Clementi New Town is known as Singapore’s far-flung region. Over the recent years, its economy has remarkably improved because of its major redevelopment. With beautiful places to explore, especially within District 5, there’s no doubt that this place has so much to offer.

Summary of Top Legal Money Lenders of 2021

This interesting place is packed with commercial buildings and modern amenities. It is home to reputable schools, shopping malls, and fancy restaurants.

Despite being a well-developed city, Clementi New Town also has a dark side unknown to many. Unlicensed moneylenders or more commonly known as loan sharks, prey on vulnerable victims by offering fast and easy loans, but with sky-high interest rates. If compared to established legal rates, these illegal lenders are charging more.

How to Identify a Licensed Money Lender?

  • They offer loans via SMS, flyers, WhatsApp, and emails

    Licensed money lender personal loan Clementi New Town will provide you with a comprehensive way of taking out a loan.

    Unlicensed moneylenders do the opposite. They use non-confrontational tactics such as emails, flyers, SMS, cold calls, social media, and phone applications to invite new borrowers and harass existing borrowers.

    If you ever find yourself being added in group chats by unknown numbers and you keep on receiving advertisements about money lending services, you can report the number as spam as it violates advertising rules.

    One of the key differences between licensed and unlicensed moneylenders is the former uses consumer directories or their websites to advertise their service.

  • Higher interest rates
    They are called loan sharks because of their outrageous interest rates and hidden fees. Since their funds are obtained from unidentified sources, they will allow borrowers to get large amounts of money. However, you need to repay the loan in a short period of time with a skyrocket interest rate.
  • Requires loan processing fee before approval
    When you’re asked for a processing fee before approving your loan, this is already considered a red flag. More often than not, these loan sharks require mandatory processing fees for borrowers as collateral for having bad credit. Borrowers who don’t understand its implications will fall victim to these tactics.
  • No contract
    A loan contract with clear terms and conditions is a surefire sign that you are dealing with a licensed moneylender. Stay away from lenders with a blank or incomplete contract. Cancel your application immediately, especially if they do not explain the terms to you.

You may view a complete list of licensed moneylenders in Singapore here.

Factors to Consider When Taking a Loan

  • Repayment Term
  • Credit Score
  • Interest Rates
  • Financial Situation
  • Debt-to-Income Ratio
  • Liquid Assets
  • Value of your Collateral
  • Type of Loan

How Moneylender Review Can Help You?

If searching for the best licensed money lender personal loan Clementi New Town is quite a challenge, Moneylender Review will end your dilemma. They will check the top licensed moneylender and recommend the suitable option for your needs so you can make an informed decision.

Conclusion

It is crucial to take a look at all aspects involved in taking a loan so you will not end up becoming a hapless victim of loan sharks. Doing the due diligence involves analyzing the pros and cons and acquiring all the necessary information. Let MoneylenderReview help you find the best, free of charge, from a list of the best moneylender Singapore. Simply fill up our online form and get FREE quotes from us today!