Moneylenders provide a small amount of loans to people who are in urgent need of money. Many money lenders charge a high rate of interest in return. There are many frauds seen in money lenders. If you don’t know who the licensed money lenders are, they can take up your whole property. Moneylenders scam people by asking for deposits for a loan. A licensed money lender Singapore doesn’t require you to do any such thing. The Registry of Money Lenders in Singapore has updated the list of licensed money lenders currently active in Singapore. It is important to go through all the licensed ones and choose the one which requires you to pay the least amount of interest. Thousands of dollars have been lost by people because of fraud. The first thing that any person should do before selecting a money lender is to ask for their license number. Every money lender Singapore has a unique license number. Go for a reliable money lender like LenderSg.
How do money lenders cheat?
- Money Lenders ask the borrower to pay a hefty amount of money as processing fees. They tell people to transfer it to their account. There are no such processing fees charged by licensed money lenders. Don’t ever transfer money into their account. The people should be aware of such frauds.
- Money Lenders scam people by SMS. They target innocent people who would have never taken money from them. They would say that you or someone from your family would have borrowed money from him/her. They would threaten you to pay the amount or you could face some serious consequences. Many of us would have dealt with this. It is important to block the number immediately.
- Money Lenders Singapore can fool you by the phone calls. They will be threatening you to pay the loan amount. You would have never borrowed any loan from them, but even so, they would threaten you by telling you that you could face dire consequences. People fall prey to such kind of scams always. It is important to report such matters to the police at the earliest.
- Only licensed moneylenders are allowed to advertise. Thus, illegal money lenders would be operating online or through SMS or phone calls. Never choose for an online form of money lending until and unless it is a verified website
- Illegal Money Lenders Singapore would provide you with the loan amount immediately without proper documentations are done. Thus, illegal money lenders Singapore would charge a high rate of interest compared to the normal ones.
- Illegal money lenders would put you in such a situation where you would eventually fall for their trap. They will ask you to pay the processing charges quickly by fooling you of some offer. They would offer a low rate of interest compared to others. No licensed money lender would do that. Always follow all the necessary steps. Never skip any step while applying for a loan through money lenders otherwise it could lead you in trouble.
- Illegal money lenders don’t have any offices. They operate online and do all their work through SMS, phone calls, etc. Thus, the borrower should always ask for going to a physical location for the loan. Illegal money lenders don’t have any address because of the fear of being caught.
Now, that you know how to do all the illegal money lenders operate; let us know how to recognize the licensed money lender Singapore.
- Licensed Money Lenders Singapore would have a physical office where they operate all their work from. Thus, it is always preferable to go to the physical location and do all the work.
- The Registry of Ministry Lenders in Singapore has given up the list of licensed money lenders currently operating there. Choose from their which licensed money lender do you want to choose.
- Licensed Money Lenders will never ask you for processing fees. Those trying to fool you by asking you to pay the licensed amount are fraudsters.
- Licensed Money Lender Singapore would never ask you for your bank account details. There is no such requirement of knowing all such things.
- Licensed Money Lenders would never force you or harass you for the payment of interest. They would give you a deadline to pay for the interest.
- Licensed Money Lenders will never ask for any kind of personal details.
- Licensed Money Lenders will be polite and never talk to their clients rudely. This is because they might lose them in the future course of action. Thus, they would want to maintain a good relationship with their clients. Illegal Money Lenders would be rude at you at the time of delay in interest payments.
There are various ways to determine the licensed money lenders in Singapore. Always be careful before choosing any particular money lender. Read all the documents carefully and if you have any doubt, clear it at that very moment. If we will not be aware of the frauds and how to stop it, there will be many more people who will get trapped in this. One such company that you can go for without being hesitant is LenderSg.