It is very much important to do your in-depth research before opting for your preferred moneylender. Never make the mistake of falling into the trap of unprohibited money lenders a.k.a loan sharks or you might just end up sorrowing the bad outcomes along the way. While a loan shark might cultivate their supply of funds by dishonest means and get away with it, a legal money lender operates strictly under the Moneylender’s Act. Illegal money lending sources may run the risk of getting in trouble with the authorities if they illegally practice their business or fail to comply with expected norms. To avoid any adverse effects, it is better to rely on reliable sources so that it would not be risky for the borrowers in any situation.

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There are several qualified money lenders in Singapore:

Lending Bee Pte. Ltd.

It is a well-established financial association in Singapore that is committed to making a difference in how people access to credit. As a licensed money lender that was given the right by MinLaw to pilot alternate business models for money lending, Lending Bee proposes unsecured personal loans of up to $300 thousand and longer loan tenures up to 36 months. They are also highly technological in debt consolidation schemes.

Credit 21 Pte. Ltd.

It is one of the top lawful and licensed money lenders for personal loans in Singapore, licensed by the Ministry of Law. They are committed to ensuring the best interests of our clients, therefore they ensure that all their dealings are transparent to the borrowers. They have also designed their loan packages to suit the necessities of every client.

GS Credit Pte. Ltd.

It is one of the top licensed money lenders in Singapore, obtaining as an argument its slew of 5-star reviews from satisfied customers. Their uncommon selling proposition is their expert care for financially-challenged individuals in crises. That’s easy to see from GS Credit’s array of loan packages, including low-interest personal loans, foreigner loans, bridging loans, and payday loans.

Katong Credit Pte. Ltd.

It is a company built on trust and integrity and these features have helped them grow tremendously over the years. They have built a diverse pool of clients from all walks of life and this has helped them become one of the most preferred and certified money lenders in Singapore. Accessing a loan in Singapore with poor credit is horrifying. The banks will directly reject your application or charge high-interest rates.

Different uncertainties always have an adverse effect on every person. If there is any uncertainty arises due to a shortage of funds when needed, then this situation can be shorted well only by finding sources from where money can be generated. Tough there are several sources from where funds can be generated as per need. But sometimes what you need is that trustworthiness. It can be possible that you may rely on a moneylender which is not appropriate. You should keep in mind certain things while choosing a financial lender these things are discussed further in the article.

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Here are the best ways to identify a correct money lender:

Research you requirements

The first foremost thing is to know about your requirements. It is a must needed that before going out and relying on someone you should research in detail about your requirements well. It means you must know that for what purpose you are seeking a loan, what amount you are trying to avail, alternative available options, detailed knowledge about the lender, etc these are certain things which one should consider before applying for a loan.

Know your lender

Through the deep research on each phase, you will get the answers to various important questions. Similarly, you will get to know about the lender from whom you are seeking a loan. It is a must thing to know about the lender to avoid any issues and misunderstandings in the upcoming future where you cant get victimized due to lack of information.

Compare benefits

As there are several money lenders available in the market now it is completely your lookout from whom you will seek the monetary help. For ease, you can compare the benefits you are getting from each option and opt for the one from where you are getting higher profits. It is simple higher the profit greater the interest. So it is good to opt for that money lender where you are getting the maximum number of benefits and most importantly that is a reliable source.

Assess the penalties and prepayment costs

It is a must to consider the rate of interest and tenure of the repayment of the loan. You should opt where the interest rate is fixed not floating. Similarly, the tenure should be according to your preference so that you will be able to repay in that decided period only.