Singapore is one of the first world countries and is known for its peace and security of the citizens. But when compared with their economic conditions, most of the materials are imported from various countries all over the world due to lack of natural resources. This has contributed to the price hikes because of the shipping costs that incur on them. With the restricted salaries and hike in prices of daily needs to citizens, one would face multiple challenges financially in order to maintain a balance between the income and expenditure.
During any of those critical financial conditions, consider the option of licensed money lenders to get the required amount according to the individual needs.
Before opting or choosing the licensed money lender, one must verify its rate of interest and hidden charges updated by them which will help both lender and borrower a smooth transaction. Check out the Money Lender Rate Singapore
There are licensed money lenders in Singapore who can help financially according to individual needs. To find the list of licensed or government approved money lender financial services, anyone can refer to easy credit website (Easycredit.com.sg) where it is being updated regularly.
Before going with the licensed money lender, an individual must verify its rate of interest and hidden charges updated by them which will help both lender and borrower a smooth transaction.
Following are the permitted charges or rates of license that could be incurred to an individual by the money lenders on their various loans (like payday loans, personal loans, Cash loans).
- Delay in monthly interest payments
- Changes in contractual terms as per the requests made to lender
- Bounced cheques
- Failed General Interbank Recurring order deduction from borrowers account.
- Termination of loan or premature closure of loan
- Legal fees incurred upon loan recovery procedure
- Maximum percentage of interest that can be charged by lender is 4% per month irrespective of their secured/non-secured loans
- Maximum 10% of loan principal amount to be paid as Administrative charges (one-time charge)
Apart from these charges, lenders are not permitted to charge extra as per the regulations of Ministry of Law of Singapore. In case, money lenders wanted to charge for others they have to take proper consent with the borrower for paying them.
There are around 160 licensed Money lenders regulated by the Ministry of Law of Singapore. They offer secured or non-secured loans as well with low-interest rates and immediate disbursal of funds once approved. During emergency situations, these financial services provided by Moneylenders could help individuals to get immediate funds within less time.