You should seek out the assistance of a licensed money lender if you need to borrow money. Licensee money lenders must adhere to strict regulations. They must also provide a loan agreement that includes all details about the loan and the interest rates. It should also contain payment options. This is to make sure that the borrowers know their rights. An authorized money lender will not keep any personal information about borrowers. They cannot charge more that 4% per month in interest or 4% late fees per month.
The Ministry of Law maintains a list of licensed Singapore Money Lender. You can find the list on the Ministry's website. This site is an excellent resource to find a licensed money lender.
Licensee money lenders must follow the Moneylenders Act. They must not resort to harassment, coercion or unsolicited email. They must also have a physical address as well as a verification office. They can also advertise through their websites, consumer directories, or the exterior of their business premises. They cannot charge pre-approval fees. They must also explain to borrowers the terms of the loan. They must also have a loan agreement with all details regarding interest rates and repayment terms, as required by the Moneylenders Act.
For unsecured personal loans, the minimum income required is $10,000 for Singaporeans and $20,000 for foreigners. A Singapore authorised money lender can only approve loans up to $1,000. The maximum loan amount from an authorised money lender in Singapore is $1,000. This limit applies to your annual income. The maximum interest rate on all loans is 4%. For missed payments, there is a maximum late fee of 4%. Late reimbursements are allowed up to $60 per month.
The Credit Bureau of Singapore can provide your credit report for $6. This report will help you to determine the amount of your loan as well as your credit score. A credit score is also crucial for obtaining a job within the finance industry. Banks may deny you if your credit score falls below a certain level. Banks use credit scores to determine how much a loan will cost.
It is important to choose a licensed money lender in order to avoid future problems. The Ministry of Law can help you if you have an illegal money lender. They will take legal action against the illegal money lender. On its website, the Ministry of Law provides a list of licensed money lender.
Although a licensed money lender can offer loans of all types, it has restrictions on how it advertises. Only licensed money lenders are allowed to advertise in business directories, on the exterior of their business premises, on their websites and through their advertisements in consumer directories. They are not allowed to advertise in the newspaper, pamphlets, or flyers.