Unexpected situations arrive in life without any intimidation. You might find yourself in dire need of cash anytime of the day to settle a medical bill or a credit card bill. In those situations, the first thing that comes to your mind is to avail yourself of a personal loan. If you are a resident of Singapore, finding a licensed moneylender on Sundays can be a tough job. This article gives you details of things you didn’t know about 24 hours licensed moneylender.
Availability of a 24-hour licensed moneylender
If you live in Singapore and need cash in the middle of the night or on weekends, you must remember that there is no 24-hour licensed moneylender in Singapore. If you happen to meet someone who claims to be a licensed moneylender under such circumstances, there is a high probability that the person is part of a loan scam and has the intention to deceive you.
The job of a licensed moneylender
Licensed moneylenders in Singapore are approved by the Ministry of Law and can provide legal loans to permanent residents of Singapore and foreigners who have valid employment passes. The process to get a loan is quicker and less complicated than a mortgage loan approved by a traditional bank. Crawfort is one of the trusted money lender sites where you can apply for a personal loan any time of the day. You can find more about Crawfort by visiting their website online.
Be aware of online loan scams
With the help of the internet, it is now too easy for illegal moneylenders to deceive common people who are in need of cash. All they need is a website and fake address to run their scam business. Some points to keep in mind while differentiating between genuine loan websites and an online scam are:
- Verify application process: As more and more moneylenders go digital by the day, it is now too common to apply for a loan online. But the increase in remote applications gives unlicensed moneylenders an edge in their scam game. You need to remember that an online money lender will always do a face-to-face verification while disbursing your loan. On the other hand, unlicensed moneylenders will sanction your loan over just SMS or a WhatsApp chat.
- Address: To avoid a loan from an unlicensed moneylender always check that the lender has a verified business address. If you are going to a business outlet to sign a detailed loan contract, you might as well be aware that this is absolutely not necessary and can be part of a huge scam business.
- Miscellaneous fees: A loan shark might ask for upfront fees, processing fees, administrative fees, and other miscellaneous fees. A licensed moneylender would never ask for any sort of fee before the loan is disbursed. They will charge a minimal 10% admin fee after the loan gets approved which gets deducted from your principal loan amount.
- Interest rates: as regulated by the Ministry of Law in Singapore, a licensed moneylender can charge an interest rate maximum of up to 4% per month. An unlicensed money lender can charge you ridiculously high-interest rates which are absolutely illegal.
- Income statement: Loan sharks in Singapore usually target people who are in desperate need of money. Under those conditions, they don’t even look at your income statement and grant you a lump-sum amount of loan within a short period. So you must always be aware if a moneylender appears too friendly and is eager to loan you out.
Information you need before taking a loan
It is the responsibility of a licensed moneylender to inform you about the terms and conditions of the loan in writing. The terms must include the following details:
- A nominal interest rate that the lender is charging
- Late interest charges you need to pay if you miss a date
- Other permitted fees that are charged from your principal, loan amount
- The instalment details under which you are going to repay the money
Always be aware of loan scams. To get a safe loan in Singapore, approach Crawfort today. You can avail a loan at Crawfort anytime of the day in 3 simple and easy steps.
