Licensed Moneylenders Commonwealth

Submit Requirements Personally

After your online loan application, you will receive a notification from the lender. It can be either a phone call or email. Prioritise to complete all the required documents. 

Afterwards, proceed to the physical office of your chosen lender. Make sure that you have all the requirements needed. As indicated by the Ministry of Law, all your paperwork must be personally. 

Moreover, a brief interview is conducted to verify your documents. 

Meanwhile, there are lending facilities that facilitate the submission of requirements through fax. Kindly reject their offers, as this is what loan sharks doing. You may also report them to the authority.

Watch Out for Promotional Ads

Licensed money lenders in Commonwealth are known in Singapore because of their enhanced website. 

They do not use social media ads for promotion. Giving off leaflets to every individual is not their option. Sending emails persuading aspiring borrowers are not their course of action. All because they strictly abide by the law. 

Instead, they put all the effort to make their website on top. So when you search for the best lender, you’ll see licensed money lenders first. 

A Loan is Better than Credit Cards

Contrary to the majority’s belief, a personal loan application is way better than credit cards. 

Credit card application takes days to process and approve. You have to wait for your card to pay off any emergency bills. 

Add to that, cash advance through credit cards is tricky. The interest rate charged is different from credit card usage. Once you make a cash advance on your credit card, you are set daily. If left unpaid for several days, a higher fee is charged to you. 

But with licensed moneylenders, you can get low-interest personal loans like payday loans. Choose a loan term that suits you and pay it responsibly. It’s a one-day process where you get your instant cash loan without waiting in vain.

Know your Ceiling Loan Amount 

Everybody can apply for a personal loan. But the loan amount is not as high as the sky. 

The Moneylenders Act is a law mandated by the Ministry of Law. It is purposely given to regulate the financial industry of Singapore. 

The law includes the ceiling value of the loan amount that should’ve approved for every individual. The basis of the said value will be your regular annual salary and residency. 

Let’s say you took a renovation loan. If you earn less than $10,000 every year, the ceiling loan amount will be $3,000. 

This loan amount applies to Singaporeans and Permanent Residents. If you have an ongoing loan of $500 from Lender A, the remaining ceiling amount is $2,500. 

On top of that, foreigners residing in Singapore can borrow money, such as the foreigner loan. If your foreign friend earns less than $10,000 annually, the ceiling loan amount is $500. 

Your friend can borrow from Lender A $200 and borrow the remaining $300 from other lenders. 

Loan officers of licensed moneylenders in the Commonwealth discuss this matter thoroughly. You should listen attentively and ask whenever you have concerns or clarifications. 

Now that you know and understand these things, there’s no doubt you can avail of the top loan product and services. 

Most importantly, identify legal lending companies from the illegal ones. It saves you from paying more than you should. Find them easily through their promotional and marketing tactics. 

Licensed money lenders in Commonwealth are very compliant with the Moneylenders Act. Visit the moneylender’s website and apply for a personal loan now.

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