Money is tight. We all know that. Like most people, you may have turned to a licensed money lender in Singapore for help. While these lenders can be a great resource in a financial pinch, it’s important to understand the outcome involved before signing any contracts. This blog post will discuss five things you need to know about licensed money lenders in Singapore.
Licensed Moneylenders in Singapore Are Transparent
From providing the amount you are eligible to borrow and the fees associated with taking out a loan, licensed money lenders must be clear and upfront about all their terms and conditions. This ensures that borrowers can make an informed decision before signing any documents. They also must follow guidelines outlined by the Ministry of Law to ensure safe lending practices.
Licensed Moneylenders in Singapore Follow a Strict Code of Conduct
Every licensed money lender must adhere to the Code of Practice issued by the Ministry of Law. This code sets out rules for appropriate customer service, advertising, and collection practices. Licensed money lenders must also be truthful about their terms …
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