Business

Getting a Loan in Singapore – The Dos and Donts

With population overflooding globally and struggles with an economic recession, people are being laid off or being given the salary cut. In such circumstances it becomes more obvious people rely more on moneylenders for a balance in daily expenses and other benefits. In a five-day week eight-hour job world, it is pretty natural that people depend on loans to both survive and balance all payments for the luxuries and other benefits.

Getting a loan gives people the much-required breathing space and allows them to enjoy the basic benefits of the government such as food and beverage, education, medical benefits and more. Rather than borrowing from friends or other loan-sharks it is anytime safer to get certified loans from reputed and licensed moneylenders. Depending on the various specific needs of people, money lenders have customized loans that are tailored to only borrow as much as they need and pay a reasonable fee for the loan.

Many private and public groups and banks offer a multitude of loan services to the public in Singapore, of which most are licensed while some are unlicensed. You might come across over 154 licensed moneylenders of which the best money lenders Singapore attests is none other than Crawfort Singapore.

Get the Right Moneylender

In a tech-savvy world, it is only right for people to verify the credentials of service producers lest they fall prey to scams. However, the development of the digital world and e-services allows consumers to surf the internet and verify the authenticity of credentials claimed by people and groups. The government suggested and supported moneylenders and banks are your optimal choices to get the best loan amount with low-interest rates.

Learn to identify separate authorized moneylenders from unauthorized moneylenders with these easy credential checks:

  1. Rule number one to background verification or authenticity is to go through reviews from previous clients of the service provider.
  2. Check your moneylender’s license number online by comparing it with the government-provided list of licensed moneylenders in the Ministry of Singapore Law Website.
  3. Check if the moneylender advertises through unsolicited phone-calls, messages or advertisements outside their place of business. For, this is against the rules of moneylending ethics as stipulated by the Ministry of Singapore Law.
  4. Check the names, official address, telephone number as well as the license number of the moneylender with the licensed moneylenders’ list.
  5. If the service provider asks that you sign any blank documents or does not return your NRIC and other personal documents, it is time to call up the local authorities to get your name cleared from fraudulent loans.

Limitations to Capital Charge for Fees and Interest in Singapore

Singapore places a strict restriction on the chargeable capital amount for any late fees, interests and other costs by the moneylender on consumers. With effect from October 2015, the Ministry of Singapore Law has placed a definite limit on the charges moneylenders can demand from their consumers for late-fee as well as interest:

  • Failing to repay the loan installment on time, the borrower is expected to pay a late fee of not more than 60$ for every month of delay.
  • After the grant of loan, the fee should not exceed 10% of the principal loan amount.
  • The moneylender does not have the right to charge the borrower with any legal costs as ordered by the court to recover the loan paid.
  • Moneylenders can on no account charge over 4% per month as capital interest in the event of a delayed or no loan payment, regardless of the type of loan they have sanctioned and issued.
  • Any interest being charged must be only calculated based on the principal amount after deduction of all payments previously paid by the borrower towards the loan.

How does Crawfort Singapore Help You?

CRAWFORT is one of Singapore’s trusted licensed moneylenders dedicated to treating clients with absolute confidentiality and a state of the art technology that simplifies the entire loan application procedure including documentation such as credit scoring, EKYC as well as any payments involved. With loan payments payable via SAM/AXS machines, this is probably the best money lender Singapore has brought to you today. With an authentic license and crystal clear credentials, their loan options are all tailored to suit your specific loan requirements.

Once you are sure of the type of loan you wish to choose for and do a clear check-up of the money lender as well as your financial backup to repay the loan, simply sit back, relax and enjoy your benefits as you leisurely pay back your dues without worries. Though the old saying might warn one of neither lending nor borrowing money, dire times do call for desperate measures, and with a bit of faith and conscience the entire process can be made easy and life can become harmonious once again.

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