Differences between a licensed moneylender and a loan shark

Differences between a licensed moneylender and a loan shark

Singapore is a hotbed of financial crime. Loan sharks are lurking at every corner. Your data is already available to them. They will contact you in various creative ways, making it hard for you to tell them apart from a licensed moneylender. Consequently, you will end up losing your hard-earned money and in some cases, also your personal information that will be used to bombard you with even more scams or worse yet, for extorting more money out of you by means of leverage. Loan sharks are a type of illegal business. You should never deal with them. It’s critical, […]

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Things to know about credit counselling in Singapore

Credit counselling is a process that helps debtors with debt settlements. The tools usually employed for effective credit counselling involve financial education, budgeting, and the basics of certain software. The ultimate goal of credit counselling is to reduce and eradicate debt. It sounds pretty neat on paper, doesn’t it? But there’s more to credit counselling than meets the eye. For example: It’s no magic trick. Your debt won’t disappear. More than likely, you will need to make choices that aren’t the most convenient or comfortable for you. You will need to strictly adhere to the counselling for it to work. […]

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How to Compare Moneylenders in Singapore (2019 Update)

How to Compare Moneylenders in Singapore (2019 Update)

Latest Update for 2019: With the new Government ruling, all money lenders in Singapore are to cap all loans provided at a maximum of 4% interest rate per month. Therefore we urge all borrowers to make full use of this wonderful offer today by applying for an online loan here. The best advice anyone can give when you are searching for a loan from moneylenders is that it pays to take time to compare lenders before committing to any particular lender. There are many moneylenders in Singapore. Many of them are licensed and registered in the Registry of Moneylenders. It […]

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Moneylender Tips – Identifying Legal Moneylenders in Singapore

Moneylender Tips – Identifying Legal Moneylenders in Singapore

How do you tell a if a Moneylender in Singapore is a legal one? Here are some tell-tale signs:   No telemarketing or SMS According to the Ministry of Law rules and privacy acts, moneylenders should not advertise their services in the form of telemarketing or SMS marketing. The penalties for advertising these services are harsh. Moneylenders can easily lose their licenses if they are caught. However, many illegal money lending services use SMS and telemarketing to market their services to unsuspecting consumers. It is important to avoid these services.   No online bank transfers Moneylenders often claim that they are able […]

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