As per the very latest finding about the Singapore money lenders market a significant portion of the Singapore credit market is covered by consumer loans customers. The Moneylenders Act (2008) as well as Moneylenders Rules (2009), jointly regulates the industry of Singapore’s money lending.
A research was conducted in the year 2015 in the month of July in National University of Singapore which revealed the fact that there is wide variation in the rate of interest charged by the firms offering moneylenders services. Rates vary from 5% to about 120% on monthly basis. Fees also vary making the overall concept of consumer loans a costly affair for the borrowers.
It is important for the borrowers to make an in depth research on the moneylenders services before settling down to the one for availing the loan. It will be advisable for the borrowers to take as much low amount as loan to avoid paying hefty rate of interest. There are various moneylenders services which are made available for the consumers. Depending on the need the amount of loan and duration need to be selected as this will help in settling down at a low payment of interest.
Licensed money lenders are like any other businessmen in the industry and they are part of this industry only because to make their share of profit in a legal manner by lending money to people who need them on urgent basis for any specific or non specific need of life. You need to go through the list of trusted money lenders of the industry to find the best one out. Discuss the terms and conditions of the loan availed by you well before making an application for the same online. Apply for a sensible amount as loan which you can pay off without disturbing the monthly budget of your house.