You are in Singapore, an Asian country recognized for its economic power. It is one of the top booming finance centers in the region and is well-known as a land filled with invaluable assets. You probably have experienced some magnificent events in this country.
However, one must be aware of the possible dangers and setbacks in the country that may spoil your plans and financial objectives.
Despite being a developed nation, Singapore is home to several illegal credit companies that offer unsecured loans with the most lucrative interest rates in all of Singapore. They offer attractive financing deals and promise to provide you with a quick loan. But applying for unsecured loans with such illegal organizations and giving them your details is an invitation to identity theft and harassment. Therefore, you must engage only with a legal credit company in Singapore with the necessary financial licenses mandated by the Monetary Authority of Singapore.
In this blog, let’s understand why engaging with licensed and legal moneylenders is vital and how they can help you with your borrowing needs.
Top 7 Reasons to Engage with Legal Credit Companies in Singapore
1. Low-Interest Rates
The first thing people look for when borrowing money is the interest rate. It doesn’t matter if it’s a personal loan or a business loan, people always want the lowest interest rate possible. Most individuals consider getting a loan but are scared by the high-interest rates that some companies offer. However, not all companies are the same.
Many have different criteria and ways of charging interest. Some companies also have ways of offering discounts for cash payments. It means an individual does not have to pay higher rates on their loan if they do market research before borrowing.
When you borrow from a legal credit company in Singapore, the interest rate depends on your credit report. If you have a poor credit score, the lenders may ask you to pay a higher interest rate. However, if you get a loan from a legal credit company, they will give you the best deal possible.
The best way to know the interest rate of a certain company is by visiting their website. You can also research online as many websites offer free information about different companies’ interest rates and customer service ratings.
2. 24/7 Customer Service
Another important factor when choosing a lender is their customer service hours.
If you are looking for a credit company in Singapore that can help you out any time, choose an online lender with 24/7 customer support availability. No matter what time of day it is, they will help you with problems that may arise with your loan payments or other related services.
3. No Hidden Fees or Penalties
Hidden fees and penalties are another reason to borrow money from only a legal credit company in Singapore.
A licensed moneylender will be transparent about all the loan application charges. The contract will mention how much they will charge each month until you repay your debt at the end of the term of your loan agreement.
However, unlicensed moneylenders may not even provide you with a loan agreement. Moreover, they may ask for service charges or penalties even before you get the loan money.
4. Fast Loan Approval
The process is usually fast and convenient. Legal credit companies in Singapore complete their process and approve your loan within a short period.
The time taken to obtain a loan from a legal credit company in Singapore depends on the nature of your business and how much money you are seeking. Once you submit your application and all the required documents, licensed moneylenders will transfer the approved loan amount to your bank account.
5. Legal Guarantee
You can stay assured that you are not indulging in illegal or fraudulent activities when borrowing money from a legal lending company. The company offers a legal guarantee against any fraudulent transactions or activities by its clients. All transactions are safe and secure as the Registry of Moneylenders oversees the registration and regulation of moneylenders in Singapore.
6. Efficient Service Delivery
Another reason why you should borrow money from only a legal credit company in Singapore is that it offers efficient service delivery. The application process is straightforward, and you do not have to go through dozens of steps to apply for the loan. Most licensed moneylenders provide online loan services as well — you can fulfill all the loan requirements online and get your funds credited to your account without going through the hassle of going to the physical location multiple times.
7. Maintains Credit Report
Maintaining a good score on your credit report is vital to enjoying the advantage of financial services in the future. It reflects the state of your credit health and defines your creditworthiness.
If you have a positive credit report, you do not want to mess with it by opting for an unlicensed moneylender for your borrowing needs. Taking a financial loan from a licensed moneylender only improves your credit score, strengthening your creditworthiness.
How to Check the Authenticity of a Legal Credit Company Singapore?
All licensed moneylenders are registered under the Ministry of Law in Singapore. You can find the MinLaw list of licensed moneylenders with their license numbers and business address.
You can know their legal status following these steps:
- Visit the official website of The Ministry of Law of Singapore.
- Find the licensed moneylenders list.
- Download the PDF.
- Scroll to find the name of your prospective finance company to know if they are authentic.
- The PDF also contains a list of companies with suspended licenses. Also, go through that list so that you do not end up dealing with a credit company in Singapore that is not legally eligible to offer unsecured cash loans.
Singapore is a developed country with a high standard of living. The government is strict on all matters related to credit and loans. If you want to get a loan from any financial institution, you have to go through lots of formalities. Therefore, it is always better to go with a legal credit company in Singapore that can help you get the best financing deal possible.
If you are considering getting a loan, now would be a good time to look for the best credit company in Singapore – OnLine Credit. We go out of our way to provide you with the best competitive interest rate and efficient customer service. Apply for a loan today with us — and gain quick monetary assistance.
