Nothing comes easy in life, especially when it’s regarding lending money. Although Singapore has lots many financial institutions to cater to the need of both local and international customers, getting a reliable personal loan here can be awfully hard without any prior knowledge of the industry regulations. The basic reason of writing this article is to help customers with the tips from the experts.
Tips to Get a Reliable Personal Loan in Singapore
Suspect the Unusual
No credit agency can offer a cheap personal loan without a collateral support. They need a security to safeguard their money. If they don’t, the loan has to be expensive. However, personal loans are not meant to be secured loans and this is why they should be relatively expensive: these current 30 year mortgage rates must give you an idea. So, the first tip to get a reliable personal loan in Singapore will be staying away from the risky money lenders who are eager to offer cheap personal loan without a security.
Take The Best Reliable Route
The best way to find a licenced money lender in Singapore would be approaching the Government agencies. They should have a list of reliable private money lenders who operate according to Singaporean financial institution law. They can even be asked for a copy of their license or certification.
Factors that Should Raise an Alarm
No loan provider can ask for a client’s sign in password or user id. They should never have an intention to retain any kind of ID, like driving licence, passport, employment pass or work permit, of the customer. Any kind of unethical practices, like granting a loan without even receiving the loan application form and other supporting documents, like income tax assessment paper and payslips, should be taken as signs of fraud and reported to the Registry of Moneylenders.
Make a Note of Specifics
Before doing any business with a Singaporean money lender, it’s important to have a clear idea about the things like what would be the money lender’s fee, how much would be the application fee, what is the Moneylender’s Act and its rules. Most of these details should be available on the official Singapore Government Ministry of Law webpage. To be on the safe side, consumers can also buy the paper copies representing all information from the reliable Singapore National Printers retail store at Toppan LeeFung Pte.Ltd. This is the place that can offer most reliable official Government publications.
So these were the top tips to get reliable personal loans in Singapore. These tips will help one get a personal loan without the fear of being stuck in an eternal debt.