No matter how badly or how quickly you need your funds, it’s important to make sure that you’re dealing with a reputable lender. The best way to make sure of this is to consider only licensed money lenders and accept no substitutes. This is certainly the case if you’re borrowing money from a traditional brick and mortar establishment, but it’s doubly so if you’ve decided to let your fingers do the walking and apply online instead.
Absolutely anyone can build a website, claim to be a money lender, and offer you financial help. Some of these people will be scam artists to be sure, but others may be independent business owners that aren’t particularly serious about what they’re doing. A license is your proof that the company you’re dealing with is everything it claims to be and actually deserves to be trusted with your very sensitive financial information.
Proof of Stability
Anyone you’re trusting with your financial future, as well as your personal information, needs to be proven stable above all things. In order to obtain a proper license, a money lender needs to fill out all of the government-required documents. They also will have needed to demonstrate good character. The money lender in question will also need to prove that they don’t have any sort of a criminal record. Proof of a license is your guarantee that a given lender meets all of the requirements that they should as dictated by the law.
Protection of Your Rights
When borrowing money in Singapore, it’s important to make sure that your rights are 100% protected. This is the case both for Singapore natives, as well as foreigners who need to borrow money from Singapore lenders for reasons of their own. A Singapore-specific license ensures that your rights are completely protected throughout every step of the process. It also ensures that any and all information you receive is accurate and can be trusted to apply to your situation.
Peace of Mind
Last but certainly not least, knowing you’re borrowing from an establishment that is proven to be on the up and up will add to your peace of mind. After all, being in a situation that requires you to borrow money from a third party already comes with its share of stresses. It’s a great comfort to know that not only are you within reach of the assistance you need, but that you’re getting assistance you can really trust to boot.
Before you sign on the dotted line with a given lender, be sure to look into whether or not they’re properly licensed. Proving the existence of a proper Singapore lending license is actually quite easy. All licensed lenders will appear on a list known as the Money Lender Registry. If the lender you’re considering doesn’t, then keep looking. Don’t simply trust someone who says their license is pending. Accept nothing less than an official appearance on this very important list.