Day: March 18, 2024

How Much Can I Borrow From a Licensed Moneylender in Singapore?How Much Can I Borrow From a Licensed Moneylender in Singapore?

If you are having trouble paying your debts and bills, you might want to look into borrowing money from a licensed moneylender in Singapore. However, not all lenders are legitimate and reputable, so it is crucial to find one that has good reviews from previous clients. You should also read through the loan contract and terms carefully to make sure that you can abide by the repayment schedule. There are other ways to get cash loans, such as government grants and banks, but they may have a longer approval process.

Licensed moneylenders in Singapore are regulated by the Ministry of Law, which means they must adhere to certain rules and laws when it comes to lending money. For example, they cannot charge excessive interest or fees for their loans. These charges are limited by the ministry, so you can easily check them online to ensure that you are getting a fair deal.

Navigating Financial Solutions: Working with a Licensed Moneylender

Another thing to note is that a licensed moneylender is not open 24 hours. You should only visit them during their operating hours, and you should also check whether they have a physical office in the registry of moneylenders. If they don’t have an office, they are probably loan sharks and should be avoided.

The maximum amount of money you can borrow from a licensed moneylender in Singapore is determined by your annual income. You can check the table below to see how much you are eligible for.