Some borrowers may be tempted to go with an illegal moneylender, but before making a final decision, they should be made aware of the advantages of having their application sent to a licensed money lender instead. Below are just a few of the benefits you may expect to receive if you work with a legitimate money lender:
Modest rates of interest
The best aspect of dealing with registered money lenders is that they typically provide lower interest rates than those who are not licensed to extend credit. As a result of intense competition among the licensed money lending industry, each lender is doing everything in their ability to entice potential borrowers to choose them over the competitors. A common strategy utilized by legitimate money lenders is the provision of cheap interest rates.
They are simple to handle because of their adaptable repayment schedule; the lender considers your current financial situation when determining how much of a monthly payment you can handle. Also, their interest rate is quite affordable.
Personal information is kept secret at all times.
Licensed money lenders in Singapore are required by the government to obey rules and laws in order to preserve their license, so you don’t have to worry about your personal information falling into the wrong hands with unlicensed money lenders. For example, Power Credit, best money lender in Singapore, is a reliable money lender that you can trust.
There are currently many schemes where you may be bribed or where your personal information can be used in hateful activities; nevertheless, you can rest assured that licensed money lenders cannot do anything to damage you due to the rules that we have in place.
Keep away from any loan companies that aren’t licensed to do business in your state.
Government’s attempts to aid both the lending and borrowing sectors have resulted in laws and legislation intended to protect both groups. The government is authorized to levy penalties on the lender and, in the most extreme situation possible, to withdraw the license of the money lender if the lender fails to adhere to these guidelines and puts their borrower in a vulnerable position, such as being harassed.
It is unlikely that the lender and the borrower will have any problems with their transactions, but the borrower may rest easy because the government has established rules and laws to protect them from the lenders.
