Licensed Moneylenders West Coast

West Coast is the home of the most secured private houses and condominiums. Also, it has a lot to offer, being situated in Clementi’s subzone. 

Residents can travel effortlessly at the West Coast Road and West Coast Highway.

Explore sports and recreational facilities. Choose between the football field and running track. You may also try squash courts, bowling facilities, and adventure playgrounds.

Study at the primary and secondary schools throughout the West Coast.

People also on the West Coast are all financially literate. But in times of financial dilemmas, reputable licensed moneylenders are ready to help.

Identifying Licensed Moneylenders in West Coast

When the money lending industry developed in Singapore, many lending facilities sprouted.

Included here are unlicensed money lenders and loan sharks. Because of their presence, Singaporeans hesitate to borrow money.

Are you one of them? Don’t worry.

We will teach you how to identify reputable lending companies on West Coast.

Enlisted with the Licensed Moneylenders in Singapore

In Singapore, the Moneylenders Act is like the Bible in this industry. Anything related to the borrowing of money is indicated in the law.

A lender can not legally function without abiding by the mandated law. If you want to know if a lending facility is licensed, you can check it out through the Ministry of Law’s website.

Provided is the official list of all legitimate and reputable lenders available in whole Singapore. Licensed moneylenders on West Coast are also included in the said list.

Friendly and accommodating behaviour

Aside from a background check of your chosen lender, observe their behaviour.

Licensed money lenders on the West Coast are very professional. The loan officers discuss all the terms and conditions with clarity—the cashier hands out complete change and official receipt.

Moreover, they are approachable. You can ask anything from them, as long as it is related to your finances.

The loan representative answers all your questions formally. Also, they cite examples of how you can manage without compromising your savings.

Clear Loan Contract

The Loan Contract is the written agreement between you and the moneylender. It should contain all the terms, conditions, fees and penalties. 

If you found any discrepancy in the loan contract, report it immediately to the loan officer. YOu can ask for an explanation from them. 

Be vigilant when it comes to your loan application. Moneylenders persuade you to apply. But always check if all information discussed with you are stated in your contract. 

West Coast money lenders are very transparent when it comes to the loan of contract. Everything is clearly stated and understandable.

Regulated Charges

The financial industry of Singapore is under the regulation of the Ministry of Law. Meaning, every decision and implementations of all economic entities are under the control of the law. 

Good news to you! West Coast licensed moneylenders strictly abide by the law. 

The interest rates are capped up to 4% a month (lenders can never imply more than that). Add to that is the 10% processing fee based on the loan’s principal amount.

Note that money lending companies also have charges like late repayment fee. It should not exceed $60 each month. 

Bear in mind that there are some lenders implying fees more than what the law has stated. In case you encounter this kind of situation, report it right away to the authorities.

The law guarantees you from paying more than you should. That’s how important it is to borrow money from a licensed money lending institution. Thus, it helps you identify which are legal lenders or not.