Singapore Money Lender

You can borrow money from a licensed money lender, regardless of whether you are a Singaporean citizen or a foreigner. The laws and regulations that money lenders licensed to lend money must be followed. They must prepare a loan contract that contains all information about the loan, including interest rates. You should also indicate payment methods in the contract. This is to ensure that borrowers understand their rights. A licensed money lender won't keep any personal information on borrowers. A licensed money lender cannot charge more than 4 percent interest per calendar month, or 4% late fee per calendar month.

The Ministry of Law maintains an updated list of licensed Singapore Money Lender. This list is kept up-to-date and can be found at the Ministry's site. This list is a great resource to locate a licensed money-lender.

Money lenders licensed by the Moneylenders Act must adhere to it and not resort to harassment or coercion. They must also have a physical location and a verification center. They are allowed to only advertise via consumer directories, their exterior business premises and their websites. They are not allowed to charge pre-approval fee. They must explain to borrowers all terms and conditions of the loan. The Moneylenders Act requires that they have a loan contract detailing the interest rates and repayment terms.

Singapore citizens must have a minimum annual income of $10,000 to be eligible for unsecured personal loan. Foreigners need to have a minimum income of $20,000 in order to qualify for such loans. An authorised money lender in Singapore can only provide a loan amount of $1,000. You can only borrow up to six times your annual salary. A maximum interest rate of 4.4% is also applicable to the total loan amount. Missed payments are subject to a maximum late charge of 4%. 60 dollars per month is the maximum amount that can be late reimbursed.

For $6, you can get your credit report from Credit Bureau of Singapore. This report will allow you to calculate the loan amount and your credit score. It is important to have a good credit score in order to get a job in finance. If your credit score is low, banks may refuse to lend you money. Banks will use your credit score to determine the amount you can borrow.

You are protected against future problems by choosing a licensed money loaner. For help if you're dealing with an illegal lender of money, contact the Ministry of Law. They will take appropriate action against the illegal lender. A list of licensed money lenders is also available on the Ministry of Law's website.

While a licensed money lender is allowed to offer different types of loans it can also restrict its advertising options. Licensee money lenders cannot advertise through business directories. They can also only advertise from the outside of their business premises and on their websites. They can't advertise in the newspapers, flyers, or pamphlets.

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