Have you heard about legal money lender? In these hard times, there is always a need for money. Sometimes your paycheck is coming in late, or you have a great deal, but don’t have the money right now, and you wish you do because the deal will surely pay off. Unfortunately, some of our credit standing are not that fantastic for banks to grant a loan.

Luckily there is a solution for people in who are not able to get a loan through the conventional banking system. Singapore legal money lender market is offering you a way to solve your financial worries.

Licensed Moneylenders in Singapore

Moneylenders are ideal when you are in a need for smaller loan, for small house fix, holiday tickets, paying a bill, or anything similar. But if you are searching loans for business investments, house renovation, or buying a brand new sports car, forget it.

Since the Moneylenders Act came  in March of 2009, license lenders lend you with deadline for return with an interest of course.

Any person, other than an excluded moneylender, who lends a sum of money in consideration of a larger sum being repaid shall be presumed to be a moneylender. Simple as that. Interests are higher, but when you are running out of time, it is great to have a back up option like this.

Due to high interest rates, you are advised to exhaust your options like family and friends before heading down to licensed lenders.

Benefits of Singapore legal money lender market

Compared to other countries in South Asia, Singapore government has done the finest job in organizing the Singapore legal money lender market. Other countries like India or Indonesia are still experimenting.

In here, the regulation has put an end to misunderstandings, and a Singapore legal money lender has become a popular alternative source of financing. Other countries still have to go long way before making a functional and stable money lender market.

Although Singapore’s solution is not the best, it do provides certain level of protection to both parties. Currently, Ministry of Law is working on strengthening Singapore legal money lender ecosystem.

It has formed an advisory committee on money lending to review the money lending regulatory regime and recommend suitable measures to improve the current framework.

Types of legal money lender loans in Singapore

Singapore legal money lender system offers you a lot of varieties. Most popular is “Personal Loan”. It has a smaller value and people usually take it for a number of personal needs. Second one is “Payday Loan”, that allows you to take a small amount of money requiring you to return it in 30 days or at your next paycheck.

Some money lenders also approve “Foreigner Loan”.  At the end, everything depends on you.  You know what are you signing for, so all the remorse that comes later, is your own fault. If you really need to take up a loan, always compare and take the best one that suits you. Do not let desperation push you into debt spiral.

Try our loan discovery tool

Onelyst helps you find the best loan options from licensed moneylenders in Singapore.