Legal moneylenders are licensed with the government, which makes them different from loan sharks, aka unlicensed moneylenders. Because of the bad light pop culture has cast on moneylenders in general, legal moneylenders tend to suffer from an unwarranted innate distrust from the general public. In this article, we will be looking to clear up some of these misconceptions, and to show you that legal moneylenders are not loan sharks.
Legal moneylenders do not use illicit practices
Because licensed moneylenders are licensed with the government, they are safe to borrow from, and most of them will ensure that you are able to repay your loan before even allowing you to borrow from them. This is vastly different from loan sharks, who are not licensed and are basically illegal.
Legal moneylenders have multiple options, giving you flexibility
Licensed moneylenders tend to be more flexible with their loan options, offering a wide range of different loan options that you can choose from to best suit whichever financial need you might have.
Which licensed moneylender should I take my loan from?
We recommend Fast Money, an authorised moneylender in Singapore. Because Fast Money is licensed with the government, they give you a peace of mind when you take a loan from them, and additionally, they also boast one of the lowest interest rates in Singapore.
How do I borrow with Fast Money?
The process for borrowing is simple, with the first step being to come down to the Fast Money office in person to find the best terms and loans for you. Remember to bring the following:
-your NRIC or Passport number
-your phone bill or Singapore power service bill
-your latest 3 months computerised monthly payslip or 15 months CPF statement or Income Tax Statement
-or for self-employed individuals, your past 2 years income tax statements
-your original valid employment pass
-your original passport
-your tenancy agreement for your rental premise, PUB bill or handphone bill
-Appointment letter from your company
-latest 3 months payslip
-bank statement- for proof of your company crediting your salary
These are all relevant documents needed for the approval of your loan.
After determining the best loan for you, all you will need to do is to simply fill in the relevant forms and you can go to claim your loan after that.
If you can’t seem to find the time to come down, apply online through our website!
There are some eligibility requirements however, so please do ensure that:
-You are a Singaporean, Permanent Resident or a Foreigner with a valid Singapore Employment Pass
-Be above 21 years old
-Be a full time employed personnel
For more information about Fast Money, go to fastmoney.com.sg or call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.