The smell of wonderfully-delicious Arabian food is the first thing that greets you once you walk along with Rochor’s excellent mix of Asian, Arabian, and Indian cultural sites, shops, and dining experiences. However, make sure you’ve got enough cash while you walk around — and you can easily do so by using a 2 to avoid shortages.

Summary of Top Legal Money Lenders of 2022

Everything You Need to Know About Loan Sharks

In nearly every single Singapore tourist and market area, you can expect loan sharks posing as professional financial services attempting to swindle you into using their unbelievably low-interest rate loan. Don’t give in, and always check the following to avoid future scams:

  • No License Number
    All Singaporean licensed moneylenders have their respective license numbers, which they display on their website and any advertising banner in their existing physical branches. If your prospect lender cannot present their license number, don’t even think of using their services.
  • Does Not Appear In The Registry of Moneylenders
    The Registry of Moneylenders is Singapore’s answer to the rising loan shark business population in Singapore’s micro-lending industry. The Registry supervises all license issuance, testing, and other due diligence to ensure the highest-quality lenders only appear in Singapore’s cities. If your lender does not appear on the list, don’t bother working with them.
  • Zero Integrity
    Licensed moneylenders cannot approach anyone out of the blue to advertise their services. Additionally, they cannot reach out using chat, email, phone calls, and text messages. If a lender approaches you with these advertisements, stop and look for other lenders online.
  • An Existing Case File With Police
    If you can’t find any reviews about a prospect lender, but they appear on the Registry, check with the police if your prospect lender has any pending criminal cases. While it’s uncommon for a licensed moneylender to have a record, it’s best to be sure you’re working with the best and most reliable ones.

An ‘Avoid Debt’ Guide For First-Time Personal Loan Applicants

Even without advertising, licensed moneylender services are undeniably convenient and potent. If you have qualifications and eligibility that grant you easy access to their services, reconsider doing so, especially if you haven’t evaluated these factors:

  • Income and Job Stability
    You’ll need to have saved at least 2-3 times your monthly salary before taking on a personal loan unless it’s an emergency. Moneylender personal loans have a 4% interest rate cap and a 10% loan processing fee. Plus, you’ll need to pay everything within the agreed repayment period, so a highly-capable income and job with guaranteed stability are crucial.
  • Existing Debts and Repayments
    Your income-to-debt ratio is a primary sign of your financial capacity to take on an additional personal loan. Don’t push through if debt repayments are eating up 40-50% of your income already.
  • Mind Your Spending: Create a Budget
    Personal loans aren’t for your daily groceries; you use a budget to handle these daily and immediate necessities. Think of personal loans as a last resort in any situation.
  • Focus On Your Financial Goals
    Concentrating on your goals allows you to align your finances and use them. In doing so, you reduce the risk of spiraling into debt by having a financial plan.

Research and Compare The Best Products Available in the Market

Moneylender Review’s advanced search algorithm allows you to compare numerous moneylending offers and interest rates available in the market. Get up to three quotes from the best licensed money lender Singapore by filling out this quick and easy online form today!

List of Money Lenders in Rochor