An Inclusive Guide About Borrowing from Licensed Money Lenders in Singapore

Licensed Money Lenders in Singapore

Like many other royal cities, Singapore is as well a high-priced city for living as it sometimes becomes exigent for the people residing there to manage all expenses without any other financial assistance. At this time, the island country has a total count of 154 licensed moneylenders who can lend you fast money. It is primarily due to this reason that there is no dearth of licensed money lender Singapore. When these expenses are as momentous as unexpected medical bills, overspend in wedding costs, luxury goods and consolidate debts, Singaporeans often seek assistance from the financial services of banks or licensed moneylenders. If you frantically need any extra cash for an urgent situation and thinking of borrowing a short term loan from a licensed moneylender in Singapore, then this guide will be of super help to you as it focuses on discussing all the critical aspects related to money borrowing in Singapore. 

Moneylenders ask for documents like the proof of income and employment, NRIC, Residency proof, Current credit score and past CPF statements, Tenancy agreement, employment letter, employment pass, and bank statements (for foreigners). Moneylenders ask for these documents to appraise your financial ability to pay back the loan. Thus, in Singapore, loans are often accepted based on an individual’s annual income and not their credit history. However, the individuals with a poor credit history are often given special loan packages with special refund terms. In Singapore, all the legal money lenders are compulsorily required to hold on to the rules laid down by the Ministry of Law. Thus, there is an explicit limit on interest, late fees, and other costs that a moneylender can charge a borrower.

The loan not only applies to the residents of Singapore but also applies to the foreign travelers who plan to settle there. In Singapore, a foreign loan is like a personal cash loan that will help you with your financial needs. For your protection, the best foreigner loan in Singapore can be obtained from the licensed money lenders in Singapore. The money lenders in Singapore provide foreigner loans to foreigners working there.

When you move to another country, you are either in a job or studying. Unless you come about to have a very liberal relative that will shelter you, you’re most likely in need of a shelter to stay. Now, here comes the question of a loan as the rents are very high. To match up with the high expenditure of the lifestyle in Singapore, you can get help with the foreigner loans to meet up the financial crisis. It can be for any services, like the medical services, house rentals, visa issues or for whatever your family might need you back home. 

It may so happen that banks will decline to lend to a foreigner, depending on your salary and employment permit/pass type. So, as a foreigner, you might want to consider a licensed lending company as a feasible alternative. If you plan to work and live in another country like Singapore, and to top it off, you need financial assistance then you can connect with a reliable company like the Crawfort (Singapore) to get the best possible financial assistance. Avoid unlicensed and illegal lenders at all costs. Aside from legal and reasonable loan interest rate charges, legal money lenders offer terms according to your needs as well as peace of mind.

Now, you need to decide on the type of loan you would wish to take. Depending on that, the interest will be calculated. Are you dealing with a small emergency or a major one? In the case of a trifling crisis that requires only a small sum of money; personal loans are an ideal choice. They are appropriate for paying off credit card debts, home renovation, etc. Finally, apply with the Credit Bureau of Singapore (CBS) to get your credit report. Then, CBS will charge you a nominal fee of S$6 and will thereby provide you with your credit report within a few days. Thus, if you have a bad credit report, it’s better to clean it up a bit before making a loan application in the renowned companies like the Crawford Company (Singapore)to get the best financial help.

Interest rates for loans differ from every institution. Interest rates vary accordingly for the residents of Singapore and the foreigners per annum or more. The interest rate for a foreign loan is generally high because foreigners typically stay in a country temporarily. However, this matter depends on your credit and employment history in Singapore. So, it is best to get a foreign loan in Singapore after you ask your lender as many questions as you need to feel comfortable with taking up a loan.

Though many licensed money lenders do not even worry to check a borrower’s credit report, especially in case of personal loans, some money lenders do not permit loans to borrowers with a bad rating. You must always keep in mind that, in Singapore, the loan amount you are entitled to be determined by your annual income. Once you have strong-willed on the type of loan, do some research on repayment terms. These days, the money lenders offer a loan on both fixed as well as variable repayment terms.