There are many countries where money lending is still going on without a legal basis, but in Singapore, money lending is strictly prohibited. Money lending can only be possible if you have a license obtained from the government under strict supervision and amendments.
Money lending in Singapore should be professional and according to every tool and condition set by the government. Any illegal activities by the licensed money lender will ultimately lead to strict actions and even cancel their license. Moneylenders can only provide borrowers under a contract signed and authenticated under a legal basis concerning all justifications.
Who is a Money Lender?
With the question, is money lending legal in Singapore? What is money lending? And who are money lenders?
Banks provide loans. They provide various kinds of services related to the financial condition of the people, concerning the government and economy of the country. A moneylender only provides a loan and acts as a borrower to the borrowing, who is borrowing the money at a specific interest rate intending to give it back that has been fixed by the agreement by both the sides.
In the place of the bank, there are money lenders who give you money when you need it. Banks also provide various services but, the most significant difference is a moneylender is always concerned about borrowing and receiving money from the borrowers. Banks also work with the government, but the money lenders are strictly interested in profit maximisation instead of welfare.
Is it Safe to Borrow Money from a Money Lender?
It is always better to approach a bank or institution with a loan facility instead of a private or individual money lender. Not only do you get various services at one spot, but also the customer orientation is good.
Any misconduct is always supervised by the Singapore government, but still, it is recommended that you should go to only licensed and trusted money lenders. Not only do money lenders have a high rate of interest, but there is also a chance of fraud under strict supervision because its primary purpose is to have profit maximised with the source of interest instead of welfare.
Singapore’s government has made it very strict in their guidelines that any fraud through many lenders will not be tolerated, and it will lead to jail and penalties with their license canceled. So, they are unable to run their business in the name of fraud. The Singapore government also serves justice to the borrowers who were victims of false moneylender accusations and swindles.
Why Choose Crawfort (SG)?
Our institution is the best in the private money lending business. It is because not only do we have ten years of trusted service. We also hold a prominent position in the money lending market. We provide various other services. We also like to keep our customers’ priority at the top. We work closely with our customers to understand every aspect of their loans, getting what is best for them.
We also keep convenience at best because online facilities and services provide you the loan within 8 minutes. Not only this but, you can also log in with your sing pass to get access to our website more efficiently. We will also have your details at one go in working closely with the government and following every code of conduct required.
We are hundred percent trustable with positive reviews from all over the country.
If you want to get a loan, then consider us as your best partner. It is because we will help you to get rid of your financial condition quickly and conveniently. Having someone behind your back with full support. So that you can rely on them in your future, building your family together and investing in something right, safekeeping everyone’s interest. It is what we do, taking our customers as our family.
Now that you have learned about whether money lending is illegal or not. You can freely go to the money lenders in terms of investments and taking loans, whichever option is best for you. We hope that this article has guided you in the best manner and now you have learned the information about what to do and how to do, through it.