Singapore’s Little India is a hit among tourists and Singaporeans because of the many cultural spots and hotpot mixes you’ll find in the area. For example, you can find the Sri Veeramakaliamman Temple, one of the world’s oldest Hindu temples surviving the Second World War, among other Hindu and Buddhist temples in the area.

Summary of Top Legal Money Lenders of 2021

However, if you’re a bit short on cash, enjoying your spiritual and cultural exploration might come to a halt. Thankfully, you can quickly find a reliable lender for all your financing needs in the area.

How Do You Know You’re Working With a Licensed Moneylender?

With a quick search engine query, you’ll find a helpful licensed moneylender easily. However, you might fall for a loan shark’s trap because of their convincing advertising and enticing offers. Here are a few easy ways to spot legitimate lenders:

  • Advertises Properly
    The Ministry of Law oversees all Singaporean moneylending activities. It assigns The Registry of Moneylenders to conduct examinations and the issuing and revoking of licenses. All licensed moneylenders can only advertise through their physical location and website. They cannot have a social media entity or perform outreach messaging.
  • Friendly and Helpful Staff
    The courteous staff is a must in any licensed moneylending center. They should be willing to completely explain the loan contract’s terms and conditions in the best way possible, especially for first-time borrowers.
  • Products are in accordance with The Ministry of Law’s Stipulations
    Loan sharks design predatory loan products automatically, sending borrowers to a deep debt spiral. However, the Ministry of Law defends borrowers from these predatory practices through a strict regulatory guideline on all conduct and product design. Check if they’re in the Registry of Moneylenders too.

Things To Consider When Applying for a Loan

Even if you’re working with legitimate moneylenders, you are still at risk of deep debt if you fail to manage your loan. Prepare yourself and everything involved by considering the following before finalizing your loan application.

  • Your Income and Work Stability
    If you’re on a 30-day resignation notice, you’ll want to delay your loan application until you land a new job. Failing to pay your loan and dealing with the ceiling 4% interest rate can lead you to expensive debt.
  • Loan Amount and Financing Objectives
    Focus is the primary goal of successful loan repayments. Before applying, list down your financing objectives and priorities. In doing so, you’ll always have the concentration necessary to realign your financial goals correctly.
  • Make a Realistic Budget
    Personal loans aren’t the best financial solution for all your needs. You’re paying expensive interest fees with a single missed repayment. However, it doesn’t mean you need to compromise your financial needs with an unrealistic budget. If your income-to-debt ratio is above 50%, reconsider applying for a loan.
  • Research and Compare Products
    Interest rates, loan amounts, and promotions are easy to compare thanks to the Internet. You might be missing out on solid offers if you fail to research and compare numerous financial products available to you.

Moneylender Review: A Helpful Comparison Website

If you need the most advanced moneylending comparison algorithms, you can count on Moneylender Review’s capable search and comparison engine. Find up to three of the best offers and the most useful financing from a legal money lender in Singapore today. Fill out this online form to get them today!

List of Money Lenders in Little India