A money lender singapore is an individual or business that offers short-term loans for personal and small business purposes. They are subject to strict regulations by the Ministry of Law, and their license can be revoked if they violate these rules. Licensed money lenders should display their licence prominently in their premises. They should also follow specific guidelines established by MinLaw that protect borrowers from unfair interests rates and fees.
A licensed money lender should be able to provide you with a copy of the Note of Contract for your loan and fully explain its terms and conditions. They should also have an acceptable repayment plan if you are unable to pay your debt in time. You should always compare different loan options from multiple money lenders to find the best one for your financial situation.
Avoid unlicensed money lenders, or loan sharks, as they can impose exorbitant interest rates and unreasonable repayment terms. They often target individuals who are struggling financially and can impose harsh late fees and penalties for nonpayment of their debt. If you are unsure of which licensed money lender to approach, you can verify their licence with the Ministry of Law by checking a list of approved money lenders.
GS Credit is a licensed money lender that has been trusted by many Singaporeans. The company has a slew of 5-star reviews on online forums, and its loan officers are experts at personalising your loan. They also offer competitive rates and have an easy application process.