Moneylending has always been a delicate subject to touch on in Singapore, with the taboos and bad rep given by the so-called ‘Ah Longs’ or otherwise known as the unlicensed money lenders. However, money lending is a more fair and legitimate business than you realise, and it can even aid you financially! Today, we take a quick look at licensed money lenders in Singapore.
Licensed- Meaning government approved
The term licensed comes from the fact that something has been approved by the government and has been given a license to operate, and this holds true for the licensed money lenders as well. Licensed money lenders need to abide by a set of guidelines that have been set by the Ministry of Law, which in turn helps to protect borrowers from otherwise unscrupulous practices. In fact, it is because of the guidelines that licensed money lenders to have to be extra careful when handling their business, which in turn means that it becomes extra safe for you to borrow from a licensed money lender.
Contrary to popular belief, licensed money lenders don’t have the lowest interest rates
Yes, you read that right, licensed money lenders don’t have the lowest interest rates. That particular honour goes mainly to the loan sharks, who don’t keep that title for long. Loan sharks like to use a bait and switch method to lure in unsuspecting and innocent victims with lofty promises of low-interest rates, and then brutally jack up their interest rates to absurd levels that soon leaves the victim in crippling debt. Licensed money lenders, on the other hand, will never do that to you, which gives you an even better peace of mind when you borrow from them.
Choosing the right licensed money lender is also important as well
There are many options to get borrow money in Singapore, with many of them being illegitimate methods, and even after factoring out all the unlicensed money lenders, there is still a whole host of different options to choose from when you are looking for a licensed money lender. This does complicate things a little, but this is where we Fast Money are here to help, the legal money lender that provides you with services catered to you, the client. Fast money is a licensed money lender that provides the best and fastest instant cash loans in Singapore, to both citizens and foreigners alike.
With their detailed consideration process tailor-made for every single customer, Fast Money can find the best loan, terms and conditions that you need. What’s even better is that fact the Fast Money makes the borrowing process so simple and quick that all you need is just to go them to fill out the application form, submit 3 main requirements, and you can quickly claim your loan.