Finding the Right Loan Provider in Singapore – Skip The Scam
As per the Monetary Authority of Singapore (MAS), there are more than 153 licensed moneylenders in the country. So, if you are a resident or a foreigner with a temporary work pass and are in need of quick cash, there are plenty of legal options available. However, with so many moneylenders to choose from, it can be difficult to know where to start your search. Finding the Right Loan Provider in Singapore – Skip The Scam
Factors To Consider
It is not easy to find the right loan provider in Singapore. However, it is important to remember that there are a few things that you need to consider before making your final decision. First and foremost, you need to make sure that the loan provider is licensed by the Monetary Authority of Singapore. Secondly, you should also check the interest rates that they are offering. Lastly, you need to make sure that the loan provider has a good reputation. With that said, you can be sure that you will find the right loan provider in Singapore if you keep these things in mind.
Approval and Deposit Times
When you approach a bank for a loan, the approval process can take anywhere from days to weeks. In contrast, licensed moneylenders are required by law to provide a decision on your loan application within four hours. There is an option for instant loan approval same day deposit. Furthermore, banks will often require that you have a certain amount of money in your account before they release the funds. This is not the case with licensed moneylenders. In most instances, the moneylender will deposit the funds into your account on the same day that you apply for the loan.
The requirements for getting quick cash in an emergency from a personal loan are to maintain a good credit score, avoid applying in multiple banks, tap on one’s credit card limit and check cash disbursement lead time. Standard Chartered Cash One Personal Loan is currently providing the best cashback for personal loans in Singapore. Funding Societies is one of South East Asia’s largest digital financial platforms that provides some of the cheapest unsecured loans to small and medium-sized enterprises (SMEs) with an interest rate as low as 0.8% and processing fee from 5% onwards and a loan range between $3,000 to $2,000,000 so that the business owners can fund in both – small and large projects.
At the same time, Validus capital is another financial institution in Singapore that provides financing and credit investment solutions such as business accounts, expense management, and much more to small and medium-sized enterprises (SMEs). Validus is a cost-effective option for SMEs because of its competitive rates, with either 0.5% per month or 8.3% per annum, and it also provides cash within 48 hours of an approved loan. It provides a loan range of up to $2 50,000 for 12 months, thus making it a really good option for small and medium-sized enterprises (SMEs).
If business owners are looking for a large loan with relatively inexpensive or lower fees, then Singa Credit proves to be a great choice for them. Singa Credit is a unique borrowing and lending protocol built by industry leaders and is also one of the financial institutions in Singapore that provide loans to individual.
Advisory on Loan Scams
The police have received several reports of scams involving loans being offered through WhatsApp messages, phone calls, and websites. In one scam, victims were asked to make an upfront payment for the supposed loan. The victims were then told that the loan amount would be deposited into their bank account within minutes, after which they would receive a confirmation message from the lender. Suspects also posed as licensed moneylenders to trick victims into thinking that they were transacting with a legitimate business.
With more than 1700 recorded cases, these scams have been on the rise in recent months. The amount of money cheated from each victim ranges from a few hundred dollars to more than $6.8 million.
In another scam, the victims were asked to click on a link sent via WhatsApp or SMS to apply for a loan. Once the link was clicked, the victims would be directed to fill in their personal particulars and bank account details on a bogus website. The victims were then told that they had been approved for the loan and asked to make an upfront payment before.
When you are looking for what is the easiest place to get a personal loan, it is important to check if you are not getting into a scam. The Singapore Police has advised members of the public to exercise caution when they are approached by unknown persons offering loans, whether through phone calls, SMSes or WhatsApp messages. A hotline has been set up for members of the public to call and verify the legitimacy of such offers, and to report any suspicious loan activities. The number is 1800-722-6688.
Overall, it is important that you take the time to research and compare different loan providers in Singapore before making a decision. Be sure to carefully consider all of the factors mentioned above to ensure that you end up with the best possible deal. If you are looking for a personal loan in Singapore, be sure to check out the government website.
Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Bugis regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.
Please feel free to call 66946166 for more info on our lowest interest rate in Singapore or walk in our office 470 North Bridge Road #02-01 Bugis Cube Singapore 188735.