The Perfect Guide to Licensed Money Borrowing in Singapore

Although money borrowing and lending is a tricky business as it involves a lot of lives and their predicament, managing all expenses without any assistance in the present-day cost of living becomes quite the challenge. What with medical expenses, educational loans, wedding costs, having a licensed reliable moneylender is a silver lining in hard times like these. The best money lender Singapore brings you is a trusted entity that has raised the bar when it comes to moneylending, while also blending with tech-amped consumer finance.

While moneylenders can be found in plenty around Singapore to help balance the expenses of the consumers, the perfect money lending solutions can be found at Crawfort(Singapore) – The number one reputed private moneylender in Singapore. Driving on innovation and finding the perfect leverage to the advance of a smart-digital world, Crawfort helps reduce the resources and thus achieve greater efficiency.

Identifying your Loan Type

There are different loan types customized to fit the need of different people in different stages in life, such as educational loans, housing loans, business loans, personal loans, and many others. Singapore law requires that you meet an annual income bar to be eligible for the loan you apply for, so it is all the more vital you identify your ability to pay back your dues once borrowed or else face the consequences. Even the best money lender Singapore offers requires that you keep a clear mind before you approach them with your requisition. To identify the loan type which suits your requirement here are three basic questions that will help track down the answer for you.

  1. What is the extent of your requirements? If your financial need is a minor crisis requiring a reasonable amount, a personal loan will suffice. Larger the amount of requirement, the broader your choices as per your needs.
  2. Which repayment term will suit your current financial status? Once you identify the type of loan that suits your needs, you will also need to address the mode of repayment to your moneylenders such as a fixed term or a variable repayment term.
  3. How good is your Credit Report? Before you become eligible to apply for any loan, as a citizen of Singapore, you are required to apply with the CBS – Credit Bureau of Singapore by paying a nominal fee, who will provide you with a credit report which authenticates your rating for the moneylenders. Verify your credit report before approaching any moneylenders in Singapore lest you get blocked among other lenders too.

Preparing to Apply For Loan

Once you decide upon the type of loan you require and obtain a credit report to authenticate your eligibility to the moneylenders, check the amount you are allowed to borrow. Even as you may need a particular amount of money, there is a certain limitation that the Singapore Ministry of Law places to the amount of money you are allowed to borrow for different types of loans. Now that you are aware of all the details about your loan, gather all documents to apply for the loan, which includes:

  • Employment and Income Proof
  • NRIC
  • Recent Credit Score & Past CPF statements
  • Proof of Residence for citizens, In the case of foreigners – rental agreement or employment pass/ letter or bank statements

Capitals and Costs in a Loan

Singapore laws require that all moneylenders adhere to rules set by the Ministry of Law. Moneylenders are allowed to charge the borrower only a limited amount of interest, a late fee as well as other costs. Here are some details you should be aware of as a borrower before agreeing to any loan terms.

  • No licensed moneylender can charge interest over 4% per month for any type of loan.
  • Any administrative fee to be charged should not exceed 10% of the overall principal loan agreed upon.
  • A capital of 60$ per month is mandatory at a late fee.
  • Any amount charged by the moneylender must not exceed the principal loan amount.

Verifying Moneylender Authenticity

Since moneylenders come dime a dozen, it is essential to verify the authenticity of moneylenders and rule out any scams. Check out the list of licensed moneylenders in Singapore and check their online reviews to verify the same. Unlicensed moneylenders will try to promote and advertise their loans through phone calls or messages, while licensed lenders are to strictly use business or consumer directories, lender websites as well as the interiors and exteriors of their place of business.

Follow these three simple steps to ensure you are not conned:

  1. Ensure your NRIC and other documents are returned after verification.
  2. If not you may enquire for scammers. Refuse to sign any blank documents to avoid being duped or conned.
  3. Verify the contact and address details on the contract before signing to make further background checks on the loan provider.

Why Approach Crawfort Singapore

Approved by the Singapore government, Crawfort Singapore offers consumer tailored legal lending with easy to use digitized-process that is highly secure and keeps all your information fully confidential. Their state of the art technology provides consumers with a simplified loan process that you can apply within minutes. Avail easy personal loan, fast payday loan, SME business loan, and others with their excellent customer service and reliable advice and offers.

Follow the above-mentioned steps with care and get the best loan offers with the best and safest loan offers that will help balance your life.