Benefits of Using Licensed Moneylenders
There are several choices available for borrowing money. You have two options: visit a bank or a registered moneylender. So why should you choose a licensed moneylender above other loan companies?
- Licensed moneylenders are more reputable and trustworthy.
- Licensed moneylenders follow strict regulations and guidelines, which means they’re more accountable for their actions.
- Licensed moneylenders offer competitive interest rates and terms, so you can get the best deal possible.
- Licensed moneylenders have extensive knowledge in the lending industry, so they can help you find the best loan product for your needs.
Choosing the Right Licensed Moneylender
Now that you need a loan, you’re not sure where to start. You might visit a bank, but the application procedure is drawn out and you might not be accepted. You may choose a payday loan shop, but be aware that these loans have exorbitant fees and interest rates. What about a registered loan shark? A few factors make authorized lenders the preferable option:
- They have a quick and easy application process, so you can quickly get the money you need.
- They have low-interest rates and no hidden fees, so you can keep more of your hard-earned money.
- They’re licensed and regulated by the government, so you know you’re dealing with a reputable company.
Get the best loan. Select a licensed moneylender for hassle-free funding.
Spotting Scammers Impersonating a Licensed Moneylender
It might be tempting to take the first loan offer when you need one. You’re probably desperate. If you don’t investigate, a fake moneylender may defraud you. How to recognize a scammer? Warning signs: Instead of ID, the lender requests personal information like your social security number. The lender requires upfront payment and a very high interest rate. If anything seems too good to be true, it generally is. For the best bargain, research and use licensed moneylenders.
How to Report a Scam Moneylender
Choose a licensed moneylender while borrowing. Why? Don’t let unlicensed moneylenders steal your money. You may report a fraudulent moneylender. File a police complaint first. Contact Singapore’s Consumer Association next (CASE). The non-profit CASE helps customers settle commercial issues. They’ll assist with complaints and money recovery.