What is your role here in the loan industry?
We are here to help regulate the loan industry so that borrowers can be safe from unlicensed money lenders or loan sharks. We work with ONLY legal moneylenders approved by the Ministry of Law (MinLaw) in Singapore for the list of credible and licensed lenders.
As a borrower, how can I actually identify that the lender is the correct one for me?
A reliable money lender will explain the loan application and processing process clearly. This information should be easily accessible on the company’s website and their customer service should be available to answer any queries you have. If there are some gaps in the process and the lender isn’t ready to explain much, keep looking lest you fall for a loan shark.
What should I look out for in the loan contract?
Before signing a loan contract, make sure everything is clear. This is a legal document that binds both parties to the terms. You should look for hidden charges, verify repayment dates, late interest charges and statement of accounts. A dependable lender will provide a concise contract and follow-up with statements of account receipts when you start repaying.
Are all your loan partners licensed lenders?
There is no compromise when it comes to licensing. We ONLY work with licensed lenders that are registered with government bodies such as the Ministry of Law (MinLaw) in Singapore. Meaning to say we will be 100% sure that the money lender we provide your details to has the relevant license.
What kind of interest rates are the lenders offering today?
The interest rate offered by the licensed money lenders for legal loans in Singapore is 1-4% per month. You can therefore be sure of getting the best deals out from the licensed lenders today. A tip is to look for a money lender who is dedicated to finding you the most affordable rate to guarantee easy repayment.
What are the things I could do with a personal loan?
Personal loans can be used to meet financial obligations, such as educational fees, home renovations, car purchase, and medical emergencies among others. This also comes in handy for expats or foreigners facing financial shortfalls and need the immediate solution.
I believe the lenders here are offering unsecured loan? What are unsecured loans really?
Unsecured loans a type of a loan product where no collateral is required to qualify you for funding. Your creditworthiness is used as security and also determines the amount you can access. This type of loan is offered mostly to people with a regular income and deductions are made directly for the salary.
I am ready to get a loan now, what should I do?
You can click here to access the online application to submit your personal details, and one of our loan partners will be giving you a call at your available time and convenience.