If you have a medical emergency or your business faces unforeseen emergencies, you’ll need financial assistance, fast.
If you’re like most people, you may not have enough liquidity or savings.
You can ask your friends or family for help, but that also complicates relationships. During such instances, turning to moneylending companies might be your next best option.
There are various avenues where you can seek moneylending services from. Banks, traditional financial institutions, and licensed moneylenders are some of them. However, compared to banks and other traditional financial institutions, licensed moneylenders tend to have a faster approval process and rate, and minimal documentations are required.
That said, it pays to discern between licensed and unlicensed moneylenders. Borrowing from an unlicensed moneylender is extremely dangerous. Here, you’ll find out how to choose the best moneylender, what to look out for, and what happens after your loan is approved. You’ll also learn what sets the best moneylenders apart from usual ones, and how to choose your best financial provider.
According to the Moneylender’s Act, a moneylender is a principal or agent who:
This definition doesn’t include:
Always remember to ensure that you are engaging in licensed moneylending services.
It’s always important to ensure that you are engaging in licensed moneylending services. This is because licensed moneylenders are strictly governed by the Ministry of Law. Thus, they abide by the regulations stipulated by the government. They do not overcharge and resort to unscrupulous debt collection methods.
The Registry of Moneylenders operates under the Ministry of Law in Singapore.
This Registry establishes, controls, and enforces the regulations for Licensed Moneylenders. Therefore, the moneylending industry can develop under precise guidelines that ensure safety and correctness.
If you are looking to take out a loan for the first time, it is natural to feel apprehensive. This in turn, might cause you to hastily make uninformed decisions. In the process, you might wind up borrowing from an unlicensed moneylender unknowingly.
All you have to do is visit the official website created by the Ministry of Law where you can view the list of licensed moneylenders.
If you’re looking for other tell tale signs, a licensed moneylender isn’t allowed to:
If any of that happens to you, you’re probably dealing with an unlicensed moneylender.
Moreover, licensed moneylenders are only able to use the following advertising channels to communicate their messages:
If you see any other form of advertising, it is most probably done by an unlicensed moneylender.
Here is what you can do if you’ve been unknowingly involved in unlicensed moneylending:
The maximum allowed interest rate is 4% per month. This is also referred to as the nominal interest.
If you make late repayments, moneylenders can charge you another maximum 4%, which is called late interest.
The maximum amount you can borrow depends on the type of loan:
|Your Annual Salary||Maximum Amount If You’re A Singapore Citizen Or Permanent Resident||Maximum Amount If You’re A Foreigner Living In Singapore|
|$10,000 - $20,000||$3,000||$3,000|
|> $20,000||6x your monthly income||6x your monthly income|
Before you get a loan from a licensed moneylender, you have to find out:
Licensed moneylenders are also obliged to give you a cautionary statement. This statement includes possible forms of abusive conduct and where to report them. These behaviours include:
After your loan is approved, the moneylender has to transfer you the entire principal amount that you’ve agreed upon. The maximum percentage that a moneylender is allowed to deduct, is 10% for the loan approval fee.
Then, you’ll have to start repaying the loan according to your contract. To ensure that everything goes smoothly, you’ll need:
In the case that you are unable to repay your loan, you can opt to negotiate an extension.
It’s best to add this possibility to your loan contract to avoid paying late interest rates. If you aren’t consistent with your repayment rates, the moneylender has the right to take legal action against you. This usually happens if you’ve secured your loan with collateral.
Lending Bee is a licensed moneylender and your trusted partner in offering loans to finance your personal or corporate investment needs.
Apart from being a legally licensed moneylender, Lending Bee also strives to provide the best for our borrowers. We understand that there are times when a little extra financial help is required, to finance the various milestones in life.
Here’s why Lending Bee stands out as a moneylending institution:
Need a personal loan for your wedding, education, home renovation or business needs?
You’ll be glad to know that Lending Bee offers a wide variety of personal loans suited to your needs!
With our large capital backing, you can borrow up to $100,000 for an unsecured loan, and up to $2,000,000 for a secured loan. Besides, Lending Bee will prolong your tenure to up to 3 years longer than other institutions, so you have plenty of time to repay your loan.
Having been in the business since 2018, we have helped thousands of Singaporeans like you with their flexible rates and expertise. Getting a loan from Lending Bee will help you build your credit score and expand your business. That way, you can reach financial freedom faster and safer.
If you are taking out a loan for the first time and fear that it might be a daunting process, fret not!
Having over 900 positive customer reviews, Lending Bee is an efficient, professional institution with top customer support. Most people highlight the patience and thorough explanations of the loan agents.
This means that you will fully understand your loan terms and conditions before signing off.
That way, you can work together with our loan officers to for a customizable loan and repayment plan.
This ensures for more comfortable repayment and reduces the risk of incurring unnecessary late payment fees.
The application process is simple, efficient and reliable.
All you have to do is fill in our 3 minute online loan application. Within the hour, our loan officer will contact you to confirm your details at one of the nearby offices. If everything checks out, you will get your money in cash or check right then and there!
Borrow With Confidence.
With Us, You Can.