There are all kinds of money lenders in Singapore. However, you are always advised to deal with a licensed money lender in Singapore. As the name suggests, they are authorized by the regulatory body to offer this service. Such a firm will have been vetted by the concerned authority in regard to their ability to offer high-value services to the public. Once certified, the regulator that works under the government will give the service provider the green light to deliver the service. To find out whether a firm is licensed, all you need is to go through the Registry of Moneylenders in Singapore. If a firm isn’t in the List of money lender – click here, then it’s obviously not licensed.
The firm will have met the minimum requirements in regard to experience, capability, and competence.
Licensed firms strictly adhere to the Code of Conduct and will try to keep the transactions as private and confidential as can be. They won’t involve third parties or ask unnecessary questions.
A top firm only asks the minimum basics. Most won’t go through your credit history, ask for private information, or talk to your employer. In fact, you can still access funds even when your finances are in the red.
The sheer knowledge that you are working with a licensed firm gives you peace-of-mind. You are more certain that your personal issues remain personal and private are private.
Moneylenders in Singapore come in all kinds and all aim at providing financial assistance for a short time and don’t require too much paperwork. Nonetheless, not every provider is suitable. Some may ask for unnecessary details, others offer poor service, while some may have hidden charges. It is not strange to hear about firms that may ask you to sign a blank Note of Contract or retain your driver’s license, NRIC card, work permit, passport, ATM card, employment pass or any other document. In addition to getting high quality service, maximum privacy, and optimum satisfaction, dealing with a licensed money lender in Singapore grants you peace-of-mind.