6777 7775
Sim Lim Tower, 10 Jalan Besar Sim Lim Tower #01-01, 208787
How Can You Check Licensed Money Lenders in Singapore?
8 August 2024 | Monetium Credit
The material well-being of your loved ones will be shaped by the financial capital you have at your disposal. Are you an ambitious person with big plans for the future, and do you want to invest in goods or services that will improve the everyday living of your family? Do you need extra funds to put your plans in motion? If that’s the case, you’ll need a cash influx that you can repay on favorable terms. Using the financial services offered by private money lenders like us can, therefore, be an excellent idea that will bring you one step closer to realizing your long-term ambitions. Why private money lenders? It’s all about the efficiency of the borrowing procedures.
Using a licensed money lender near me is going to be more advantageous than contacting the services of conventional banks. At the same time, the terms of credit will most likely be more lenient. Licensed money lenders in Singapore offer a streamlined financial application process in which the waiting time for approval is significantly reduced. Is your documentation in order, and do you qualify for an economic package that suits your family’s financial needs? If so, you’ll receive your money on the spot, with no questions asked.
A licensed loan company will be the best solution to appeal to if you are facing economic problems and need a monetary influx with the utmost urgency. Plus, private lender’s loan terms are typically more flexible than those presented in the financial services of traditional banks and more affordable, as they can sometimes be accessed even by individuals with poor credit histories. Not least, the activity of licensed money lenders in Singapore is regulated by the Ministry of Law. So, you can rest assured that your rights will be respected no matter what.
A Customizable Help
The loans offered by our company are flexible and can be customized according to your monetary requirements. From personal loans, suitable for everyday investments, to payday credits, which you can use till your next salary day, our packages are tailored to meet the needs of everyday people, featuring low interest rates and flexible repayment schedules. Are you looking for an additional financial influx to reinvest in your company’s infrastructure? If so, if your firm is at least 30% owned by Singaporean nationals or permanent residents, you can apply for a business loan.
Does your home need a makeover, and do you not have the funds to finance the necessary repairs? In that case, you should take a look at the terms and provisions of our home renovation loans. Not least, if the management of your outstanding debt is becoming too much to handle, you could utilize our services and merge your separate credits into a singular monthly payment via a debt consolidation loan. We are one of the most recognized licensed money lenders in Singapore, have less stringent requirements than most bank institutions, and accept a variety of assets as collaterals.
Our services are confidential, and the application procedure for the provided financial packages is straightforward. The loans we offer can be disbursed as soon as your application gets approved, and we are transparent with our procedures. So, we will keep you updated about your financial obligations and rights throughout the repayment period. Our services boast some of the lowest interest rates on the market, we provide the highest borrowing limit permitted by the Singaporean government, and we abide by the stipulations of the MoneyLenders Act of 2008.
What Other Advantages Do Private Lenders Offer Over Banks?
Perhaps the most significant advantage is the lack of exacerbated bureaucracy. The application process for the financial services of private lenders such as ourselves is straightforward and involves less paperwork than is the case for conventional financial institutions. Are you interested in a tailor-made financial package? Then, in most cases, you will only need to present your NRIC, proof of your income and residency, and a CBS credit score indicating a low risk of financial default. In addition, private lenders usually offer loans that are not in the range of services provided by conventional banks.
Our company specializes in traditional financial packages such as mortgages or debt consolidation loans. However, we also offer payday credits, lifestyle loans, or monetary instruments intended for renovation work. We are open to your financial requirements and flexible with the solutions that we present to our clients. Not least, the services offered by licensed money lenders in Singapore, like ours, are negotiable, and we boast a high loan approval rate.
We take into account various criteria when assessing your eligibility for our financial packages. We can provide you with the necessary capital for commercial investments, and we offer monetary packages designed to help individuals who are operating in niche markets. So, why use our offers? Ultimately, a licensed money lender near me will represent a better deal. We are the best agency in Singapore for short-term lending, offer financial packages to foreigners with valid work passes, and we are always one phone call away from uncovering a solution for your monetary needs.
How Can You Check Our Company?
Currently, Singapore is home to no less than 154 licensed money lenders, with our agency being among them. How can you verify the legitimacy of a private lender? First, you will have to access the Ministry of Law website and search for the official registry of Money Lenders. In this menu, you will find a PDF file of all the firms that are licensed to offer private monetary lending services in our country. The MLAW list provides detailed information, including the business names of lending agencies, their addresses, license numbers, website links, and landline phone numbers.
For transparency’s sake, our company, Monetium Credit, operates under license number 147/2023, and we can be contacted at +65 6777 7775. As of July 2024, the registry of Money Lenders is not accepting new applications, so the number of Singaporean private creditors remains stagnant. However, this might not last forever. Do you want to verify the legality of the private lender you contacted? If so, you must check the constantly updated list found on the MLAW site. The lender is not on that list? In that case, more than likely, it operates without a license. So, if you decide to use his services, you will be in breach of Singaporean law.
However, being a legal money lender is one thing, while being one that offers cost-advantageous services is another. At Monetium Credit, we guarantee the quality of our offerings through our countless national and international awards and the positive testimonials received from our clients. Our contact information is prominently featured on our website. Plus, our Singaporean office can be found at 10 Jalan Besar Sim Lim Tower #01-01, 208787, and if you want to send us a message, you can do so through the form available on our website.
What Are the Limitations Imposed on
Singaporean Money Lenders?
Firms wishing to provide private monetary lending services in our country must obtain their license from the Registry of Moneylenders. Plus, the Ministry of Law will limit their activity. The maximum administrative fee charged for the financial services offered to borrowers cannot exceed 10% of the nominal value of the loan. In addition, the maximum monthly interest rate associated with the credit cannot surpass 4% per month. What does this mean in figures? Suppose you have been approved for a personal loan of $55,000, and you plan to repay it over 12 months.
According to the monetary legislation applicable to money lenders, at the end of the year, the maximum amount you will pay will be approximately $62,000. However, in practice, the interest rate and the administrative fee will, in almost all cases, be lower than the maximum legal values. Besides the restrictions associated with administrative costs and interest rates, private lenders are limited in how they can advertise their services, must present the terms of the financial packages in an easy-to-understand format, and borrowers must receive a copy of the loan agreement. Additionally, before approving loans, lenders are required to conduct credit assessments.
There are also limits on the maximum amounts that borrowers can lend. Are you an SG national or a permanent resident? If that’s the case, if your annual income is below $20,000, the maximum amount you can borrow, according to the provisions imposed by the Ministry of Law, is $3,000. Do you earn more than $20,000? If that’s the case, then you can borrow up to six times your monthly wage. However, this only applies to unsecured loans. Would you like to guarantee the credit with collateral? Then, there are no legal limits to the maximum amount you can obtain.
How Do You Apply for Credits from a
Licensed Loan Company?
One of the main advantages of a legal money lender like us is that our services can be accessed online. On our website, for example, you can find all the information you need to make an informed decision and compare the financial packages for which you qualify. In addition, we, and many other lenders, offer online calculators to help you determine your loan’s total repayable amount based on its interest rate. Have you found the right financial package for your family’s requirements? If so, you will have to apply to it either via MyInfo or manually input your contact information.
We’ll need your full address and name, contact number, marital status, and date of birth. You will also be required to provide the last four digits of your NRIC and submit documentation attesting to your employment. Under Singapore law, to get a loan from a private lender, you must be at least 21, an SG permanent resident/citizen, or a foreigner with a valid employment pass. For your proof of income, we will need either recent pay slips or your latest CPF contributions. Are you self-employed? Then, we will ask for your latest Income Tax Notice of Assessment.
After you apply, your documentation will be inspected, and we will conduct a credit check. Ideally, your credit score should be above 1825. However, this is not necessarily a criterion set in stone. Does everything check out, and is your application approved? In that case, the money you request will be disbursed on the spot. It’s worth noting that the maximum amount you can borrow with a secured loan depends on the collateral you provide. These collaterals can vary from real estate properties to automobiles, financial assets, or even insurance policies. Moreover, their value will be certified by external appraisers.
What Are the Risks of Using Unlicensed Private Lenders?
Licensed money lenders in Singapore are required by law to follow the stipulations imposed by the MoneyLenders Act of 2008, which limits the maximum interest rate they can charge and provides restrictions to the sums that can be demanded as financial penalties for late payments. Unlicensed lenders, on the other hand, do not follow these guidelines, and there will be no national regulatory body to check whether your agreement complies with the legal terms imposed on licensed agencies. In other words, you will be on your own, and whatever dispute you have with the lender, you will be at a disadvantage.
Unlicensed lenders can offer loans with favorable interest rates. However, there is no guarantee that they will keep their side of the bargain. Have you used the services of an unlicensed lender? Then, after a while, he might change the terms of your agreement and ask for new, exorbitant interest rates. Do you refuse to pay? In that case, he might use debt collection methods that will put the safety of your family in danger. Sure, unlicensed lenders might accept applications from people who are unable to obtain legal loans. However, there is a reason for that.
Once you obtain a loan from unlicensed private lenders, all your protections are out of the window, and you might end up paying double or triple your credit. Unlicensed money lending is illegal and is punishable by up to four years of imprisonment, caning, and fines of up to $300,000. The people who do it know the risks and do not have your interests at heart. Do you want to be safe? Then, it would be best if you stuck to the services of legal and well-regulated licensed money lenders.
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Monetium Credit (s) Pte Ltd (UEN No. 201326118D) is a registered company under the laws of Singapore. Customers are strongly advised to take a look at our privacy policy & disclaimer sections. If you have any queries or concerns in regards to personal data, please kindly contact [email protected]