Singapore is one of the topmost financial hubs of the world. The city offers people to procure money for several reasons and purposes and also get their loans easily sanctioned. Thanks to the presence of a multitude of Licensed Money Lender Singapore who has made the life of borrowers more unproblematic and easy-going. No matter what your requirements are and what amount of cash you are in need of; contacting an accredited lender or mortgage agency can help you find the right scheme for you.
However, recently the government of Singapore has brought up some mandatory changes to the existing regulations and money lending procedures with effect from October 2015 and if you are yet unaware of the new rules, this article will help you. There are some notable changes in the commandments how a Licensed Money Lender Singapore has to manage and lend money their borrowers. But borrowers with less or nil knowledge and idea about the new guidelines and rules may fall short to satisfy the loan criteria. To avoid all such risks and possibilities, here, we’ll discuss all those changes and essential points which every borrower should know.
Money lending rules
- Firstly, every borrower is legally abiding by the laws to the criteria of the loan agreement while hiring a licensed lender in Singapore. A borrower has to carefully read and accept the printed terms and conditions of the loan agreement before finalizing any pact.
- While lending, money or any kind of other credits from a lending agency, make sure to consider the existing mortgage and liability like recurrent fee and make smart decisions regarding the contract conformity with accurately calculated interest payment and of course the late fees.
- It is the legal accountability of the licensed money lender to let borrowers know about every single term and condition in the idiom that they can easily understand. Moreover, it is mandatory for a lender to provide the borrowers a copy of the loan agreement.
How Much Loan Can You Get From A Licensed Money Lender?
The certified money lending agencies are sanctioned to offer unsecured mortgage and a borrower can take it on the following basis:
- If your annual income is higher than 20000 dollars, you can take 3000 dollars as loan amount
- If your yearly income is more than 20000 dollars and less than 30000 dollars, you can occupy up to two months of earnings as credit
- If your annual income level stands in between 30000 dollars and 120000 dollars, you can be granted up to 4 months loan
Factors to Keep In Mind
While hiring a Licensed Money Lender Singapore, you should keep some crucial points in mind and they are:
- Before approaching a licensed moneylender, mull over other available alternatives including Government approved mortgage schemes and bank loans. You can also directly contact banks for more details on available schemes.
- A borrower is legally obliged to discharge any loan agreement he/she enters into with an accredited money lender. Make sure that you are capable of repaying the amount you are interested to take the loan.
- Keep your income and financial obligations in mind while considering if you are capable of abiding by the contractual terms or not. If you fail to qualify the contractual terms after taking loans, the late payment charges and high-interest rates can become an extra financial strain on you.
- Before entering into any financial contract, make sure to fully understand the terms and conditions of the treaty, especially the schedule of repayment, the interest rates, and the applicable late fees. It will keep you safe from being trapped in any kind of financial deceptions in the later period.
- Before finalising any mortgage agency, don’t forget to shop around various moneylenders in Singapore for acquiring the most favourable terms. Rather than making the rush into and committing yourself to a loan contract, you should take enough time to understand the terms and conditions and satisfy them fully.
EasyCredit: Topmost Licensed Money Lender Singapore
No matter if you want to apply for personal loans or for a payday loan or even for advance cash, EasyCredit can help you with everything! It offers a range of loan services and financial solutions that can legally meet both your requirements and expectations.