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5 Things You Must Check When Choosing A Moneylender

5 Things You Must Check When Choosing A Moneylender

Moneylenders are the best people to get in touch with. They are able to always offer you the loan money that you urgently need. Then you can repay them back later in an agreed upon time. You will have an excellent relationship with moneylenders when you firmly follow the terms of your contract. But, when you default on the payments, the relationship will be affected.

The money lending industry is very profitable when you get in. thus it has attracted a lot of people including some that are not qualified as money lenders. Unqualified and illegal money lenders are the people you should definitely stay away from. This is especially when you find yourself urgently needing emergency cash. Here are essential tips that will help you tell apart a licensed moneylender in Singapore.

Find Out If The Lender Has A License

Do not deal with individuals and companies that don’t hold a license as proof that they are legitimate moneylenders. You may start by asking that they show you their license, or you can look it up in government records. The records contain all the necessary information on the licensed moneylenders. Singapore’s Ministry of Law runs a website that lists all licensed moneylenders found in Singapore. Having a license shows that the moneylender has satisfied all the important requirements.  And they have met some conditions before getting started in the money lending business.

Ensure That Conditions And The Terms Are Clear

Legitimate moneylenders have clear and simple terms and conditions. Ensure that you understand accurately the money you will be getting from the lender. Also, know how much you have to pay back. Know the period you will be allowed to repay and what to expect when you fail to uphold the deal. The terms need to be aligned with the lending regulations set by the government.

Find Out How The Lender Advertises Services

It is easy to spot illegal moneylenders and it is through their marketing strategies. Immediately exclude lenders when they send you SMSs advertising their services. It is not allowed for moneylenders to use SMS and telemarketing methods to advertise their money lending services.  This is since it infringes on the lending regulations and privacy laws.

Is The Lender Asking About Your Private Details?

Never reveal your personal details to any moneylender. This will put a stop to any deceitful acts that may be a result of this. Many Illegal moneylenders allege that your personal information is needed to determine your ability to repay the loan.  But you need to be very careful. Do recognize that there are a few ill-intentioned persons who pretend to be money lenders.

Check For Lender Reviews

Ensure you perform broad research about your moneylenders before borrowing money from them. And with sufficient research, you will get to see their reviews.  These reviews will tell you what other borrowers have to say regarding them. When you encounter negative reviews on them, be careful since you may likely end up complaining about them as well.  But when most of the past clients say only positive things, then you have found yourself a good and reliable moneylender.

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