Borrowing money is a common practice for many people in Singapore. There are various institutions you can borrow from – including banks and licensed money lenders. However, not everyone is familiar with the requirements and lending eligibility criteria for these companies. Licensed money lenders are regulated by the Registry of Moneylenders in Singapore. This ensures that they follow government regulations for the business and protects borrowers from any unfair treatment. One of the main lending eligibility criteria is that a person must be a citizen of Singapore or permanent resident to be able to take out secured and unsecured loans from them. This means that foreign workers holding work visas, dependents passes, student passes and temporary employment passes are not eligible for any loan applications.
Personal loans are short-term debts offered by banks, credit unions and licensed money lenders in Singapore that can be used for numerous reasons like settling debts, covering wedding expenses or buying a new car. They are unsecured and are payable in equated monthly instalments over a few months or years. However, these debts can be expensive and should only be taken when necessary.
Licensed money lenders offer loans with flexible repayment terms and lower interest rates than banks, making them an attractive option for those who need cash quickly. They are also reputable and take their clients’ well-being into consideration. They charge reasonable interest rates and offer different loan packages to cater to varying income levels. Unlike loan sharks, they are transparent about their lending terms and conditions, so borrowers can make an informed decision before applying for a loan. borrow money in singapore