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legal money lender

May 26, 2022 Sucredit No Comments

How Do I Know If A Loan Company Is Licensed?

Seeking financial assistance from moneylenders in Singapore may be a catastrophe if correct decisions are not made. Consider first if the moneylenders are licensed or not licensed before any loan application. Licensed moneylenders are registered by the government and strictly follow policies set by the government. Their interests are pretty standard and straightforward since all operations are monitored. Make an astute decision to visit a bank or any other suitable moneylenders in Singapore like SU Credit Company to acquire any coinage. If you go for lenders not accredited to offer loans, you might face worries like high-interest rates or con you to pay some amounts to secure credits. Go through all moneylenders and check if they are licensed to evade any difficulties that may arise; compare all lenders and shortlist the few companies that suit you, and you feel offer the best contract. Benefits of Accompanying Licensed Money Lenders Subscribing to licensed moneylenders may be linked with endless benefits. 1. Rational Interest Rates Licensed moneylenders tend to provide reasonable interest rates. This is unlike the loan sharks who provide unreasonable interest rates. You even find that they aren’t straightforward with what they are offering. Thereby, try your best to consult a licensed moneylender who will assure you of flexible repayment terms too. 2: No Hidden Charges All moneylenders in the market aim to generate more earnings from their funds. Therefore, you must be keener and more selective when making choices of moneylenders. Unlicensed lenders may make imaginary boasts of offering loans to persons at a very low-interest rate as compared to others, while they are not. These companies don’t have any fees that might be hidden, as other unlicensed companies tend to have an excuse to hold clients for more extended periods. These companies only demand interests in money they lend a client, no further cash inclusivity. By selecting licensed moneylenders in Singapore, you will have no stress of any hidden charges. Such companies have a good rank in the country and are not ready to tint their name and deteriorate customer relations. 3: Their Terms And Conditions Are Pliable Licensed moneylenders have not set rules or limitations for their clients who need short-term credits; you can utilize finances for any purpose you want. Licensed moneylenders have straightforward terms that won’t leave you puzzled about what is needed. When your financial stability deteriorates, they never harass you after borrowing or whenever their cash puts you into a monetary crisis. Uprightness, openness, and answerability are the big reasons they remain at the pinnacle of clients’ choices when seeking loans. 4: Unpretentious And More Convenient Loans from these authorized companies are readily available, and one can access them through online websites and platforms. Do a detailed analysis of the moneylender you intend to cave in your documents. The big reason behind this is that unlicensed moneylenders may decide to use your records for malicious means. Therefore, do thorough research before approaching a moneylender. How Do You Check If Money Lenders Are Licensed? 1: Check If That Company’s Name Is On Minlawa’s Register A good way to determine if a company is authorized to lend money is to check the list of licensed moneylenders in Singapore. Every month, they avail an updated list of all moneylenders allowed to loan individuals. This information provided by the register will inform those with interest in securing loans to differentiate the licensed and unlicensed moneylenders. 2: Be Acute On Adverts Made By Money Lending Companies If companies keep on calling and tending to offer loans via mobile phones, the possibility of them being unlicensed moneylenders in Singapore is very high or a licensed company going against rules and regulations. Following MinLaw’s website rules, they have shortlisted a few channels where registered lenders display their legal information about loans. They are business directories, licensed moneylender websites, and adverts placed on the company’s doors, gates, and windows. Before making any decision about seeking a loan depending on advertisements, seek full details from the company. 3: Investigate If The Company Has A Physical Address Most licensed moneylenders tend to have a physical address that you can go to when in need of a loan. Thereby, try and check their website to see if they have highlighted their physical address. Loan approval without visiting companies’ premises may sound like a scam. Also, acquiring loans by meeting up in unknown places is not a legit deal. Make a definite check on the solemn list of licensed moneylenders. 4: Licensed Money Lenders Need Face To Face Affirmation It has become a trend for all moneylenders to offer loan applications online due to technology modernization. However, licensed moneylenders still need physical assurance to process your loan. Physical appearance on the premises of a licensed moneylender is necessary before progressing to loan disbursement. What A Licensed Money Lender Cannot Do When Collecting Debts. 1. Cause Harm When licensed moneylenders are collecting debts, they are not given the mandate to cause any harm to you. In case it happens, they are severely punished. In Singapore, if you make an individual unconscious or cause wounds to the body, the punishment is two years imprisonment. 2. Wreck Your Property Licensed moneylenders don’t have a right to alter your property, not even putting posters on your door. In Singapore, this is a severe offense, they should not even dare to embarrass you. In case they do, they are heavily fined. 3. Tracking Down A Debtor This includes approaching your family and close friends, coming to events you are attending, visiting areas you visit frequently, and following you. This is illegal and unlawful. A good money lending company won’t do that. Conclusion Trying to secure loans from companies is a tragedy and frightening to most individuals. Going through detailed information about loans can be massive. Do good research on licensed moneylenders on government websites. Never deal with unsanctioned companies since they have very unlogical fees and illegal charges.

legal money lender

March 31, 2022 Sucredit No Comments

Disadvantages of Taking a Loan from “Loan Shark”

Loan sharks are illegal money lenders operating in Singapore and usually target poor and desperate borrowers. As compared to the recommended licensed moneylender, they pretend to be the best lenders that you can ever get. They attempt to lure you into borrowing with them by being friendly and offering very attractive terms when the bank has turned you off due to a poor credit rating. However, the money that they give you comes with a very high price, not to mention the risk. You might think it won’t be bad if you are applying for a small loan that you’ll clear within the shortest time period but that’s not the case. Here is why Never Ending Interest Rates Borrows get attracted to loan sharks because they find the loan application process very simple as they don’t have to make trips to the bank or money lender’s offices since everything is handled online. However, that convenience comes with a cost, they add extra charges not agreed upon at the point of the loan application. That is not enough, they add daily interest upon default which makes a small loan build up to huge amounts leaving you into a financial crisis. The sad thing is that, instead of empowering these poor and desperate borrowers, they burry them deep into the pit of debt. Hidden Charges Unlike banks and other recommended licensed money lenders loan sharks do not necessarily have clear loan terms and conditions. So you are never sure what your terms are and therefore, they can subject you to some crazy interest and other illegal charges. In most cases, illegal money lenders will give you a blank paper for a contract to sign, of which they add some information that you are not aware of later after they’ve processed the loan. Whatever is put there in becomes binding as you’ll have signed the document though you signed when it was blank. Personal Possessions Taken as Security Although illegal, loan sharks will ask for your passport, bank cards, and other important personal documents as a security deposit. This is to guarantee that you won’t run away before settling your debt Your personal identification documents are yours by law and they should be in your possession at any given time. Your personal information should be protected to avoid access to illegal identity duplication or identity theft. Trading your personal identification documents for a loan is not worth any amount of money as it can easily be abused and cost you more than the benefit derived. No Option of Full Settlement Unlike the recommended licensed moneylender, loan sharks rarely allow the borrower to settle the loan in full. This is to keep you paying the high-interest rate that is ultimately their profit. In the event that they allow you to pay in full, the load full interest that you could have paid if you waited for the full term. Pressure to Clear One Loan with Another Loan sharks will come with all sorts of solutions in the name of helping you fix your financial problems. If they find you struggling with loan repayments, they’ll advise you to borrow from another loan shark so as to clear their loan fully to avoid future penalties. Don’t be fooled, this will just get you into a larger debt with even higher interest rates and you’ll be left to pay that loan forever. Violence and Harassment When you are unable to meet your monthly installment, they’ll issue threats and subject you to a lot of harassment. They even involve family members and friends in their coercion to force you to clear the debt. In a nutshell, the best way to deal with loan sharks is not to deal with them at all.

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legal money lender

January 6, 2022 Sucredit No Comments

Moneylender near me in Bugis

Singapore is a place where the economy has been rapidly developing over the past two decades. This has created a huge demand for money lenders in Bugis, who serves as an important financial instrument and help individuals to get cash easily. Many people are having a hard time managing their finances these days. They find themselves in need of extra cash but don’t have many options to get it. If they do not have any collateral or a steady source of income, traditional banks and loan institutions will not give them money. It is here that money lenders come into the picture. Necessity is the mother of invention and the same is true for money lenders in Bugis. People have been borrowing money from others ever since they started to do business. Moneylenders are not like banks that lend you a certain amount of money at a particular interest rate, but they are more like friends that help you out in need. What does a money lender in Singapore denote? A money lender in Singapore is an individual or entity that lends you money. Moneylenders in Singapore come in many shapes and sizes. Some of them are well-known national brands while others are local, family-run businesses that have been around for generations. Although they do not advertise themselves as such, all moneylenders operate in a similar fashion. Money is usually lent on a short-term basis with interest rates set by the moneylender. The borrower will be required to submit a personal financial statement showing his income and expenses so that the moneylender can determine whether he is likely to be able to repay the loan. The borrower will also be required to provide a guarantor who is willing to take responsibility for the loan if the borrower fails to repay it. Need and Importance of Moneylenders in Bugis Moneylenders are an important part of our society. They provide a vital service to individuals who need money but have no other avenues for obtaining it. Moneylenders in Bugis have been providing financial services for over 30 years. They help with short-term loans, long-term loans, and even mortgages. Since most moneylenders are also property agents, they can help their customers finance the properties that they buy. In this way, moneylenders provide a one-stop shop for people who need short-term or long-term loans. Here are some of the reasons you might want to borrow money from a money lender in Bugis The interest rate In Singapore, legal moneylenders are verified under the Ministry of Law. The ministry regulates the interest rates that a private money lender can charge to its borrowers. To keep clients from racking up debt and enduring cycles of exorbitant interest rates, a private money lender in Singapore can only charge up to 4% monthly interest. Flexibility with a loan term Borrowing from a private money lender has its benefits. It is easier to get a loan from a licensed moneylender than it is from a bank. Banks are very rigid when it comes to their policies and procedures for loans, whereas licensed moneylenders have flexible guidelines that make borrowing more convenient. The waiting period to get a loan It’s often a common occurrence for bank loans to get approved only after one to two weeks on average due to the stringent evaluation process. Private money lenders, however, offer fast cash loans as they understand an urgent need and value the client’s needs. Less paperwork A private money lender in Singapore typically does not need documentation before granting you a loan. This saves time and effort, as well as reduces the hassle of getting a loan when you need it most. Private moneylenders are also able to provide loans based on your eligibility and what assets you will use to secure the loan How can you find a money lender near me in Bugis? If you wish to find a money lender near me in Bugis, especially one of the best money lenders in Singapore. Here are some suggestions to find one Local newspaper to find a money lender in Singapore One best way to pick apart the best lenders you can use is to find the ones nearest to your location are local newspapers. As you know, newspapers are no longer quite as common as they used to be. But that doesn’t mean that you can’t find them in all the usual places. If you want to get your hands on one and start reading through the ads, then you should head over to your nearest news agent straight away. There are plenty of local newspapers that will help you to find a lender without any problems at all. You can also read online news sites if they are available in your area. Check The Registry of Moneylenders A large part of the Registry’s success lies in its strict screening process. When vetting moneylenders, they look for financial stability, past client feedback, and company history. With a focus on quality rather than quantity, the Registry is able to provide reliable information for people looking for a moneylender. Internet search Make a list of licensed moneylenders who are active in your local area. These will be the best for you because there is a good chance that someone you know at work or school has already borrowed from them. You can also find them by searching on Google, but make sure that they are licensed with the Registry before you borrow from one. Your most trustable moneylender in Bugis- SU Credit Pte Ltd! In Singapore, getting a loan can be an overwhelming process, especially if you’re unsure of where to start. If you are looking for a reputable moneylender in Bugis, contact SU Credit Pte Ltd today! SU Credit Pte Ltd is an established and credible loan company based in Singapore. Accredited by top banks and insurance companies, we aim to provide our clients with full satisfaction with their credit loans. Fortunately, we at SU Credit Pte Ltd are

legal money lender

December 21, 2021 Sucredit No Comments

Recommended licensed money lender in Bugis

Our world is a vast place full of chances. However, the chances of achieving success in life are low if you do not have the financial means to take advantage of these opportunities. This is why you may need to consider borrowing money at some point in your life. Personal loans in Singapore are available for anything from consolidating debts to expanding your business, start-up costs, and more. You can use this financial aid for almost any purpose that you need help with at the time. There will need to borrow funds for a variety of reasons. Whatever your reason, it’s crucial to find a licensed money lender in Singapore that can provide you with a top-notch solution at the most reasonable price. What are licensed moneylenders? Moneylenders are private individuals or companies that offer short-term loans, usually for emergency purposes. They make money by levying interest on the money loaned. There are two types of moneylenders in Singapore. The first is a legitimate lender registered with the Ministry of Law under the Moneylenders Act and can charge up to a maximum interest of 4%. The second is a loan shark that is not registered with the ministry and operates without a license. Licensed money lenders in Singapore also require a written contract and a clear explanation of the terms, interest rates, and fees involved. It makes an excellent option for those who have trouble getting loans from traditional banks. Why is it essential to have a licensed money lender in Singapore? While we all know that it is illegal and entirely against the law to lend money without a license, why would you need a licensed money lender? Just like how getting a driver’s license is vital in order for you to drive around safely, having a licensed money lender is crucial for you to make sure that your investments are safe. Licensed money lenders in Singapore offer many benefits over those who aren’t licensed. The first benefit is that licensed moneylenders undergo regular audits and are subject to laws that regulate their activities. These laws ensure that they operate fairly and honestly so that consumers will always be protected when they make loans with them. How much does a licensed money lender charge? Licensed money lenders in Singapore are only permitted to charge a maximum monthly interest rate of 4%. It is true regardless of your salary or the nature of your loan (secured or unsecured). For example, suppose you borrowed $10,00 and repaid $4,00. What must you look out for when selecting the Best Money Lender In Singapore? Small businesses are a mainstay of the Singaporean economy. This fact is why it is no surprise that there are a lot of money lenders that target these businesses. With so many money lenders in Singapore, choosing the right one can be a real headache. There exist hundreds, if not thousands, of lenders out there, all claiming to have the best rates and highest service standards. How do you realize which one you can pick? It’s a tricky decision, but here’s how you can narrow down your choices and find an honest, reliable lender for your specific needs. Interest rate The first factor is the interest rate. The rate of interest represents the price of taking loans. You’ll want to look for a money lender that offers the lowest interest rate. Reputation Reviews are extremely important when choosing a moneylender to loan with, and you must check the lender’s reputation before you do. It is perfectly okay to ask around and check online reviews of institutions you’re considering a loan to find out how they operate and how they treat customers. They should also be able to provide you with references from past or current clients if you need more information. Application and approval process of moneylenders A good moneylender will be transparent, straightforward and will take the time to educate you on their process. This is significant because you don’t want to feel like you’re being taken advantage of, and you need to know what to expect so you can plan for it. The loan needs of businesses and individuals in the Bugis area of Singapore A survey of loan needs in the Bugis area of Singapore reveals that there is a high proportion of respondents who reported their income as less than $2,000 a month. Nearly a quarter of the survey respondents had an income of less than $1,500 a month. The most common reasons for needing a loan were medical treatment and household expenses. The most common funding source for financial loans is savings and insurance, but this was seen as inadequate by many respondents. Loans form a pivotal part of many businesses, as it allows them to form and operate. It also allows for the opportunity for growth and employment. Businesses require loans to maintain a healthy cash flow and make timely payments to suppliers. Singapore manufacturers seek a business loan to expand their operations by purchasing new or upgrading machinery or equipment. Recommended licensed money lenders in Bugis!- SU Credit Pte Ltd. Money lending is a business that has been around for years, and it will not be going away any time soon. Choosing the right licensed moneylender for your needs is pivotal because you do not want to end up with more problems than you started with initially. If you’re looking for a licensed money lender in Bugis, One of the most reputed money lenders in the Bugis area of Singapore is SU Credit. SU Credit Pte Ltd is a licensed moneylender in Singapore. We provide a variety of services and financing, all of which get tailored to our customers’ needs and capacities. Our loans are available at competitive interest rates to ensure that we help you through your temporary financial distresses. At SU Credit Pte Ltd, we make the process of borrowing money quick, easy and stress-free. We have years of experience in lending markets and can help you with any

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legal money lender

September 23, 2021 Sucredit No Comments

How do loan sharks trick you into getting a personal loan?

In almost all business fields you will never miss a scammer or just some corny businesspeople who do not follow the respective business ethics. For example, in the money lending business section there are legit moneylenders and there are scammers who are loan sharks. You should be aware of unlicensed money lending in Singapore. Some of these loan sharks are clever enough to tell you that their agency is unlicensed because the business is too new to be on the government database. Try to research the good and legit moneylenders in Singapore to be safe. One of the best legal money lenders is Su Credit Singapore PTE Ltd. They have favorable interest, repayment terms, privacy terms, and terms and conditions. Loan sharks can trick you into getting a personal loan through: 1. Advertising to you through unofficial platforms using unknown or unidentified accounts These loan sharks might send you messages on Whatsapp, SMS, Facebook private messaging, calls, and flyers. This could be quite suspicious because “how did they get your phone number?” or your“Facebook account details” in the first place. This is where you should trust your instincts. Their advertisements and messages may look persuasive and attractive but please do not fall into their traps. Additionally, they get these private details using the wrong means that should make you doubt them. Licensed moneylenders in Singapore should only use business directories, consumer directories, social media official sites, and official websites as their advertising mediums. You should disregard these other weird channels of communication. 2. Offering you limitless amounts to be borrowed In the normal moneylending sector, there are some rules that one should follow when it comes to borrowing. It is your collateral value that determines the maximum amount you can get. When it comes to these loan sharks they offer you any amount without considering your collateral or even other assets. They also try their best to look generous and very considerate to you which is not quite normal in moneylending. This should be a red flag to you as an individual since the deal seems too good to be true. When you are in such a desperate mood, you may end up falling into their traps and when you fail to pay, get a lot of harassment. They may even end up auctioning your properties unlawfully. At times during repayment, they may claim some other hidden fees and failed payments that they initially never told you when you were signing the loan contract. When the deal is too good, think twice. 3. Minimal or no procedures followed These loan sharks can trick you by telling you that there are no documents needed when applying for the loan. You as an individual may get attracted to such a deal fast since maybe you have no work ID to show your employment status. Your identification card and residence may also not be asked but when it comes to money lending companies, they will require those details. These loan sharks give you an easy time in the beginning since they are aware of what you are in for in the future as they make their profit. 4. Make paperwork seem simple These loan sharks know that people do not like long processes and lots of paperwork. Hence, they make things easy. They also track people and lie to them about the policies in moneylending. This is where they trap people who are never keen when it comes to paperwork. Hence, they draft unreliable contracts. Their contracts may lack the repayment term, their legal obligations, clients’ rights, and legal measures in case of loan defaults. Please take your time when reading contracts. Loan sharks might even hurry you up in the signing of the contract to avoid you noticing that there are some missing elements in the contract. Be wise! 5. They try to convince you that there is no other option These loan sharks are very good in reverse psychology. They may talk to you and make you believe that there are no other options to get money apart from them. They will make you feel like you will remain miserable if you don’t get financial assistance from them. It is important to note that most of these loan sharks ask for your bank pin and other private matters regarding your family which should not be the case. You might even be charged a large fee in the name of processing fees which adds up to your loan resulting in a very huge debt. How to deal with loan sharks. There are various ways you can deal with loan sharks. These include: Report them to the authorities – This could apply when these loan sharks persuade you on taking the loan online without even showing you the contract. They might even be asking for your details that are irrelevant in moneylending. Try to ask for their location as a tactic then inform the authorities or the concerned party. Do not accept harassment They might try to harass you and force you to take the loan. Be firm on your stand and refuse to take the loan and find a way to get out of there. Conclusion Please be careful when you are planning to get a loan. Do not just go to any moneylender you hear of. You must do a background check to make sure that they are not scammers or something of the sort. Before accepting these loans make sure that the mentioned interest rate in the contract is a maximum of 4% per month. If you see a moneylender giving higher interest rates than that please do not sign the contract or take the loan since that is not legal. Most loan sharks are connected to other illegal businesses and criminal organizations. Hence, they could even be dealing with money laundering. When one is unable to repay the debt these loan sharks can even threaten your family or even take away all your stuff even those that were

Category: legal money lender