Borrowing Money Legally From Licenced Moneylenders in Singapore
If you are running a business, there will be times when you will be having an urgent need for money, and you might not be having enough savings, in such scenarios you can reach out to several options from you can obtain the money in order to fulfil your need. Although you always have friends and family to borrow the money from. In case you require a large amount and are not having other sources to borrow money from you can always a personal loan from a licensed Money Lender Singapore or in any other country too.
Although taking a loan from money lenders might sound a simple task but before you reach out to a money lender you need to find a licenced moneylender, moreover you need to keep some important things in mind before taking a loan from licenced moneylenders too.
According to the act of Money Lender Singapore is an individual agent or an institution, which runs a business of lending money. A person or institution licenced by the law and authorized to do so is known as licenced moneylender, apart from such people no person is authorized to involve in moneylending.
A few things to know before borrowing money from licenced Moneylenders
In order to find a licenced moneylender in Singapore on can go through the list of licenced moneylenders, compiled by the ministry of Singapore, also licenced advertise their businesses through consumer directories, their internet websites, advertisements placed on the exterior of their business offices, or by other online media. In case you manage to find out a licenced moneylender you keep some things in mind before borrowing from a licenced moneylender, which are as follows:
- Your ability to abide the contractual terms: Prior to borrowing, you must go through all the contractual terms in detail and must determine whether you will be able to abide by all of them, as after you borrow money you will be legally bound to fulfil them.
- If you are unable to abide the terms and repay the loan, this may result in higher interests which get higher and higher the longer you take to repay. Moreover, if you don’t repay the loan for a very long time this may result in high penalties and legal actions.
- Interests rates are usually upto 4% of the value borrowed, and in case you fail to repay the money an additional 4% may be charged by the moneylender.
- Beware of caveat, if it is a part of the terms of the loan, a caveat is when the lender can obtain the debt from you by selling your property.
If you take a loan from moneylenders you are legally bound to repay them, thus, you must responsibly repay your debt and never give lenders a chance to obtain more from you.
To understand more about the author, find the below information
Name: Accredit Licensed Money Lender Tampines | Personal Loan Singapore
Address: 503 Tampines Central 1, #01-315, Singapore 520503
Phone: 6226 2662