Unexpected financial challenges can arise at any time, whether it’s car repairs, medical bills, or the need to improve your cash flow. Having access to a 12-month loan lender in Singapore is a practical solution to help you navigate these hurdles.
In Singapore’s fast-paced environment, weekends may be the only time you have to manage personal matters. That’s why working with a licensed lender like Oasis Credit can make all the difference. We understand that when you need a loan, it’s often to address urgent financial needs. At Oasis Credit, we’ve made our loan application process simple and hassle-free, ensuring that as long as you meet the requirements, your loan approval is instant.
Our friendly team is always ready to assist, offering guidance on finding the best loan option for your situation. They can also provide strategies to help you break free from financial difficulties as quickly as possible.
In this post, we’ll explore whether there are 12-month loan lenders in Singapore and how to differentiate between legal and unlicensed moneylenders.
What Does a Licensed Moneylender in Singapore Do?
Licensed 12-month loan lenders in Singapore operate under the approval and supervision of the Ministry of Law. They provide loans to Singapore citizens, permanent residents, and even foreigners with valid Employment Passes. These lenders are a great alternative for urgent loans, as their processes tend to be quicker and less stringent compared to traditional banks.
In situations where immediate funds are required, you might wonder if licensed moneylenders are available 24/7. Let’s dive deeper into the benefits of choosing a licensed lender in Singapore.
Advantages of Using a 12-Month Loan Lender in Singapore
Opting for a 12-month loan lender rather than a traditional bank isn’t as uncommon as it may seem. Many licensed moneylenders offer fast, flexible lending services to meet your immediate financial needs. Here are some key advantages of working with Oasis Credit Ltd.:
- Affordable Interest Rates
Contrary to popular belief, licensed moneylenders in Singapore cannot charge exorbitant interest rates. The Ministry of Law regulates these rates, and lenders can only charge up to 4% per month, preventing borrowers from falling into debt traps caused by unmanageable interest rates. - Flexible Loan Terms
Unlike banks, which often have strict loan criteria, licensed moneylenders offer much more flexibility with their loan terms and approval processes. - Quick Loan Disbursement
While bank loans can take one to two weeks for approval, many licensed lenders, including Oasis Credit, can approve and disburse loans within 24 hours, making it ideal for emergencies. - No Hidden Fees
Bank loans often come with hidden fees that can surprise borrowers later. In contrast, licensed moneylenders are upfront about all charges. The only fees a legal money lender in Singapore can impose are:- A late payment fee of up to $60 per month
- Court-ordered legal fees (if applicable)
- A maximum 10% recovery fee on defaulted loans
- Minimal Paperwork
Licensed moneylenders require far less documentation compared to banks, which means you can get your loan faster without the hassle of lengthy paperwork.
How to Choose the Right Licensed Moneylender in Singapore
With so many moneylenders in Singapore, finding a reliable lender can feel overwhelming. Here are a few factors to consider when choosing the right lender:
- Credibility
Money matters are sensitive, and it’s crucial to verify the credibility of the lender. Make sure they are licensed by the Ministry of Law and have positive reviews from other borrowers. - Interest Rates
While lenders compete by offering attractive interest rates, be wary of offers that seem too good to be true. Always ensure the rates are in line with regulations. - Clear Terms and Conditions
Before signing any loan agreement, read the fine print carefully. Pay attention to the interest rates, repayment plans, processing fees, and penalties for late payments. Avoid lenders with unclear or confusing terms.
Oasis Credit Pte. Ltd. is a licensed 12-month loan lender in Singapore, known for its quick approval processes and flexible repayment options. We are committed to offering a variety of loan solutions at competitive rates, ensuring a clear understanding of loan terms and repayment plans for all clients.