There are times when emergencies arise and you may need to fork out a sum of money. In these situations, a loan can be very helpful. However, be careful when selecting a lender as there are some illegal ones out there that prey on the urgency of borrowers. Luckily, there are many licensed money lenders in Singapore that can help you.
You should first find a lender that is licensed by the Ministry of Law. This can be done online by checking the moneylender’s website and verifying their license number. Moreover, you should also check whether they have an office address. If they do not have an office, then it is most likely that they are a loan shark and you should avoid them at all costs.
If you have a poor credit history, then it can be difficult to get a loan from a reputable moneylender. Fortunately, there are moneylenders in Singapore that offer loans to people with bad credit scores. They do so by conducting a more thorough credit check on your history and assessing your ability to repay the loan. Besides, these lenders have less stringent requirements than the mainstream financial institutions.
In addition, you should know that there are several types of personal loans in Singapore. These include unsecured and secured loans. The former is unsecured and does not require collateral while the latter is secured by assets such as your home or car. Regardless of the type of loan you choose, you should always remember to pay back the amount borrowed on time so that you can avoid interest charges.
It is common for people to apply for an instant loan in order to cover unexpected expenses. But before you do, make sure to compare the different rates offered by different lenders. This will save you money in the long run. It is also important to choose a reputable and accredited moneylender that offers the best terms and conditions.
When applying for an instant online loan singapore, it is advisable to submit documents that prove your identity and income. You should also provide a copy of your work pass. This will help the lender to identify you as a resident or a permanent citizen of Singapore. It is also necessary to meet the minimum income requirement set by the lender. The majority of Singaporean and PR banks require a minimum monthly income of $20,000.
Once your application has been processed, you will be informed via phone or email if you have been approved for the loan. If you are approved, then the cash will be transferred directly to your bank account. In case you are not approved, you should check your credit score to see if there are any errors.
Illegal moneylenders, also known as Ah-Longs, continue to exist despite strict regulations by the Ministry of Law. It is important to report them to the authorities immediately so that they can be stopped from exploiting borrowers. You can report them through the X-Ah-Long Hotline.