In a healthy business environment, loans and borrowings are normal practice, and it is not surprising that the demand for fast or cheap money creates an adequate supply, many people and companies of all levels are looking for reliable lenders, and lending organizations, in turn, want to see their clients paying clients.
The search for lucrative offers for loans and credits a few years ago could last weeks and months, but today the existence of convenient aggregator sites that collect all online loans on the market and other relevant loan offers significantly reduces this work. And the main task of the user is to find a licensed money lender on the portal, from whom it would be possible, without unnecessary fears, to issue loans online for the required amounts with precisely specified terms of the transaction. In this article, we will consider the factors, the knowledge of which will allow you to understand how much you can trust this or that organization offering favorable loan terms.
How to distinguish a reliable money lender
Problems with unscrupulous financial institutions exist not only in Singapore, many countries have resisted this phenomenon for decades, and have already managed to identify the signs that distinguish fraudsters from honest market participants.
The experience of many countries shows that the main difference between illegal and licensed money lenders is what methods they use to advertise their services. The fact is that to protect their citizens, the governments of most countries of the world have legislated very strict rules regarding the advertising of loans and borrowings. In Singapore, these rules leave financiers only two legal ways to post information about their business outside – these are signs at the entrances of the company’s offices and their website, on the pages of which full descriptions of each loan option should be posted.
Almost all other forms of advertising for lending services, such as distributing leaflets and flyers, advertising on the Internet, on radio and television, on the pages of periodicals are strictly prohibited. The main reason for such draconian measures is the government’s desire to protect people from being overly influenced by advertising of such loans and misleading them about the terms of borrowing deals. But even such bans do not stop enterprising financiers. Many companies that are not licensed to conduct money lending transactions tend to use a variety of creative methods to promote their services. Next, we list advertising techniques that should legitimately raise a vigilant potential borrower.
Some illegal usurers are actively sending SMS and MMS messages advertising their lending offers. Sometimes even the response to such a message is recorded as an application for a loan or allows attackers to use personal data to obtain a short-term loan. I recommend that law enforcement officers inform the police about receiving such SMS and never respond to them.
Another commonly used aggressive marketing method is through a phone call. It works like this. In places where large masses of people gather – at public transport stops, in the halls of clinics and beauty salons in the waiting rooms of railway stations and airports, etc. customers call a toll-free number and consult a manager.
When answering a phone call from an interested person, specially trained telephone marketing professionals are very assertive, trying to find out as much personal data as possible, including passport data, to convince you to apply for a loan. It is important to remember here that the law prohibits employees of banks and credit organizations from asking for a client’s data by phone, and law enforcement agencies recommend not disclosing them to anyone unnecessarily.
Transferring money through a mobile phone account
The greatest suspicion of the borrower should be caused by the money lender’s willingness to issue a loan even without meeting his client. No reputable bank and no licensed money lender can afford this. No matter how convenient and quick this option for obtaining the necessary funds may seem, experts remind that before agreeing to borrow any money at interest, you must visit the office of the lender’s company and make sure that the company has all the necessary licenses and permits.
All transactions with money must be formalized by signing a formal loan agreement. If desired, everyone can always inquire about the current requirements of the laws in the field of lending, their texts, and sometimes the explanations of the financial sector professionals, who often publish sites – aggregators of fast lending services. The best of them also offer my users the opportunity to ask questions to specialists and receive detailed answers and advice from them – in real time, by e-mail, in online chat, in comments to the site materials, in a forum or a community on a particular social media platform.
If you are borrowing money finance a fruitful project, consider a licensed loan shark. A convenient process for obtaining a loan is key, because sometimes a loan is required urgently. A bank is a safe financial institution, but the process is tedious due to paperwork and other required documents.
Thus, people should select a licensed money lender who will speed up the application and payout process. The right moneylender will not focus on issues like credit rating, overall debt service ratio, employment history, or income history. Oasis Credit Services Moneylender offers services such as payday loans, business loans, loans to foreigners and loans to individuals. If you require cash to fund an emergency project or are looking to start a business after identifying market gaps, select an authorized lender like Oasis Credit Services Pte Ltd in Singapore. Below is comprehensive information on the benefits of choosing a licensed money lender in Singapore.
No credit checks
Lately, the right moneylender is not focusing on your credit score, but on your ability to pay off the loan. Your ability to repay the loan will depend on your income level. A financial institution will not give a loan to a person with a poor credit rating. Therefore, it is important to choose a legitimate moneylender rather than a financial institution, especially if you lack a credit rating. A good credit rating can be an added benefit. Your credit score determines your reputation in terms of loan repayment.
No income limits
Regardless of your income level, you will be eligible to get a loan from a reliable moneylender. Banks and other licensed financial institutions will only lend to people with high incomes. Consequently, many people are not eligible for a loan. The lender will loan you an amount of money that you can pay back depending on the contract.
The loan applicant must provide the necessary documents on time. After the loan is approved, the requested amount will be credited to your bank account or you will receive cash. Same-day loans are essential, especially if you are financing an emergency in your business or investment project. A reliable moneylender will make the application process simple and convenient for all clients. A user-friendly process is vital because it will play an important role in driving traffic.
Many people will not apply for a loan due to the tedious process and lengthy paperwork required to apply. The licensed money lender requires basic documents that are readily available. For example, some lenders will request items such as income tax reports, address proof, and identity card.
Maximum interest rates
Licensed money lenders will charge interest rates following established rules. In addition, the money lender must make sure you know the interest rate before approving the application. The limited interest rate applies regardless of whether the loan is secured or unsecured.
Applying for a loan from a licensed money lender is a simple and convenient process. Financial urgency is the main reason the best lenders ensure that the process is simple. A simple app is an economical option. In some cases, you can apply for a loan through online platforms.