Moneylender is mainly a person or a group of people that offer loans with a rate of interest like any other bank or financial institution. Licensed money lenders Singapore play a vital role when the credit rating of a customer is poor and hence come in as a helping hand. Pertaining tough times, people find quick solutions for their financial problems. There are times when the person feels suffocated with the paperwork and various other regulations or banks and institutions fail to offer help. Whereas, taking help in such tough times from a moneylender is a smooth and hassle free process.
While borrowing money in Singapore, it is important that the moneylender is licensed and has accreditation from a government or any other known organization. For compliance with the various rules and regulations, government checks the moneylender in order to protect the interest of the borrower and then issues a license that gives the borrower a peace of mind while taking a loan. Licensed Moneylenders in Singapore have to be under strict regulations, i.e., the license has to operate by specific rules, which need to be ethical and provide various services to borrowers that meet their needs. Moneylenders understand and strive to fulfill customer needs by offering flexible products and packages that offer complete solutions to borrowers for their money problems. The lenders have become selective in choosing borrowers for their services that have led them to customer satisfaction. Licensed Moneylenders in Singapore need to maintain their reliability and maintain a good reputation in their business, government identifying series of complaints can lead to cancellation of their license.
Moreover, moneylenders in Singapore face accusations of being illegal and stoop down to violent methods of getting money from borrowers. Mainly, the illegal moneylenders in Singapore that fake their accreditation and license and do not comply with any rules and regulations set by the government. Illegal moneylenders offer luring services to a borrower who is in need of urgent finances with little documentation and may end up imposing a high rate of interest. If there are missed payments on the loan by the borrower, such illegal moneylenders harass borrowers through calls or e-mails and sometimes end up getting violent. Authentic and reliable moneylenders in Singapore are provided with internal training from the government before they actually get into the business of advising borrowers. Moreover, Singapore being a democracy is governed by a firm parliamentary system that makes it difficult to get a license, as the moneylenders have to work closely with the government and number of licenses issued is limited. Licensed Moneylenders in Singapore are accredited by professional bodies on the rules and regulations made by the government. It is important that a person gets help from a licensed moneylender in times of financial crisis, even though the process is long and tedious the borrower still maintains a peace of mind throughout. He can be sure that his welfare and interests both will be prioritized only if he takes services from licensed moneylender.