Pre-Requisite of Money Lending

 Paying off bills and expenses without any assistance can be challenging, especially when living in one of the most expensive cities in the world — Singapore. Things like medical bills and wedding costs, for instance, can easily cost thousands of dollars in Singapore.

When there’s not enough money to pay off these expenses, most people may choose to take out loans from the bank. But banks tend to have a longer and more stringent approval process, which might not be helpful during urgency.

That is why when it comes to loans, the best money lender in Singapore is a viable alternative to banks since they generally have faster approval.

“Is borrowing from Singapore’s best money lender safe?” is one of the biggest concerns that people have.

Well, contrary to popular belief, all Singapore’s best money lenders are governed by the Ministry of Law (MinLaw). They’re very different from illegal moneylenders, so it’s safe to borrow from them.

But before we start borrowing from the best licensed money lender in Singapore, here are things to consider:

1. Decide On the type of loan needed from a Licensed Moneylender.
2. Research On the loan we’re planning to take from a Licensed Moneylender.
3. Prepare all the documents we’ll need before going to a Licensed Moneylender Office.
4. Is there any cap on the cost involved when borrowing from a Licensed Moneylender?
5. Check If the Licensed Moneylender name is On the Ministry of Law Registry list.
6. Requires face-to-face verification with the Licensed Moneylender.
7. Check if the Licensed Money Lender office has a physical address.

The Registry of Moneylenders is responsible for the regulation of moneylenders in Singapore. Before borrowing from a moneylender, be sure to verify if it’s a licensed one by checking on the Registry’s list.