Posts Tagged ‘money lender’

Moneylender near me

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 here to solve all your money problems! Our company is an industry-leading provider of loans and financial services in Singapore. We have a long list of happy clients who we can proudly call our patrons. If you are looking for a reliable, honest, and transparent moneylender. SU Credit Pte Ltd is here to lend you a helping hand. Log on to https://www.sucredit.com.sg for more information on our loan packages and how we can help with your needs today!

legal money lender

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 not in the agreement and disappear.

Choose the legal money lenders in Singapore like Su Credit and you will never regret it!

Su Credit, 175 Bencoolen Street #01-36 Burlington Square, Singapore, 189649 Tel: +65 6636 5644