Bugis Junction is virtually the first stop of any Singaporean or foreigner who steps foot in Bugis. Anything about shopping or visiting the famous restaurants and foodie spots in the country is in the area.

Summary of Top Legal Money Lenders of 2022

However, with all the spending temptation around, it can quickly drain all your cash on hand. Luckily, you can always find a trusty licensed moneylender whenever you need a helping hand.

What You Need To Do To Avoid Loan Sharks

However, Singapore is no stranger to scams. Loan sharks or ah longs have long dominated the market, and it has wreaked havoc by harassing a significant number of Singaporean borrowers. Thankfully, the Moneylender Act of 2008 allowed in-depth protection for Singaporean and foreign borrowers using microlenders in the country. Avoid loan sharks by doing the following:

  • Inquire About Their License Number
    All licensed moneylenders have their respective Registry-issued license number. This series of numbers is proof that their operations have full Ministry of Law approval, and they comply with all rules and regulations that the Moneylenders Act of 2008 stipulates. Additionally, they’re under the operational oversight of the Registry of Moneylenders.
  • Refer To The Registry of Moneylenders
    If you received a text message, call, or email offering a loan at astoundingly low-interest rates, inquire about their license number. Then, conveniently check it using the Registry of Moneylender’s frequently-updated list of Singaporean moneylenders. Hundreds of useful and dependable moneylenders that play fair with customers are on the list.
  • Check Reviews About Their Services
    If you still find a licensed moneylender’s products and services questionable, inquire with objective moneylender review websites and reviewers about their overall service experience. Talk about any problematic situation and the lender’s personality throughout the time they worked with your prospect.
  • Observe Their Advertising Style
    All licensed moneylenders cannot perform outreach emails, calls, and messages. Additionally, if you see paper advertisements all over different places, you can never trust those publicly-displayed figures. The Ministry of Law disallows any outreach-style advertising for licensed moneylenders.

How Can You Prevent Spiraling Deeply Into Debt?

Many Singaporeans and foreign borrowers who have spiraled into deep debt have one thing in common: financial mismanagement. Their lack of proper debt management and financial goals has led them to problematic consequences. Avoid indebtedness by taking note of the following.

  • Have a Financial Goal
    Don’t use a personal loan service to have enough money for groceries or utility bill payments unless the situation is dire. It’s best to save up and budget your money accordingly. If you can’t take out financing because your budget shows it’s impossible, always heed your budget.
  • Assess Your Income-To-Debt Ratio
    The income-to-debt ratio is the remaining cash you have to pay for your existing debt. If you have spent more than 50% of your income on debt payments before applying for moneylender products, it’s best to rethink your loan application.
  • Avoid Taking Out Multiple Financing
    Licensed moneylenders may not look at your credit score, but they’ll refuse your application if you’re already paying for a high-amount and interest rate loan.
  • Be Knowledgeable About Loan Terms and Conditions
    Always read the loan’s terms and conditions completely to avoid being blindsided by penalties.
  • Compare and Contrast Loan Offers Available
    You can conveniently compare different moneylenders and their products through the advanced Moneylender Review algorithm. Save time and money finding the best quotes from the best licensed moneylender Singapore can give you. Fill out our online form today to get started!

List of Money Lenders in Bugis