Is It Safe To Apply For A Personal Loan?
Generally speaking, personal loans are considered feasible, safe, and handy for people coming from different backgrounds! Whether you are an entrepreneur or an employed individual – you can proceed with a personal loan in Singapore to fulfill your cash requirements without wasting your time.
Google, “Personal Loans Singapore” and you will be amazed by the magnitude of results! Lending has become a very profitable business in Singapore; as a result, many private entities are illegally luring prospective borrowers.
You should avoid unlicensed moneylenders to stay safe as advised by law enforcement agencies of the country. SU CREDIT PTE LTD is a Singapore Licensed Moneylender and you can verify our status by accessing this list here. It is completely safe to apply for a personal loan provided that you are not dealing with an unlicensed moneylender.
Benefits of Personal Loans
- Fast track approvals
- Fixed and flexible interest rates
- No collaterals involved
- Repayment in fixed monthly installments
- Possibility of flexible repayments
- Availability in shorter and longer tenures
How to Avoid Singapore Personal Loan Scams?
The official website of the Singapore Police has a dedicated page to educate the general public about loan scams! It is an unfortunate fact that around $6.8 million were lost by the victims of financial scammers last year. Don’t panic! You can easily avoid such scams by borrowing from a listed Singapore Licensed Moneylender such as SU CREDIT PTE LTD. Furthermore, keep the following points in mind!
- Avoid chasing unrealistic offers
- Licensed moneylenders are not allowed to market through cold calling and unsolicited text messages
- Singapore Licensed moneylenders are not allowed to close deals remotely
- Moneylenders are not allowed to ask you for any kind of fee or service charges before loan disbursement (including “admin fee”, GST, “processing fee” etc.)
- Singapore Licensed moneylenders cannot lend at interest rates beyond 4% per month.
- Never share your personal information such as bank account details, SingPass or NRIC with anyone
- Ignore the advertisements you receive through social media channels.
When to Report the Moneylender?
SU CREDIT PTE LTD retains a team of seasoned financial advisers and loan experts. We believe, borrowers should understand their rights and must act appropriately to safeguard their financial and social wellbeing. At times, you might encounter unpleasant circumstances while seeking a personal loan. The following are a few cases in which reporting the moneylender becomes mandatory!
- Use of threatening or abusive language
- Questioning about your SingPass credentials
- Retention of personal ID documents (such as ATM card, NRIC card, work permit, etc.)
- Approval of loan without exercising due diligence
- Moneylender charges >10% on account of the processing fee
Why Borrow from a Singapore Licensed Moneylender?
Personal loan products being offered by SU CREDIT PTE LTD and other Singapore Licensed Moneylenders are specially designed for customers in need of instant cash. Being a borrower, you remain safe and covered against malpractices when you do business with licensed moneylenders. So, you can easily raise your concerns against licensed moneylenders before the competent authorities. On the other hand, you won’t be able to enjoy a legal cover from authorities against malpractices of an unlicensed moneylender.
What SU CREDIT PTE LTD is offering?
SU CREDIT PTE LTD is one of the finest Singapore Licensed Moneylender operating on the market. We are here to assist our clients with their planned and unplanned financial needs. So, whether it’s about gifting a diamond ring to your other half or the latest smartphone – you can always contact us with full confidence! We are a 100% legal business. You are welcome to the club of satisfied and happy SU CREDIT PTE LTD. Let us assure you! It’s completely safe to apply for a personal loan with us.
Tags: personal loan