The Singapore Government has constituted a wing known as “Registry of Money Lenders’, which falls directly under the purview of the Ministry of Law. A money lender in Singapore has to apply for a license from the Registry of Moneylenders, and thus become a validly licensed Money lender. This license would allow him to operate within the rules and conditions imposed by the Registry of Money Lender’s office. Thus a Licensed Money lender in Singapore becomes recognized and regulated by the Government. There is a monthly update from the Ministry, on who are such licensed Moneylenders in Singapore which is published too.
When one needs to borrow money, he needs to match the License number of the Moneylender whom he seeks to borrow money from, through his website with that of the official site of the Government. This paves way for easily identifying and confirming, that the Moneylender is a licensed person. Thus the Directory shortens a long investigation, and categorically determines the official Moneylenders in Singapore, and one who would meet your current requirements. This procedure needs to be followed strictly, as the choice of an Illegal moneylender, would lead to many problems in the future, and land the borrower in a more precarious situation, than he was in before borrowing. One should have a clear idea of what these companies may have on offer and the route they should adopt, in order to fulfill their needs. Therefore, it is better to accept these guidelines, than regret later. Now, the question is, how does one go about it?
The application process is the first step, once you have chosen who your money lender has to be. The procedure is set up in the easiest way possible. You have a choice to fill it up online, on their web site only or pay a visit to their office. When you seek a personal loan or a Payday loan. it would not take more than two minutes. If you were to hand over your personal details, the loan processing procedure would start. There are many options on loans offered to you. It could be, foreign loans, Payday or personal loans. Choose the best package available, and then proceed to start on the dotted line. The registry of money lenders has opened up the financing market in Singapore and has made lending very trustworthy, and gets rid of excess interest charged.