Singapore has more than 160 Legal Money Lenders, with so many on the list there can be a difficulty in finding a reliable lender. So mentioned below are the top 10 Singapore money lenders listing:
- A1 Credit: this has been a licensed money lender since the year 2009, open on Saturday and Sunday. The types of loans provided by them include; Personal loans, Payday loans, Bridging loans, Foreigner loans and Business loans.
- 365 Credit Solutions: has been a licensed money lender since the year 2010, open on Saturday and Sunday. The types of loans that they have been providing are Foreigner loans, Business loans, Personal loans, Payday loans and Bridging loans.
- Advance Planners Credit: they have been a licensed money lender since 2010 they are open on some selected Public Holidays, Saturday and Sunday. They provide loans like the Personal loans, Business loans, Foreigner loans, Bridging loans and also Payday loans.
- Bugis Credit: they have been in Business since the year 2007. Their key features are that they are open on Saturday, Sunday and also on some of the selected Public Holidays. They offer the same type of loans like the Advance Planners Credit or the A1 credit.
- GM Creditz: they have been licensed money lenders since 2010, they are also open on Saturday and Sunday and they provide the same types of loans that have been mentioned above.
- Cash Mart Pte Ltd: this has been a reputed company providing money lending services from 1969. They provide various loan facilities. This company has been providing its services for the past 48 years.
- OCBC: this offers two types of cash loans which include, the EasiCredit ( the payment is flexible in this type of cash loan) and the ExtraCash loan in which there is a fixed payment.
- DBS: one of the top leading financial services group. It provides a personal loan with an amount of as much as 10 times your monthly salary.
- Flexi Credit: since the year 2010, this has been a leading and licensed and most trusted money lender. The services offered by them include foreigner loans, business loans, pay day loans and also personal loans, they have a competitive rate of interest with a payment plan which is very flexible.
- Easy Credit: it has been a trusted and reputed money lenders in Singapore. Thy provide the required information of the short term business loans, personal and cash loans and credit services of the financial institutions.
What is the criterion which has to be passed to be in the top 10 Singapore money lenders listing?
- The number of the positive reviews that are seen on their Google profile.
- There should be no negative reviews that can be spotted online (like the forums, Google reviews, directories and the moneylenders).
- License not to be revoked on the Registry of the Money lenders.
- They need to have an experienced Money lending experience of more than 8 years.
Things you must remember before choosing a money lender:
- The license: the first thing to be kept in mind is that you need to see for a money lender who has a license with the government. This will ensure that the services provided by the money lender will be according to the legal requirements.
- Accreditation: professional bodies provide accreditations thus any money lender providing an accreditation will be professional.
- The fees: before working with a money lender make sure that you know of the fees that they charge. Money lenders can charge their own fees and it is necessary to find the one that is affordable to you.
- The terms and conditions: the blue print given to you of the contract you sign by your money lender will be the terms and conditions. It will contain the amount, the rate of interest and the plan of repayment. Make sure you understand the terms and conditions of the contract that you sign.
- The reputation: the money lender having a really good reputation is very important. You need to see someone who will be fun to interact with. It is a good to before choosing a money lender that you compare the services provided by the wide range of money lenders that are available out there.
Why choose a licensed money lender?
- Keep away from the harassments of the unauthorized money lenders: if you don’t do your research well and don’t choose a licensed money lender it will cause you huge problems. The money lenders in Singapore need to strictly follow the rules that are set down for them by the government failing to which they are liable to serious punishments. In order to manage your money properly the licensed money lenders are the one who will be able to help you stick on a repayment scheme.
- No tension of the high rates of interest: the money lenders who do not have a license unnecessarily charge high rates of interest because they have to be sure of the payments from the people who borrow the money from these money lenders.
- Keeping away from the people who want to gain an access to your personal information: the money lenders who are illegal will use the people’s Sign Pass login details in order to obtain their personal information, these are the people who they try and convince to be their customers. The personal information if gets into the hands of wrong people can be dangerous too.
- No stress of the SMS spam from the illegal money lenders: the unauthorized money lenders spam you with advertisements through SMS’s and they force the people to take loans from them.
- You can easily avail loans from the legal money lenders: the legal money lenders can help you issue your loans quickly. Your credit history wouldn’t be taken into account .
- You can loan the amount that you desire for any income group: depending on your monthly income you can lend money up to 4 times.