The unforeseen circumstances can arise at any point in time. During such times, all you need is money. Financial assistance is very important during such times.
Especially in an expensive city like Singapore. It can be very tough to survive unforeseen circumstances as it calls for financial assistance. In this case, only a 24 hour money lender can help you out. During emergencies, there are many banks and private money organisations that can take a long time to pass the loan. Only a moneylender can help you out with giving money on urgent support. A moneylender could definitely give you a loan on an urgent base. What can be better than this?
You can get a loan within 24 hours. In such a situation, a money lender will definitely provide you with some financial assistance. The banks and the private money lending organisation fails to do so. This definitely brings another question whether a licensed money lender is safe or not well. We definitely vouch for a licensed money lender as it is absolutely safe to borrow money from them. Taking a loan in 24 hours is absolutely safe from the licensed moneylenders. Here we are going to point out a few of the benefits of taking up a loan from a licensed money lender.
Why is it safe to take up a loan from a licensed money lender?
This is a very prominent concern. There is always a saturation of these kinds of questions. While opting for a personal loan, there is always something to enquire about. This will definitely provide you with a clear perspective about the licensed money lender. Moreover, the assurance of safety and security is the utmost important thing. We have pointed out some of the points that can prove the moneylender is safe.
Governed by the Ministry of Law (MinLaw)
There is a popular belief that money orders are illegal. Well, we are going to provide you with some insight into it. A licensed moneylender would always have the ministry of law. They are governed by the ministry of law in Singapore. For the licence, money lenders have the right legal permission to provide or lend money. They have an absolute legal right to lend money. Moreover, this is an absolute contradiction of illegal money lenders as they do not have such a strong proof document.
You can absolutely trust this moneylender for taking a loan from them as there is a scope of getting the loan. This clearly proved that it is absolutely safe to lend money from the ministry of law approved moneylenders. These money lenders will follow the legal procedure to lend money. This procedure is absolutely safe and secured for borrowers. Hence, licensed moneylenders are reliable and trustworthy.
How to check they are (MinLaw) registry?
There are some easy ways to check if the moneylender is licensed or not. Well, this is just a step away. All you have to do is check their names on the Singapore money licensed money lenders website. Only one search will put across all the money lenders in Singapore. All the names of the licensed moneylenders will definitely appear. Alongside there are some of the details that will appear of the licensed money lender.
These things are very important and must be considered. While opting for the loan, you can check your money lender’s name on the list. Along with the licence, you can also check out the reviews. The money lenders would have reviews under their names. You can check it and ask that you can reach out to a decision.
Only 4% interest rate
The cap moneylenders charge a heavy toll on the borrower’s pocket as they add a huge amount of the interest rate. Well, this is not the same as the licensed money lender. This contradicts the illegal money lenders actions. As through the law of Singapore, money lenders can only apply 4% of the interest rate on the debt. These money lenders will apply only 4% of the interest on the debt. These things are very important and must be considered as the licensed money lender will never go against the laws and legislation. They practice the rules and regulations precisely. A licensed money lender will only pay 4% of the interest rate to the repayment.
Late fee and interest
There are times with the borrowed will fair to repay the moment. Well, in those times, the late fee and the interest rate is added as the borrower is obliged to pay the interest rate and late fee. The licensed money lender will normally demand 4% of the interest rate. These are the numbers made by the law of registry in Singapore. The licensed money lender will not ask you for a late interest rate of more than 4%. Alongside the late fee is only $60. The moneylender will not demand a late fee of more than $60. There are certain things that must be considered, as the late fee of the licenced money lender cannot be more than $60.
10% of the administrative fee
The licensed money lender will only demand 10% of the administrative fee. As per the rules, this amount must not exceed. These are the common rules and regulations. Moreover, this fee must be paid after the loan is paid. As money of fraud runs a scam for innocent people, as per the Singapore law of registry. The moneylender must not ask for the administrative fees before passing the loan. Only 10% of the administrative fees must be given to the moneylender. These are certain things that can really define a licence money lender.
These are the Singaporean laws a licenced money lender will religiously follow. This distinctively proves that a licensed moneylender is absolutely safe to borrow debt. It is absolutely safe to take up a loan within 24 hours from my licence money lender. We hope this article will help you out with the purpose and provide accurate information.