Here’s How To Access A Larger List Of Licensed Money Lenders

These past few years, the economy has been heavily affected by the pandemic. Many people have lost their jobs, and those who run their own businesses have seen profits drop or have even suffered losses. For these reasons, more people have been borrowing money. While banks are typically considered, licensed money lenders may actually be a better option for several reasons. In this article, let’s look at how to access a larger list of licensed money lenders.

How To Access A Larger List Of Licensed Money Lenders

There are a few steps to accessing a larger list of licensed money lenders for getting a legal loan in Singapore.

Firstly, google “licensed money lenders” and the Search Engine Results Pages (SERP) will show the list of money lenders websites and addresses, as well as those appearing on the map listing section for ones that are located nearest to you.

Next, check their reviews either on Google or on their websites. Determine if their services are deemed to be efficient and friendly.

Last but not least, you need to know how to spot money lenders that are illegal and those that are legal and licensed. There are a few tell-tale signs of money lenders that might be illegal:

• They don’t have a physical address. Legal money lenders are required by law to have a physical space to conduct personal verifications for loans.
• The application process is done entirely online. This includes seeing their advertisements through SMS. Licensed money lenders are required by law to use proper channels such as print media to advertise, and are required to have in-person verification before approving loans.
• They have an unsecured website. Look at the padlock sign on the left of the URL. If it is absent, the website is likely not secured with a digital certificate. Your information can thus be leaked.
• The loan package seems fishy. This includes the company being overly eager to grant you loans without properly checking if you can repay it, very high-interest rates, charging fees before granting the loan, and vague contract details.

List of licensed money lenders

Here is a complete list of licensed money lenders or you can visit the Ministry of Law’s list here. 

In conclusion, there is no shortage of licensed money lenders in Singapore. Companies that stand out are those like R2D Credit, which bases its service on professionalism while being understanding of your needs. In addition, R2D Credit offers very competitive interest rates and a streamlined and efficient service that satisfies your need for cash in a legal and hassle-free way. When getting a loan, other than finding the right moneylender, there are also some guides to follow. Read this article to know how to find the right loan for you now.