It’s challenging to keep your hands off your wallet in Serangoon Road, especially when you’re enjoying some fine food in the Oblong Cafe and La Petite Boutique. It’s much more crucial to have enough cash when planning to play in JForte Sportainment Center.

Summary of Top Legal Money Lenders of 2022

Fortunately, you won’t need to worry about running low on cash because you can find licensed moneylenders on nearly every corner of Singapore. However, there are a few things you should remember before applying for a loan.

Loan Sharks: Posing As Legitimate Lenders Swindling Borrowers

Singapore does not run out of borrowers who need high amounts of cash for various ventures. However, loan sharks can easily pose as licensed moneylenders. These are opportunists who will make it their job to change your loan contracts and make their offers irresistible. You can spot them by identifying the following:

  • No License Number
    All licensed moneylenders that the Ministry of Law regulates have their respective license numbers. Moneylender business owners receive this upon accomplishing and passing their examinations. Any lender who cannot provide or display their lending license number is most likely a loan shark.
  • You Can’t Find Them In The Registry
    Additionally, you’ll find it interesting (or problematic) that you can’t find the lender in Singapore’s Registry of Moneylenders. This repository houses all legitimate moneylending businesses, and you can use it as a reference to determine if you’re possibly communicating later with a potential loan shark.
  • Positive Reviews Online and Elsewhere
    The internet gives us many options to do research and perform data gathering. A licensed moneylender often gets reviews from blogs and independent review websites. If your lender has no license number and has poor to zero online reviews, reconsider working with them.
  • Deals Which Are Too Good To Be True
    Licensed moneylenders have products that the Ministry of Law has pre-approved. On the other hand, loan sharks have offers that sound outrageously advantageous to the regular borrower. However, a deal too good to be true likely is, and if you’ve received outreach of any form, from text messages to phone calls, you’re likely talking to a loan shark.

Keeping Yourself Off Debt

  • Plan Your Financial Objectives
    Have an objective for any personal loan. Licensed moneylenders have a high approval rate, but it doesn’t mean you should use it exclusively for all your spending.
  • Analyze Your Income and Job Stability
    Without a means to pay for your debt, your personal loan will balloon and cause major problems for you in the future. If you’re unemployed, reconsider applying for a personal loan.
  • Use It, Only When You Need It
    If it’s possible to save up money for your wants or needs, it’s best to use this option. However, if it’s a financial emergency, a personal loan can immensely help you.
  • Compare and Research Loan Offers Properly
    Research all loan offers available from different licensed moneylenders. The more time you spend on research, you’ll find more money-saving options that can save you from high repayment and interest rates.

Get The Latest Loan Rates From Moneylender Review

You can always trust Moneylender Review to help you find the best deals and compare them in real-time using our advanced algorithm. Get started with three quotes from the best licensed money lender Singapore, Serangoon Road free of charge just by filling out this simple online form to get started.

List of Money Lenders in Serangoon Road