What to Look For in a Loan Agency
A Loan Agency is a company that provides loans to individuals. Usually, these companies are licensed by the government and they must adhere to strict regulations in order to be licensed. They also have to offer a range of comprehensive financial products to suit different people’s needs.
There are several different types of loans in Singapore, including unsecured and secured ones. These come with different interest rates, payment durations, and minimum income requirements. In addition, many of these loan agencies have a team of professional and knowledgeable staff to assist their clients with their applications.
The first thing to remember when looking for a loan agency in Singapore is that they need to be licensed by the Ministry of Law. This means that they must adhere to a number of laws and regulations that are set by the government in order to protect you from becoming a victim of scammers.
Another important part of knowing whether a money lender is legitimate or not is that they should have an office. This means that they must have an address listed at the Ministry of Law Registry, and that they should be able to provide you with a phone number for you to call them on.
If you want to avoid being a victim of a loan shark, be aware that they typically target low-income groups of people who are more vulnerable to their tactics. These groups are prone to coercion and threatening behavior, so it’s important that you never hand over any amount of money to them without having first checked their legitimacy.
You should also be aware that you can’t get a loan from any money lender in Singapore who doesn’t have an office. This is because the Money Lenders Act requires that all money lenders have a physical place of business, and that they have to be authorised by the Ministry of Law.
Licensed money lenders in Singapore are more likely to have lower interest rates than their counterparts. They may be able to offer you more flexible repayment periods, which could save you a significant amount of money in the long run.
In addition, they can also help you with debt consolidation and provide free loan advice. They will also be able to help you find the best loan option based on your situation and credit score.
They may also provide a debt management plan that will allow you to consolidate your current loans and pay them off in one monthly instalment. This can help you to get out of debt quickly and prevent you from getting into further trouble.
The effective interest rate (EIR) is an important factor to consider when comparing different loan options. This is the rate that will reflect the overall cost of the loan and includes both the interest and other fees.
Personal loans are short-term financing solutions that can be used for a variety of purposes, from paying for home renovations to buying a car. These loans can be taken out by Singaporeans, PRs and foreigners alike, and are generally available to borrowers aged 21 or older. moneylender sg