malpractices of the concerned moneylender before the Registry of Moneylenders.

Looking for a Safe Personal Loan? Contact Us!

We at Oasis Credit Services Pte Ltd are determined to provide our customers with the finest experience. Oasis Credit Services Pte Ltd is on the list of the Singapore Licensed Moneylender and you can contact us to learn about our loan products with confidence.

Our excellent track record and thousands of satisfied customers are there to indicate the effectiveness of our business model. Please call us and get in touch with our expert financial advisers who are willing to educate and serve with passion.

It is important to mention that there is no outstanding complaint pending against the Oasis Credit Services Pte Ltd before the Registry of Moneylenders Singapore.