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Licensed Money Lender in Singapore – Definitive Guide

One way to get money when you need it fast is to get a loan.

In Singapore, you will find many companies willing to lend you money.

You can get this money for whatever purpose you need it for.

Perhaps you need the money for an emergency or for some other need that you have.

You may not have enough money set aside for when this happens so getting a loan can be ideal in this case.

Most individuals will go to a bank but sometimes you don’t qualify it for a loan at a bank.

You also have to take the time to go through the processing and this can take a significant amount of time which you may not have.

If this is the case, an online lender or someone else that is a licensed money lender can help you.

One company in Singapore that is a private money lender is called CashMax88 and the government has recognized this company.

They make playing for a online loan in Singapore hassle-free, simple, and a quick process. You may not understand everything about a money lender so this guide will answer all of your questions.

Table of Contents

Understanding a Licensed Money Lender
The Difference Between Loans Licensed Money Lender and Loan Shark
Limitations of a Bank Loan
Applying for a Loan in Singapore
Reasons to Use CashMax88
Singapore Online Loan FAQ

Understanding a Licensed Money Lender

When we refer to a money lender it is a business or a firm that can give you cash whenever you need it.

Whenever a company registers with the Ministry of Law in Singapore they will become a licensed moneylender.

This company follows the rules that are outlined in an act called the Moneylenders Act.

Here are a few points to keep in mind:

  • It doesnít matter what your annual income is the interest rate will be calculated by what is called the reducing balance interest rate and you will be charged at a maximum of 4% each month
  • The only fees that a private money lender May charge you is an administrative fee which is 10% of your principal loan amount. once you receive your loan, this fee will be paid
  • If you make a late payment, the fee cannot exceed $60
  • Your interest rate on any late payment is only able to be added as a repayment that isn’t paid yet. This interest can’t be charged to any payments that you’ve already been made
  • Your cost of borrowing which includes interest charges, administrative fees, as well as late payments cannot exceed the total costs of your loan that you’re going to receive it from the company

If the moneylender uses work with isn’t following these guidelines, then you should drop them and work with someone else.

The Difference Between Loans Licensed Money Lender and Loan Shark

Despite the various laws, you will still find illegal moneylenders and loan sharks in Singapore.

Whenever you borrow money, you must be very careful about the companies that you work with.

The legal moneylender needs to be registered and licensed and I have to meet the requirements and various guidelines.

If a company can’t meet the guidelines then they are not able to be licensed.

When you work with illegal money lender they’re going to make sure that you understand the conditions in the terms of any application.

These conditions and terms are crucial for your contract and they will state how much you are eligible to receive, your repayment plan, the interest rate, and any fees that are going to be charged.

Inside of this contract, there should not be anything that is hidden.

Whenever you pay the money lender you’re only going to be paying 10% of your principal amount.

A loan shark, on the other hand, is going to require a very high payment and if you don’t make your payment there will be a very high late payment charged against you.

Here are some of the characteristics that you’ll find in Singapore when dealing with a loan shark.

  • They will ask for your  password and Singpass ID
  • They’re going to ask you to sign a blank note of the contract
  • They won’t explain conditions in terms of any contract you sign
  • They won’t give you a copy of the note of the contract
  • They’re going to withhold information from you
  • They can withhold any amount of the principal that they decide upon from you and not give you a reason for it
  • They will call you directly or advertise by sending an SMS
  • They will give you a loan without you having to go through an application process

If you come across a lender that does any of these things they are not to be trusted and this individual or company should be reported.

You can call the registry at 1-800-2255-529.

You don’t have to be concerned because the registry isn’t going to disclose details that you give to them about the money lender.

If you don’t feel comfortable, you can make an anonymous call.

Limitations of a Bank Loan

You might decide to go for a personal loan or a bank loan.

A bank might have loans that are better suited to your individual situation and needs.

If you need a significant amount of money for a longer period then a bank might be a better choice as they have laws which are not part of the Moneylenders Act.

A bank loan has several limitations:

  • You may have to wait a long time to be approved and processed for the loan
  • There is a lot of paperwork to fill out
  • You have to have a decent credit history to get a loan

If you want a loan of a moderate-sized and can pay it back within 3 to 5 years rather than 3 to 5 months then a bank loan is going to be a better option.

If you need money to cover unexpected expenses or an emergency then you should look at a personal loan from a money lender as this will be the better choice for you.

If you have poor credit or unestablished credit, a bank loan can be significantly more difficult to get and you may not receive it.

If you get a loan from a money lender then this will help your credit score and could even improve your credit score assuming that you pay back everything in the time specified through your loan.

Applying for a Loan in Singapore

In Singapore, getting money from a private money lender should be quick and quite easy.

You will have to provide some information when you fill out the application to receive your money.

Here are some of the documents that you’re going to need to receive your loan:

  • You need a tenancy agreement or a proof of residency. This information has to have your name, the address, and the date on it
  • You need NRIC or identity card
  • You need proof of employment or an employment letter
  • You need payslips for 3 months of work
  • You must be 21 years of old to receive a loan

If you are a foreigner you can also apply for a personal loan through a moneylender if you meet the following requirements:

  • You have a work visa or a work permit
  • You are in possession of a passport
  • You can provide proof of employment. if you are a permanent resident or a Singapore citizen you need to make more than S$20.000 per year to receive eligibility
  • You have to provide a tenancy agreement or a proof of residence
  • You need to provide a statement from your account that is recent to show that you have financial stability if you are a foreigner you are required to receive more than S$30,000-40,000 each year to be eligible

if you have received a loan in the past and faulted on this loan, this can impact your eligibility to receive a loan particularly if it is a money loans from the bank.

You should speak to a money lender to figure out all of your options.

By using CashMax88 you can apply loan online anytime that you like and you’ll receive your money quickly.

It will take you around 10 minutes to complete your application and this can be sent in during business hours. In around 30 minutes, a representative will contact you.

Once all of your information is verified then the funds are going to be sent to your account within 1 to 2 business days.

Reasons to Use CashMax88

One of the best money lenders in Singapore is CashMax88.

They offer you a very simple application process and competitive rates. They adhere to the financial regulations which you will find in the Moneylenders Act.

They are a trustworthy and honest private money lender and you won’t be taken advantage of. They have a reliable service and it will take you around 10 minutes to complete your application which can be done online.

Once they get your initial information one of their professional team members will contact you after they look over your application and then you can discuss your various options with them.

Singapore Online Loan FAQ

What Do I Need to Consider When Getting A Loan Through A Money Lender?

Before you work with any money lender you should ensure that the company is licensed. You should browse through their website to ensure that the operation is in fact licensed. The company needs to adhere to guidelines which are found in the Moneylenders Act. If you find any discrepancies or the company doesn’t seem legitimate, look elsewhere. You should look over the contract, terms and conditions, and other information. You have to consider your job stability, financial situation, and other obligations so you can ensure that you have the ability to repay your loan. You should only borrow the amount of money that you can repay back. If you don’t understand that the amount that you should be boring you should speak to the money lender

What Does the Law Dictate For Money Lenders?

In Singapore, any moneylender has to be licensed as well as registered with the Ministry of Law once they do this, they become legal. You will still find many moneylenders in Singapore that are not licensed. If any money lending company keeps information from you-you do not want to sign any sort of contract. You must understand all of the conditions and the terms of any contract before you sign anything. Make sure you understand the repayment schedule, fees, interest rate, and other information before signing. You should always ensure that the company is registered and licensed before you deal with them.

What Is the Legal Interest Rate That Any Money Lender Can Charge Me?

The maximum rate as of October 1st, 2015 for interest that legal moneylenders are able to charge you is 4% each month. This amount is going to be determined whether you take out an unsecured loan, secured loan, and your income. If you are not able to pay one installment of the loan or fail to repay the entire loan in the time specified then you can also be charged 4% per month at the maximum rate. For any late repayment, you can’t be charged more than $60 for that late repayment. Any late fees as well as interest can’t be added to a payment that you have already made. The interest can only be applied to monies that you still owe.

What Fees Can Money Lenders Charge?

Money lenders can only charge the following as of October 2015:

  • They can charge a fee that is equal to or less than the $60 each month for late payments
  • Fees that are less than or equal to 10% oft he principle which is the money that youíre borrowing
  • They can charge legal costs which are ordered by a court to claim money that you
    didn’t repay or are delinquent on

What Should I Do Once I Have Been Granted A Loan?

Once funds have been sent to your bank, you can use that money any way you wish but you need to check the following information:

  • You want to ensure that you have received the correct amount of alone and that the charge of 10% has been removed as this is the upfront deduction which is allowed. For example, if you’ve asked for a $10,000 loan then the money lender removes $1,000 and you get $9,000 from the bank
  • You want to pay back your loan in the installments as is required of you. You don’t want to incur any late fees
  • When the money lender sends you receipts, keep all of these. You will receive a receipt for each repayment that you make
  • Each year you’ll receive a statement for the loans that you’ve taken out through January to July each year. Make sure you check these statements to ensure that they are correct

Legal Money Lender Summary

You can get a money loan through CashMax88, one of the best licensed moneylender in Singapore. They have representatives standing by to work with you now.

They will help you get the money that you need without having to deal with a bank.

If you need fast cash, they are accompanied you want to work with.

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