What To Consider When Approaching Licensed Money Lender

In Singapore, one of the numerous options you can go through as a source of money is through a legal moneylender. Before you take out a personal loan, make sure you have taken the time to do your research for a reliable moneylending company. Please ensure that you have thought through before borrowing whether it is with a legal moneylender, banks or other financial institutions.

If a personal loan is the most suited to your needs, below are some of the considerations that you need to know before you approach any moneylender.


When it regards to making a loan request, your source of income may come from anywhere, for example, part-time jobs, freelancing gigs or rental of property. Therefore, what you are required to show is four times the amount of your income, for the loan amount you would like to borrow. Provided you are able to do this, a certified moneylender will then approve you for the loan amount you want to borrow from them.

Whether it’s for a single loan or several loans, you may bring all types of earnings together. This is especially crucial when you want to apply for a moneylender loan to ensure that you get the highest loan amount approved for a loan you are applying for with a specific lender.

Quick And Easy

When you are working with a licensed moneylender, you will not have to wait for far too long for the loan amount approval. Actually, every so often the loan approval can even be done as fast as within a day, in which you are able to get up to $3K when you borrow a loan with any of the lenders.

Although you will not be able to get approved for an amount as much as what a bank loan will give, you can get a good amount of cash. Plenty of times you will get your loan approved for the amount in a much shorter period of time. Therefore, you won’t have to experience such long waiting periods once you apply with the licensed moneylenders as a borrower here in Singapore.

Personal Information

Working with the licensed moneylender’s you won’t end up getting sucked into illegal ways. However, you need to be aware of some lenders who seem to work hard to acquire your information through unscrupulous ways.

A licensed moneylender will always ask you to visit their offices to present your income, as well as other necessary information to help in processing your loan application. This means you will be able to see it all, and also be able to sign documents.

In addition, you will be present when the legal moneylenders are collecting your personal information that they require to process the loan would like to take out with them

High Interest

The interest rates offered are higher than what a bank loan attracts, however it won’t be inflated as it is the case when you opt for the illegal money lenders, or with the payday loan plan. Thus you will be paying some interest, though it will be a reasonable amount in terms of your loan amount, as well as the period of your loan that you intend to take out with that particular lender as well. 

Avoid Harassment

If you recognize the telemarketing schemes, and also the nightly calls made to you and you seem unable to get away from. When you work with a certified moneylender you will not have to deal with all this.

In actual fact, the legal moneylender in Singapore will only get in touch with you, only when you are the one who has contacted them first. The licensed money lenders that are fully accredited have a firm customer base; as a result, they don’t have to make attempts of contacting or even calling you in order for them to obtain more business.

When a money lender has a steady client base, they will only give you calls as well as information only when you request them for it. This you can only do with the moneylender you would like to deal with for your loan application.

SMS Schemes Or No Spam

As it is with no legal lender not making harassing calls, you will not find yourself in the spam and SMS schemes either. The accredited moneylender will not overwhelm you with the click here to register messages or even the quick sign up.

Licensed moneylenders in Singapore do not send such messages to their clients. Since the legal lenders have the customers in the place, they, therefore, don’t have to involve themselves in such deceptive strategies for them to bring in more business.

For a borrower, you are assured that you are safe, in addition, you will only be receiving messages only after you have initially reached out to the particular moneylender.

All Things Considered

It is advisable that you make sure that you are aware of the numerous options available to you. You also have to recognize ways of going about when you seek to find the safest, reliable, accredited moneylenders available in Singapore for cash loans you would like to apply for.

Owing to the scores of scammers out there, be sure you know what you are looking out for, for you to be able to avoid them. Take the time to learn about the characteristics of legal moneylenders in Singapore to help you when it comes to recognizing the phoney money lenders from reliable lenders.

Before applying for a loan, be sure you know the purpose of the loan. Do be sure to evaluate your finances to ensure that you are able to repay your monthly instalments on time and with ease. An important step is to have your paperwork ready in advance.

Once you are prepared to make the application, ensure you consider all the relevant factors, this way you will know if the lender is certified. You can obtain the best conditions possible for your loan that you are taking out when you borrow with the specific moneylender.