If you are planning to make a big purchase, as in a car or a house, or start your own business, and you will not be able to fully cover the costs from your own finances, you will probably start looking for financiers. Before you start looking, you need to understand the importance of making sure you borrow from a licence money lender Singapore.
When the money lender is licensed, the law completely guarantees that the contract is enforced at and that your full rights are given to you. That starts from the very first steps of the loan, for the law in Singapore obliges the money lender to inform you of the terms in whatever language you understand perfectly, particularly if you are a foreigner to Singapore.
Also, when you borrow from a licensed money lender in Singapore, the country’s law ensures that during the whole process you are treated with full respect, that you know the complete set of terms before signing the Note of Contract for the loan, and that no unnecessary personal or financial information which could be used against you is requested.
Furthermore, a licensed money lender can by no means decide to charge you interest rates that defy state laws or withhold any payment installments that were agreed upon in the contract. The loan approval fee that a licensed money lender takes is limited by government laws, too, which puts it at a maximum of 10% of the loan amount. Of course, with every loan payment you make, later on, you will have the right to ask for a receipt, which will guarantee that what you pay is actually what you are liable for according to the legal contract, and nothing more. You are also able to request a periodical statement of account to keep track of the transactions and use them as legal protection in case the
In short, making sure you borrow from a licensed money lender will definitely keep you protected, and ensure that you are not exploited or subjected to any illegal conduct from your lender.