Yio Chu Kang
In the northeast of Singapore is a magnificent sub-urban area called Yio Chu Kang. The name came from Yio Chu Kang Village. The area is known for lush greenery and low-density housing.
Even so, it has a high-rise public housing located in the Southern fringes. It is suitable for a peaceful and quiet living.
Residents have trouble-free finances. Thanks to the Licensed Moneylenders in Yio Chu Kang. The loan officer is a professional. Every loan transaction is safe and secure.
Licensed Moneylenders in Yio Chu Kang explains Moneylender Harassment
In Singapore, the money lending industry is regulated by the government. Also, they put all their effort to warn the citizens to not engage with any loan sharks.
Despite the continuous government warning, a huge number of Singaporeans are still victimized by loan sharks.
Some lending companies violate the Moneylenders Act even the licensed ones.
Beware not all lenders give out quality customer service.
Be mindful of the moneylender you choose.
Ask for SingPass
Your SingPass user ID and password are vital yet private information.
If your lender asks for the information, visit their office personally. Enter it by yourself.
A lender who demands you to disclose it must be reported.
Licensed moneylenders in Yio Chu Kang respect the borrower’s rights.
Never share your SingPass details to anyone, including your family.
Keep Identification Card and Documents
Typically, moneylenders keep documents for verification.
Licensed moneylenders in Yio Chu Kang return your NRIC card. Asks for a photocopy of IDs.
Meanwhile, loan sharks keep the original documents and use it for fraudulent activities. Before you know it, your savings are drained already. Or you’re charged for activities you didn’t do.
Sign an Incomplete Contract
Your formal agreement with your lender is the Note of Contract. Thus, you must agree with everything that is written.
Licensed moneylenders in Yio Chu Kang are transparent. The terms and fees are detailed. No loopholes are spotted.
Contrary to that are loan sharks. They are always in a hurry. Force you to sign an incomplete contract.
Never oblige with this tricky tactic. You might not know what they will fill in it.
Skips Due Diligence
The Moneylenders Act requires every loan application to go through a process.
If your chosen lender seems to be too good to be true, think twice. More or less it probably is.
Licensed moneylenders in Yio Chu Kang check your credit history. They tap the Credit Bureau for your record.
Don’t fear. They are open to low-credit applicants and zero-credit applicants.
Licensed Moneylender in Yio Chu Kang
Use Abusive Language
When you fail to repay, a representative will collect your payment at home.
If you don’t have funds yet, they will warn you. But it comes with a late interest fee.
The loan shark collector is the worst. They threaten you including other family members. Worst comes to worst, they vandalize your house.
Avoid this. Pay on time. If your budget isn’t enough, talk to your lender.
Licensed moneylenders in Yio Chu Kang make adjustments.
Demands Outright Processing Fee
A processing fee is necessary for every loan you apply. It should not exceed 10% of your principal loan amount.
Loan sharks ask for a processing fee at once. Your loan is not processed unless you settle it.
Licensed moneylenders in Yio Chu Kang never ask for advance fees. They do not request funds.
Instead, you choose how you will settle the processing fee. It’s either on an installment payment or deduction on the principal loan amount.
Any form of these acts must be reported immediately. If you feel harassed, file a complaint against your lender. Licensed moneylenders in Yio Chu Kang have clear records.
Licensed Moneylenders in Yio Chu Kang instructs Proper Way to File a Complaint
The money lending industry in Singapore is highly regulated.
Licensed moneylender's operations are all under the supervision of the Registry of Ministry (ROM).
The registration and regulation of money lending facilities are observed by the ROM.
If you’re in a dire situation and encountered a loan shark file a complaint right away.
Contact the Registry
Reach the authorities on these platforms.
Phone Call: (+65) 6325-1416 and 1800-2255-529
Email: firstname.lastname@example.org, email@example.com, and OneMinLaw@mlaw.gov.sg
Unjust contracts and unfair lending practices typically call their attention.
Any illegal collections and violations of law will surely face punishment from ROM.
File at the Singapore Police Force
If a serious law violation occurs, visit the Singapore Police Force directly.
An action is done as soon as your report is verified.
Licensed moneylenders in Yio Chu Kang know this process. They avoid frightening behavior. They act professionally to every loan transaction.
File at Singapore’s Court
If a complaint is civil you will file it on the court. You can go to the following government agencies:
- Consumer Protection Act (Fair Trading)
- Small Claims Tribunal
And if proven unfair, the court has the power to set aside the loan transaction.
Licensed moneylenders in Yio Chu Kang take every loan application seriously. All the terms discussed reflect in the contract.
Every complaint is seriously taken care of. Proper investigation is done before taking action. Shop around first before signing up. It is the best way to avoid this scenario. Licensed moneylenders in Singapore are genuinely reputable. Visit their website and check it out.
Apply for a loan on a moneylender which is in the official list of Licensed Moneylenders. Do your research first. Observe all the characteristics.
If you feel uneasy with a lender, leave them behind. Report them to authorities if needed. Licensed moneylenders in Yio Chu Kang have an outstanding service. Read positive feedback from their website.