Top 10 Licensed Moneylenders Review in Singapore

Top 10 Licensed Moneylenders Review In Singapore (Latest Update)

If you’re strapped for cash, you need a trustworthy financial partner that will help you quickly.

Did you know that other than banks, there are licensed moneylenders as well?

However, many people are wary of reaching out to licensed moneylenders. It’s okay, we understand how daunting that sounds. You never know if they are scams.

For one, they believe borrowing money is shameful; also, with the slew of Ah Long stories in the media recently, some people are skeptical about moneylenders.

However, not all are bad eggs. The best licensed moneylenders in Singapore do have stellar reputations. These agencies have been helping people of all income levels through awful tragedies and through happy times.

1.A MinLaw License It’s paramount that you work with a licensed moneylender and not a loan shark. Ah Long are extremely dangerous, so they resort to all sorts of tactics to squeeze more money from you.

Having a MinLaw license is the best indication that they are a legal financial institution that can help you.

By comparison, a licensed moneylender is compelled to respect laws that protect you from harm. This means that they will never harass you or threaten you.

Here’s an example. Imagine missing a loan installment or having difficulties with your loan repayment. A loan shark will likely use force, threats and blackmail you.

On the other hand, licensed moneylenders will be understanding and go through due diligence which includes renegotiating your payment terms and help you get through.

So, before signing any loan contract, double-check MinLaw’ s list of licensed moneylenders to make sure your agency’s there.

•Principal Amount, Interest Rate, And Tenure Did you know that renovation loans could be cheaper than credit cards?

People who apply for loans usually want to get a large amount, meagre interest and convenient tenure. In practice, the principal amount, interest rate and term are interdependent. These factors also correlate with your current financial position and credit history.

That’s the bad news.

You won’t get a massive amount with 0.01% interest and a convenient tenure in most cases. You’ll have to be prepared for some compromises – but ensure your loan officer balances these factors in the best way possible.

So make sure: › You can repay the monthly installments comfortably, without horrible sacrifices. › You’re comfortable with the tenure; so, that repayment period isn’t unnecessarily long but also not too short of destabilising you. › You’re treated fairly and according to MinLaw’s rules.

3. Reputation Of The Financial Institutions Although licensed moneylenders have MinLaw’s accreditation, they don’t all use similar business models.

For instance, some licensed lenders have a higher risk appetite. Some cater to low-income people who need fast assistance, while others cater to highincome individuals who want long-term loans.

For some, they are even so advanced that they have been awarded the FinTech License by the Singapore FinTech Association.

So it’s essential to pick a licensed moneylender that will fit your needs and profile. You need someone with a good reputation, but in the area that interests you specifically.

Here’s what you have to do: › Read customer reviews. Ask yourself whether your customer profile is similar to people who offer four or five-star reviews or to those who’ve given the agency low ratings. › Compare licensed moneylenders. Do they have experience in your field?

What do they specialise in? Read their websites carefully to find the answers to these questions before committing.

Trustworthy Licensed Moneylenders Singapore . Lending Bee: Long Tenures And Higher Loan Amounts

Lending Bee is one of the best moneylenders Singapore offers, thanks to its high loan amounts, long tenures, and versatile offers. With 4 branches in Singapore, they are also one of the few companies in Singapore to hold a FinTech License.

2. Credit 21 Pte. Ltd.: Customised Emergency Loan Options

Credit 21 Pte. Ltd. is another trustworthy licensed moneylender in Singapore.

This agency has a strong business culture that focuses on customers’ needs. Here’s how Credit 21 puts your problems first:

3. GS Credit Pte. Ltd.: Best For Emergency Loans

GS Credit is another licensed moneylender that you can put your faith in. The proof is brought to you by a slew of 5-star reviews you can find on speciality forums.

4. Katong Credit Pte. Ltd.: Best Fast Cash Solutions For Bad Credit

Katong Credit is a well-known licensed moneylender in Singapore. Because its core values are trust and integrity, its incredible work ethic translates into numerous happy customers in Singapore.

5. Horison Credit Pte. Ltd.: Best For No-Fuss Eligibility

If you’re looking for a licensed moneylender with a long tradition of helping people, Singapore’s Horison Credit fits the bill perfectly. Horison Credit prides itself on customised loan solutions and always going on the extra mile to help its customers.

6. 1AP Capital Pte. Ltd.: Same-Day Cash

This is one of the most reliable licensed moneylenders in Singapore. With all the required documents, they are able to disburse your cash on the spot. Customer satisfaction is their main priority and they strongly believe that getting the right financial help should not be difficult.

7. U Credit (Pte.) Ltd: Transparent With Competitors’ Rates

U-Credit boasts most of the same advantageous features we’ve seen with its competitors above.

For example, their interest rates are very affordable. Also, U Credit has devised different loan packages that fit people of highly varied financial situations, especially for families in Singapore.

8. CreditMaster Pte. Ltd.: Researched-Backed Loan Solutions

CreditMaster is an excellent choice because it has a long tradition in Singapore and almost 100% customer satisfaction. As a result, nearly all of their new clients get to CreditMaster through referrals.

They are definitely masters at loan products in Singapore. Here’s the secret of this guaranteed customer satisfaction:

9. BST Credit: >500 Positive Google Reviews

BST stands for “Begin with Service and Trust”, and over the years, they have definitely lived by it, earning such a high number of good Google reviews.

BST Credit aims to provide fast access to cash at flexible terms. They tailor all of their loan packages to suit the needs of their customers, especially if they are caught in a tricky situation.

10. Credit Thirty3 Pte. Ltd.: Versatile Loan Options

Credit Thirty3 offers its own personal loan calculator and numerous loan products for all.

They are one of the most competent and trustworthy licensed moneylenders in Singapore. Staff at Credit Thirty3 treat all customers with the utmost respect and aim to review their loan applications as soon as possible.