Money lending is one of the growing businesses in Singapore. Most of the people desire to have money for their various reasons, whether it is for developing a new home, for setting up a new business or buying a new car or something else. What would be the reason for which you are going for lending money, you should remain alert and careful during the entire process. You should also need to make a proper research in the market for ensuring the security of your loan; after all, it is the matter of your hard earned money.
It is not a big deal for lending money from a licensed money lender singapore company. There is various government registered firms and banks which provides you loans at lowest interest rates. But the only thing you need to before applying for the loan is that make a proper research related to the loan facilities they are providing and whether they are registered or not.
How to check whether the money lender is licensed or not?
It is not a big deal to find whether the money lender you are looking forward to borrowing money. Go for detailed verification and check the list of licensed moneylenders in Singapore before borrowing money. Here, we are providing you with some of the things that can make you realize that they are the licensed moneylenders or not.
- Licensed money lenders have their SingPass user ID which you can ask for verification.
- Licensed money lenders never go for taking the help of hooligans for recovering money. Instead, they go for the legal procedure for that.
- Licensed money lenders never go for incomplete note of contract for the loan, instead of it they go for complete paperwork before authorizing the loan
- Licensed money lenders also provide you with the copy of the note of contract for the loan they are providing to you.
- Licensed money lenders never go for withholding a part of your principal loan amount of reason.
- Licensed money lenders have they’re printed as well as online media sources for both businesses as well as consumer directories.
- Licensed money lenders have their own websites belonging to the money lending including their full address, contact numbers and the different interest rates they are providing to their customers.
- Licensed money lenders advertise their business through advertisements placed within or on the exterior of the money lender’s business premises. They never ask you for money on the phone or other references.
What to do if you got any fraud?
- If you got any fraud while lending or borrowing money you can do the following things:
- Register your complaint with the telephone number 1800-2255-529.
- Your registered complaint does not disclose any details of yours to the moneylender. Instead, you will have to attend an interview with the officials for the regarding information along with documents of proof. The officials will properly investigate the procedure thoroughly and then proper action will be taken against the culprit.
If moneylender has gone with any unfair practice towards you; you can then go to the Small Claims Tribunal Court under the Consumer protection for making your complaint.