In this article, we are going to talk about the best qualities of a private money lender Singapore. Also, we are going to discuss what to do if a lender is forcing you and how to avoid online scams.
What to do when a lender is harassing you?
There are many cases in a day where an illegal lender will try to force you into taking the loan. If you are unhappy about something in the loan and refuse, they will first please you. When you refuse again and again, then they will raise their tone of voice. From here, they will start to raise their voice and cut you in between. Also, they will abuse you and threaten you if you do not take the loan from them.
If these are the things that happen to you, then you should not take the loan from them and go away. These are the steps that you can take against the illegal lender who has harassed you.
- Contact the Ministry of law
You should never hesitate to complain about any behaviour to the Ministry of Law (MinLaw). They will take any queries, complaints and also solve your doubts if you have any. You can go on their support page and can write a report against the lender.
If the lender has threatened your life and has also abused you and physically hurt you. Then Police are the first authority where you should make a complaint about them.
- Know your right as a borrower
A person or a borrower must know all their right and regulations. If you have the correct knowledge about something, then you can take steps to prevent it. You can also read the rules and regulations on the MinLaw website and even make a complaint. Even before applying for a loan, you should check with MinLaw about the lender.
- Get legal advice from a lawyer
If you know someone who is a lawyer, then you should talk to them and take some notes about what to do. If you want, then you can hire a lawyer who is specialised in loans and also finance. You can then make a court case against the lender for threatening your life and also stealing money from you. If you want, then you can just consult one lawyer to see which kind of move van you do next.
What are the things to look out for and avoid any online scams?
There are a lot of scams going on in the market, so you should try to be more cautious on the internet. Here are some steps you can do to protect yourself from getting scammed online.
- Remote application and loan disbursement
It is good to have and also take a loan online to have an online record of the loan. There are many licensed and legal moneylenders out there on the internet offering their services. A licensed moneylender will never give you a loan amount and contract online. They will prefer to meet you face to face and then discuss the terms. So one should not take a phone call and then immediately pay the money to take a loan.
- Fees and interest rate
The unlicensed or the illegal moneylender will charge you more fees and also interest rate to process your request. While a legal one will not take that much amount money to do all the process. This is a limit set by the MinLaw about the fees and interest rate which a lender can take. So those people following this are legal, and those not are illegal and should be removed.
- Physical address
A licensed or legal money lender has their own office somewhere in the area. You will have to go to their office to discuss the terms and also take the loan after the payment. If a moneylender denies to five you address to meet in person, then they are called the illegal lender.
- Advertising means
If you receive an SMS or a phone call from taking a loan from them. Then it is sure that these people are illegal lenders as they are not allowed to advertise like this. The legal people are allowed only to post articles in the newspaper and also banners near their office. They can also make their business card and distribute them either in the market or to borrowers.
What are the qualities of a good moneylender in Singapore?
One of the biggest and good qualities is that they give the best personal loan Singapore. This is because they offer less rate of interest and also charge low for everything. Here are some of the best qualities to a lookout in a good and licensed moneylender.
- Competitive rate and fees
Some people think that a private lender takes more money than a bank as they are private people. This is not the case as a legal, licensed, and good lender will never charge more fees to its customers. A good lender will benefit in many ways to the borrower as the fees and interest rate is low.
- Helps you understand the term
A good lender will always make you understand the terms and conditions personally. This means that they will do the money giving and contract signing face to face, not on a phone call.
- Customized services
This means that they will give the customer the services according to their needs. This means that they will arrange the policy as per the requirement of the borrower. They will make a low-interest rate and also low fees for a budget-friendly loan.
You should choose a lender which has a good amount of capital in the Singapore market. Not only do they give short-term loans, but they also give long-term loans as well, so they need good capital.
You will have to check whether the lender is licensed in the market or not. If you ask them, then they should show you their license, and you can search it on the MinLaw website if you want.