Factors to Get Foreigners Loans In Singapore

The money lending industry is very vibrant and this is both a good and bad thing for consumers.  If you are a foreigner looking for a loan, you will find many moneylenders willing to help. This might seem like a good thing but you will be surprised to learn that many expats have fallen for money lending scams and dangerous loan sharks.

If you are looking for a foreigner loan in Singapore, it is crucial to differentiate between legal moneylenders and illegal ones.  Visit Credit Thirty3 Lender The fact that you are a foreigner here makes you an easy target for loan sharks, calling for more caution from your side.  As a foreigner, you are already having a hard time living in a new country and when faced with an emergency, you might be desperate to get financing.

Loanshark are common though they are illegal. There are still other scams which are not easily recognizable.  If you are in the market shopping for a loan, below are some tips to help you detect an illegal moneylender.

1. No listing by the Registry of Moneylenders – If a loan company does not appear on the Singapore Ministry of Law website, you better keep searching. Whatever explanation the company gives, you should never compromise on this.
   
   
2. No physical address – According to the law, a licensed moneylender must have an office and this is a priority when looking for a loan. Check whether the company’s physical address is the same as the one on the Singapore Ministry of Law website.
   
   
3. Use of threats and abusive language – If a moneylender is licensed, they will use highly professional personnel to serve their customers. The professional guidelines provided under the law do not allow for use of threats and abusive language.
   
   
4. No contract – While you are in desperate need of a foreigner loan in Singapore, it is important not to get lured by very easy conditions. A good moneylender will have you sign a contract which both of you will agree on. The loan information reflected should include interest rates, extra fees and repayment period.
   
   
5. Above-market charges – The maximum interest rate as of 2015 was set at 4% per month. You will find that most legal moneylenders will offer discounted rates below this set guideline. However, loan sharks will offer quick loans with exorbitantly high rates, sometimes going up to 40%.

You should also look out for large loan amounts being given out too easily, hidden charges, poor customer service and poor rating from previous customers. If you are looking for a legal, flexible, and affordable foreigner loan in Singapore, talk to us today and enjoy life here without lots of worries. 

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Created on Oct 1st 2018 20:53. Viewed 452 times.

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