When you are in desperate need of cash to deal with serious financial circumstances, a personal loan from a registered money lending organization can help. Credit Empire is a top money lending firm in Singapore. They provide inexpensive loans with reasonable interest rates and flexible repayment terms. They are extremely good at money lending in Chinatown.Stay with us if you want to learn about some frequently asked questions about borrowing from licensed moneylenders.
1. What are the interest rates of different money lending firms?
The maximum interest rate that any money lending company in Singapore can charge is 4% per month. This rate is applied to every borrower’s monthly income. Late loan payback charges have a maximum interest rate of 4% per month. As a result, you may rest assured that if you eventually wind up delaying any loan each month, you will be charged a maximum of 4% interest rate at least.
2. How can I determine whether or not a moneylender is licensed?
Borrowing from unlicensed moneylenders is not a good idea. Examine the list of authorized moneylenders to see if a moneylender is licensed. Regardless of whether your moneylenders are approved, be cautious as long as they: close by using abusive language or acting in a damaging manner. Make sure you ask about their credentials like specific SingPass ID and/or code.
3. Can I acquire a loan from a moneylender based on the content of a commercial?
Before registering with a licensed moneylender, you should obtain clarity on particular conditions of the loan contract, and not primarily on the substance of the moneylender’s marketing.
4. What if I can’t pay back my loan?
Late payments will harm your credit score and cause you to accumulate debt as a result of missed payments charges. You may find it extremely difficult to acquire a loan from other banking institutions in the future if you have a bad credit score. As a result, if you are unable to pay back, we highly advise you to contact the particular firm at the earliest.
There are various other FAQs on this topic that can serve as a reference and a preventative step for anyone looking for the finest loan offer in their area. To prevent late payment costs and fees, we recommend that you borrow money and pay it back on time. Before borrowing money from any company, always check whether the money lender is licensed or not.