This is a discussion on Applying for a Personal Loan from a Licensed Money Lender within the Financial Asessment and Planning forum, part of the Home Planning Forum category; What to Expect from a Legal Money Lender in Singapore Money lenders in Singapore are required to inform their clients ...
What to Expect from a Legal Money Lender in Singapore
Money lenders in Singapore are required to inform their clients the loan terms, which must be explained in a language that they will be able to understand well. Moreover, the company should provide you with a copy of the contract for your files. Do your best to understand the contract details, particularly the interest rates, applicable fees and repayment schedule for your guidance.
As with any major financial decision you need to make, it is essential that you shop around for several money lenders with the most reasonable terms. Avoid acting on impulse and committing yourself to a personal loan from a certain lender when you are not satisfied with the conditions presented to you. Furthermore, do your best not to rely on unlicensed lenders since you are most likely to suffer from serious issues in terms of receiving and repaying your loan on a timely manner. Choose a licensed money lender At Bugis for their financial concerns.