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Licensed Money Lender: Finding the ideal one for a loan
So what are the tell-tale signs of licensed money lender?
No Telemarketing or SMS tactics
With the recent DHL delivery scams going on, it’s little wonder why people are really irritated with telemarketers. Singaporeans have little tolerance for telemarketing tactics that draw upon fear or temptation.
Based on IPTO rules and PDPA acts, licensed money lender are not allowed to advertise their services in any of telemarketing or SMS marketing. Or even Google Adwords! The penalties are harsh for advertising on such services. Licensed money lender can lose their licenses if they are reported or caught.
However, be aware that there are many unlicensed money lending companies using SMS and telemarketing tactics to service unsuspecting people. Some companies have even went to great lengths to buy databases by bribing working personals.
Licenses! Registered under Registry of Moneylenders
The most fundamental way of identifying a legal licensed money lender is to check directly with the Registry of Moneylenders. All licensed moneylenders are registered in the registry. Companies abide strict laws and regulations to attain their yearly money lender license.
It goes to show that companies under the list are companies that are serious and cautious too. They want to run a legal business and go to great lengths to maintain licenses and adapt to the ever changing rules and regulations.
Personal Information Disclosure
Legal licensed money lender treat clients seriously and will never ask borrowers to disclose any form of personal information over the phone. It is of utmost importance that one shall never divulge critical information such as your Sing Pass details over the phone to an unknown person.
Licensed money lender will only ask for such verification when the the loan application has been approved.
Money Transfers. No Online Interbank Transfers
Some moneylenders claim instant approved loans with instant cash wired to your account. This is because it makes the transactions untraceable with no paperwork, and favourable to the illegal money lenders.
Licensed money lenders will require your physical presence at the office and a sign-off on a loan contract before money is given.
Research. Analyse. Pick your money lender
Like any form of decision making, picking the right money lender requires a little bit of finesse. Research properly the online reviews, the reliability of the licensed money lender, the license number of the company.
Call in to check with the loan officer on the loan terms and conditions before making a trip down. This will help to mitigate misunderstandings when you are down at the office.
Licensed Money lender summary
We hope that with the given tips above, you will make better decisions in picking your favourable licensed money lender or read the tips provided by the Ministry of Law. If you have any enquires, feel free to talk to our loan officers directly on your financial situation.
- See more at: licensed money lender
So what are the tell-tale signs of licensed money lender?
No Telemarketing or SMS tactics
With the recent DHL delivery scams going on, it’s little wonder why people are really irritated with telemarketers. Singaporeans have little tolerance for telemarketing tactics that draw upon fear or temptation.
Based on IPTO rules and PDPA acts, licensed money lender are not allowed to advertise their services in any of telemarketing or SMS marketing. Or even Google Adwords! The penalties are harsh for advertising on such services. Licensed money lender can lose their licenses if they are reported or caught.
However, be aware that there are many unlicensed money lending companies using SMS and telemarketing tactics to service unsuspecting people. Some companies have even went to great lengths to buy databases by bribing working personals.
Licenses! Registered under Registry of Moneylenders
The most fundamental way of identifying a legal licensed money lender is to check directly with the Registry of Moneylenders. All licensed moneylenders are registered in the registry. Companies abide strict laws and regulations to attain their yearly money lender license.
It goes to show that companies under the list are companies that are serious and cautious too. They want to run a legal business and go to great lengths to maintain licenses and adapt to the ever changing rules and regulations.
Personal Information Disclosure
Legal licensed money lender treat clients seriously and will never ask borrowers to disclose any form of personal information over the phone. It is of utmost importance that one shall never divulge critical information such as your Sing Pass details over the phone to an unknown person.
Licensed money lender will only ask for such verification when the the loan application has been approved.
Money Transfers. No Online Interbank Transfers
Some moneylenders claim instant approved loans with instant cash wired to your account. This is because it makes the transactions untraceable with no paperwork, and favourable to the illegal money lenders.
Licensed money lenders will require your physical presence at the office and a sign-off on a loan contract before money is given.
Research. Analyse. Pick your money lender
Like any form of decision making, picking the right money lender requires a little bit of finesse. Research properly the online reviews, the reliability of the licensed money lender, the license number of the company.
Call in to check with the loan officer on the loan terms and conditions before making a trip down. This will help to mitigate misunderstandings when you are down at the office.
Licensed Money lender summary
We hope that with the given tips above, you will make better decisions in picking your favourable licensed money lender or read the tips provided by the Ministry of Law. If you have any enquires, feel free to talk to our loan officers directly on your financial situation.
- See more at: licensed money lender