Singapore, one of the world’s most competitive economies over the past fifty years, has grown from a third world state to a first world country.

Today, this densely populated South Asian island has grown into a large economy and one of the fastest growing cities in the modern world. According to global rankings, Singapore offers one of the most user-friendly business environments. It is a dream land for local and international entrepreneurs; it is also considered to be one of the most competitive economies in the world. Amid global economic fluctuations mainly caused by the coronavirus pandemic, Singapore is among the best economies in the world.

To survive in this evolving tiger economy, you will need the services of the best licensed money lender in Singapore whether for personal or professional purposes. There are many lenders in Singapore that you can apply for a loan from. Lenders are licensed to provide qualifying credit and loan services to the people of Singapore. There is a strict government law that guarantees protection for borrowers who enter into contracts with approved lenders. Borrowers can apply for the loans physically and through online platforms, which has been made possible by rapid technological advancements. Lenders in Singapore usually offer low amount loans with corresponding shorter repayment period.

Although the Singapore government, through the Department of Justice, has primarily implemented the Money Lenders Act 2008 which protects borrowers, not all money lenders are created equal. To get a reliable licensed money lender to make your ambitions possible, you need to take the time to research and choose a company that will provide you with the best and fastest growing loan deals.

What are the four guidelines for considering the best money lender in Singapore?

Are you in Singapore? Or even a veteran, I have compiled the top four considerations you should look at to find the most preferable and reliable money lender in Singapore.

1. Make sure the lender is legally licensed.

The availability of unlicensed money lenders in Singapore has caused a lot of problems in the past. This is to your advantage when you borrow money from a licensed pawnshop; the government will protect the borrower from any damage to your loan agreement. These unlicensed lenders tend to charge higher rates than what is defined by applicable law. If a borrower cannot repay the loan on time, these unlicensed borrowers tend to use force or even threats to intimidate the borrowers.

Currently, there are over two hundred approved lenders in Singapore. Always check with the Department of Law to get the right lender for yourself. Singapore has a register of approved lenders, and therefore, you should consider getting updated on the record of money lenders.

2. Find a money lender closest to your location.

It is always advisable to get a money lender closest to your location. Will reduce the chances of you ending up in the hands of parody lenders. Since Singapore is a high income country, it will be hard for you to miss a money lender near you. Finding a lender gives accessible expertise to your intended service provider. Singaporeans are known to rely on pawn shops rather than banks when it comes to borrowing. With the help of real time and technology, you can easily spot the location of the pawnshop. Using a lender will provide security and protection, especially during harmful events such as vandalism or even destruction of property.

3. Examine the credibility of the lending company.

You have to be extremely careful when it comes to a task involving money; this is because things can quickly escalate, usually resulting in struggles between the parties involved. When you want to take out a loan, always take the time and seek the credibility of the lenders. You can get this information from the testimonials of the previous customer, whether positive or negative. Try to review as many testimonials as possible to find the most credible business potential. You should use the most viable sources of information because there is a lot of information on the internet that can be biased. To avoid a loan shark in Singapore, you can visit the official website of the Department of Justice.

4. Review loan interest rates and repayment schedules.

Every money lending company in Singapore has different loan rates and preferred repayment systems. If this is your first time borrowing money, you need to be more careful; this is because all of the available money lenders are there to make a profit on you. As a borrower, you should consider the lender with the best rates, both the interest and the repayment period. To achieve this, you will need to compare the wide array of lenders available in Singapore’s huge financial market. Before signing the agreement, be sure to read all the terms of engagement to be assured of a dynamic result.

Conclusion

Finding the best licensed money lender in Singapore can be a daunting task. The process can be very complex and tiring as there are a lot of lenders in the microfinance market who claim to be viable by offering the best services. To avoid getting frustrated, please use the information I have provided in the discussion above to find the best licensed money lender in Singapore.