The Ultimate Guide To Licensed Money Lender Interest Rate In Singapore!

The Ultimate Guide To Licensed Money Lender Interest Rate In Singapore!

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The money is one of the most important entities in the entire world. There are various things that the people must know of this money though. There is never enough of the same no matter how much one earns.

And this is one reason why the people must opt for the loan. There are many loan options to take from. And there are dire situations that require loans, but people can hardly get through with the same.

This is one thing that can ensure that the people are getting through with the best results. All they must know is that how can they get through with the best results on the same. They must also ensure that they understand that the history of moneylending in Singapore is one of the most interesting to know of.

The history:

There are various things to know about the history, and these will provide people with the best results no matter what. 1959 was the very first year where the moneylender act (MLA) was first worked on in Singapore. This law was made to save the borrowers from the moneylenders.

Also, this law helps people from the crazy interest rates that they are charged. In the past few years, things have been different though. The law has also started considering the interests of the moneylenders as well.

They have started supporting the view of the legalized or licensed moneylender interest rates. Here the moneylenders are licensed and offer some of the best help to the people. After the year of 2008, this industry has thus seen a boom. It has most definitely grown, and people can obviously get through with the best results for themselves.

The law is thus implemented more and more after the year of 2008 of course. This is one of those laws that help both the parties in the best possible way for sure.

The 2015 Review of the law:

As already mentioned, law started looking into the interest of the moneylenders as well. And this certainly became a problem to certain consumers. 2008 to the very 1st of 2015 were the years where moneylending was amazingly effective.

Multiple people were in need of the money and often ended up paying loads of interest. Often these interests went up to around 20% as well. This was for people who earned less than 30000 an annum though.

Unfortunately for people who earned more, there were no limits decided at all. They could be charged with any percentage of interests.

Also, the late fee charges were great without any limits. And this is one reason why many failed to repay the money back. Of course, it was a huge impossibility to their pockets and situations. And this completely would torture their daily lives.

In the year of 2015, these were brought to a halt. The government decided to set new measures altogether to this law. This will work for both the consumers and the moneylenders but equally. And this will allow the moneylending industry to prosper as well.

They dramatically decided to reduce the charges to a mere 4% of interest only. And this is one thing that helped almost all the people. Also, they made sure that they maintain the interest of the moneylenders. And if a person is already refused a loan due to some of the other reason, then they would have to produce a fee of 10% in the first place and to borrow.

The interest rate taken care of made things easier. And also there was a charge of a maximum of $60 a month if there were any late fee charges at all. There were no places offered for the additional fees. These made it easier for the people to know about the money that they would have to repay exactly.

The licenses and unlicensed moneylenders:

Moneylenders have managed to garner a lot of bad attention ever since the beginning of the time. There are multiple reasons why these may have happened. The very first reason was the idea of the interest rates. These were dangerous to the people in more than one possible way of course.

They were termed as “loan sharks,” and most of them were unlicensed with varied ways of getting the money out of the people who had borrowed them. Mostly what they took advantage of is the lack of the necessary knowledge amongst the people.

Of course, this was a problem that one must be aware of no matter what. Various things help people identify the licensed and the unlicensed moneylenders. These laws help people identify the best help for themselves of course. And this is one of the most necessary things that they must take care of as well.

Finding a licensed Money Lender Singapore has is important without a doubt. And this is one thing that people must take care of as well.

Identifying a licensed moneylender:

There are multiple ways how one can identify a licensed moneylender. The following are the few most important points that will help one get through with the bets moneylenders around you:

  • Signpass user ID:

This is one of the major ways to identify these people without a doubt. The legalized moneylenders already have access to a particular database. This database tells them all about a consumer and how their past credit history is. This is completely necessary for the people to know of as well. If a particular moneylender asks for it, chances are that they are not licensed. And this is one of the major warning signs of course.

  • Explaining the loan is a necessity:

It is certainly another of the major points that people must be aware of. Of course, one must understand that the granting of a loan is no less than a business. This business transaction needs a formal explanation and great way of ensuring that it is only carried out when the consumer has an idea of what is going to take place. This is only why the explanation is necessary. No licensed moneylender will forget this.

  • Withholding the documents:

This is another thing that no licensed moneylender will do. They will not with-held any of the documents that relate to the identity of the people. Of course, this is done by the loan sharks as they can blackmail people into giving the money up. This is one reason why the licensed moneylenders like Credit Excel Capital must only be selected.

  • Follow proper steps:

No licensed moneylender will ever provide a loan to you just like that. They will hardly ever confirm it on the phone or the SMS and give you the money. They will, in fact, cover all the proper steps. They will make sure that you will get through with the verification and that too a physical one of course.

  • Advertising:

This is something that the licensed moneylenders will never do. In fact, they will never go ahead and advertise their false claims of having money and lending them to you as well. This will be a bad idea to fall into the trap of who do the same thus.

These are the very ways that people can identify the moneylenders who are licensed from the ones who are not.

Editor

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