Getting a fast cash loan can be challenging for some people. But, thanks to Clementi money lender for making loans accessible for all. Banks have very strict requirements that render the majority of borrowers’ noncredit worthy. On the other hand, licensed money lender are very lenient in their requirements and have a very quick turnaround time. However, different money lenders offer varying terms and conditions for cash advance loans. Additionally, some are in dubious businesses and are not trustworthy.
Before engaging any licensed money lender, the following points are worth noting:
- Short term loan Singapore
- Long term loan Singapore
- Wedding loan
- Monthly installment loans
- SME loan Singapore
Requirements for a loan
- Applicant must be 18 years and above
- Applicant must be a Singapore citizen or permanent resident
- Must have a steady income
- ID Card
- Billing proof (the most recent bill showing residential address)
- Valid Singpass Login
- Notice of assessment showing business income
- 3 latest original payslips
Know how to spot an Illegal Lender
All the licensed money lender in Singapore respect the rules and regulations set by the ministry of law. Furthermore, their names can be found in the registry of moneylenders. The ministry of law regulates the operations of all the moneylenders in its registry. Unlicensed money lenders offer very high-interest rates, advertise through the social media something that is prohibited by the ministry of law, and also hold the client’s original documents even after completion of loan repayment.
Only sign a complete loan contract and get a copy
This stage of the loan application process is very crucial. This is because a contract document is an enforceable document before the court of law in the event of a dispute. If a copy of this document is not availed to the applicant, then the loan can be considered as a fraudulent activity. In this light, one can prosecute the lender. Additionally, one should not sign an incomplete contract. A complete contract comprises of the loan terms, repayment period, interest rate, and any other fee.
Why trust Moneylender Clementi?
Licensed – As discussed above all legitimate Clementi Money Lender, are registered by the ministry of law under the moneylender’s Act. This can be verified from the register of licensed moneylenders.
Quick Turnaround Time – Unlike banks, licensed money lender have quick turnaround time. This is because they only have a few requirements and are not strict like banks
Simple Application Process – Clementi Moneylender offer a very simple loan application process as compared to banks. Their loan process involves less paperwork and fast loan approval.
Customized loan – Money Lender Clementi offer customized loans. They package their loans depending on each customer’s needs, budget, and ability to pay.
Before applying for any short term loan singapore, one needs to have the above facts in mind. Know if the lender is legit, know the terms of the loan, and such information. Most people fall victim to loan predators in times of emergencies when they need long term loan singapore because they do not take time to think through their decision.