International Plaza is a convenient place to live where you can find anything a person can need. It is one of the known landmarks you can find is International Plaza. It’s
Schools, hospitals, entertainment, recreational places are all in the place.
There are also coffee shops and fine restaurants located in the town.
You can go to Alchemist to have coffee, and try the best sushi in town found at Kan Sushi. Delicious ramen is at Brothers Ramen and the tasteful sashimi in Hakumai Sushi.
Aside from that, in the case of financial emergencies, you don’t have to worry, too.
Trusted licensed moneylenders are in the International Plaza as well. They are there to assist you in your financial needs.
They offer the best loan products and services. You can trust them because they are all abiding by the Law.
Moneylending Act for Licensed Moneylender in International Plaza
The money lending industry in Singapore is regulated by the government.
The Ministry of Law created a law which is the Moneylenders Act.
This law protects the moneylenders from delinquent borrowers. Also, it protects borrowers from illegal lenders.
Those who want to apply for a license must go through the Registry of Moneylenders.
They have to meet the standards, or else, they can't get a license.
If they do, they can operate the money lending business as long as they follow the law.
If they violate the law, the government will revoke the license.
Transparent Loan Terms
Transparency on loan terms is important. This will help you to avoid breaching the terms. You must understand it all.
Licensed moneylenders in International Plaza explain the following to borrowers:
- Interest rates
- Permitted fees
- Date of the loan disbursement
- Late interest fee computation
- Frequency of installment payments
- Total amount to pay over the entire loan term
Loan Application Process
The Moneylenders Act provides a loan process that the licensed moneylenders must follow.
They have to get first the following information:
- Borrowers’ full name
- Date of birth
- Personal identification number
- Residential address
- Telephone number
You must be honest in giving your personal information because they will encode it to the system.
Afterward, they will give a document.
All information encoded and in the printed document provided must match. This will result in quick approval.
Loan sharks usually skip a step in this process and they don’t demand any document submission.
Licensed Moneylender in International Plaza
A contract is an agreement between the borrower and the moneylender. You must keep it and don't ever lose it.
The contract is an evident proof that you made a transaction with them.
An example is the Note of Contract.
After taking a loan, licensed moneylenders provide this contract.
The contract includes the following:
- The agreement about the loan
- The chosen payment scheme
- The equal loan installments at equal loan intervals
There are proper advertisement methods for Licensed Moneylenders in International Plaza.
It is still covered by the Moneylenders Act. All guidelines to follow are specified in the law.
They can do it outside but limited only to the company's premises.
While illegal lenders, they advertise their products and services via text messages. They even send emails to individuals.
They go to the field and give pamphlets to the public. They use any methods that are against the law.
Copy of Contract
Every after loan transaction, if approved, you must get a copy of your contract. As mentioned earlier, the contract is an important document.
The agreement made between you and your licensed moneylender is in the contract.
They will explain all the details in the content of the contract. You must read the whole contract. If you have questions or clarifications, ask them.
If all’s clear, sign the contract. Ask for a copy of the contract. Keep it and don't lose it.
Filing a Complaint against Unlicensed Moneylenders in International Plaza
All licensed moneylenders are monitored by the Registry of Moneylenders (ROM).
They inspect every registration of moneylenders. This way they identify those fraud lenders who are violating the law.
Illegal lenders are simply unlicensed moneylenders. In processing the loan they usually give unadjusted contracts.
They do unfair lending practices. They display illegal collection practices. They all violate the law set by the ROM.
If you encounter unlicensed moneylenders, report them immediately.
You can call Registry at (+65) 6325-1416. You can Dial 1800-2255-529. You can send an email to email@example.com or address concerns to firstname.lastname@example.org. Or you may report them to OneMinLaw@mlaw.gov.sg.
Do not hesitate to report and complain. All data and information will be treated with the utmost confidentiality.
Attend an interview with the ROM. Bring all the related documents about the loan transaction.
If you think the lending company made a serious violation, you can file your complaint.
The following are the agencies you can run to:
- Singapore Police Force
- Consumer Protection Act (Fair Trading)
- Small Claims Tribunal
All issues are civil. The court will set aside transactions on what to settle first if the result of the case shows unfair. They investigate the complaint.
Do you want a secured loan transaction?
Shop around lenders. You review their official website and read all the information.
You will see how trusted all the licensed moneylenders in International Plaza.
Take a personal loan now!