No matter whether you're a Singaporean citizen, or a non-Singaporean resident, you should seek advice from a licensed lender to get a loan. You must follow all laws and regulations when lending money. They must give a loan contract containing all details regarding the loan and interest rates. The contract should include payment methods. This is to inform borrowers about their rights. A licensed money loan officer will never have access to borrowers' personal data. A licensed money lender can not charge more interest than 4% per monthly or 4% late charges per month.

The Ministry of Law keeps a list of licensed Singapore Money Lender. You can access the Ministry's website to view the latest updates. This is a fantastic resource for finding licensed money lenders.

Moneylenders licensed under the Moneylenders Act are required to adhere to this law. They cannot resort to harassment, coercion and unsolicited mail. They must also possess a physical address and a verification officer. They are also allowed only to advertise through consumer directories or on the exterior of business premises. They are also forbidden to charge pre-approval charges. They are required to inform the borrowers of the terms and conditions of the loan. The Moneylenders Act also requires them to have a loan document that contains all details about the interest rates as well as repayment terms.

Singaporeans must earn $10,000 per year to be eligible for unsecured loans. Foreigners can borrow $20,000 if they are not citizens. An authorized money lender in Singapore will only allow you to borrow $1,000. You are limited to six times your income. There is also a maximum interest of 4% for the loan amount. On missed payments, late interest is limited to 4%. The maximum late reimbursement amount is $60 per calendar month.

Credit Bureau of Singapore provides a free credit report. It costs $6. This report can help you decide the size of your loan, and your credit score. Your credit score is crucial in order to obtain a job as a finance professional. Banks might refuse you if you have a low credit score. This is because banks use credit scores for determining the amount and terms of loans.

A licensed money lender will protect you from future problems. If you deal with an illegal money lender, the Ministry of Law should be contacted. They will take the necessary steps to stop illegal money lenders. On its website, The Ministry of Law has a list of licensed cash lenders.

While licensed money lenders can offer all types of loans to customers, they are limited in their advertising methods. Licensed money lenders may only advertise in business directories. They cannot advertise in the paper, through flyers or leaflets.