Difficult financial times for instant solution, one would go to a moneylender to borrow. Singapore has many moneylenders that offer money with little documentation and fewer regulations, but it is important for one to borrow from a licensed moneylender in order to protect ones own interest. The Registry of Pawnbrokers and Moneylenders includes a lit of licensed and trusted moneylenders. Licensed Moneylender in Singapore will be registered with the Registry of Moneylenders as the moneylenders have to apply for their license with Registrar of Money Lenders for providing services and consultation. The Moneylenders Act 2008 states the follows in order to gain license:
Applicant with good character
Resident of Singapore
Above 21 years of age
Abiding by the rules and regulation of the Act
The Registry of Moneylenders also states that Licensed Moneylenders in Singapore can only advertise through print and online media. Advertising through online media can only be done through official websites.
Any other means of advertising like cold calling, emails, etc. would lead to cancellation of license of the moneylender causing him to pay monetary fines. Finding a trusted moneylender in Singapore could be challenging, but there are different ways to test if their methods are ethical. During online shopping, one compares various products with its credibility and reviews, which helps the buyer to determine the product. Moneylenders are going online, where one can find Licensed Moneylenders in Singapore by various reviews, testimonials and comments by other customer. Testimonials and reviews from other customers tell a lot about the services and reliability of the moneylender and his services. Reliable moneylenders in Singapore will inform their customers about all the services, loan types, payment terms and other important information one has to know before borrowing money. This also helps moneylenders to protect their as well as customers interests along with the reputation of their business.