Usually, the persons who are lending loans and advances have full knowledge about the financial soundness of the people to whom they are lending. According to their ability to pay and cash needs, the money lenders may charge or increase the interest rate. They help to meet short term money needs. People such as farmers, small scale business traders, and middle class salaried persons need small amount of loans from money lenders and in return they have to pay with interest.
Money Lenders in Singapore
Every licensed money lender in Singapore is mandated to operate based on Moneylender Act. Every loan application has to undergo due process. This means they really have to require some documents to prove that the borrower has the ability to pay. Add to that, they have to approve a loan amount that the client can pay with ease.
The loan interest is capped at 4% per month. The total of all charges must not exceed the amount of the principal loan. It is must that they should study the credit ratings and financial soundness of the loan applicant.
Cash Mart Singapore Moneylender
In Singapore, The money lending business is carried out at a greater pace. The main motto of cash mart singapore moneylenders is to meet with credit requirements of the persons who are in need of quick credit. The money lending business is strictly regulated by the Singapore government. It is mandatory for all money lenders to get a license from the Registrar of Money Lenders.
It is one of the qualified and best licensed money lenders in Singapore according to the reports based on reviewed moneylenders of Singapore. Based on the Moneylender Act, the company should follow the rules and regulations which are framed by the Registry of moneylenders. The borrowers should submit documents like NRIC/FIN card, Salary pay slips, minimum processing charges to avail for quick loans and advances.
The ultimate goal is to
- Meet quick needs of customers who are in need of money. Mostly they won’t get quick financial assistances from banks. This is because banks require collaterals, co-borrowers, and proof of income, proof of addresses and much more. Moneylenders, on the other hand, do not require collaterals nor co-borrowers to sign up.
- The money lenders follow all the rules and regulations framed by Singapore Government. They highly focus on giving quick and efficient services to the needy people. They are professionally equipped to pay the amount.
- Greater level of truthfulness and expedient means of payment where the borrowers need not feel any burden to repay the borrowed amount.
- The first and foremost goal of cash mart Singapore money lenders are to have better understanding and complete knowledge about the credit worthiness of the borrowers. If the financial soundness of the persons who are in need of cash is not up to the expectation level, then there is no use of lending to them. The money lenders cannot expect repayment of money from them at an appropriate time.
Points to be noted based on Reviewed Moneylender
Privacy – The information which are provided by the borrowers are maintained to utmost confidentiality. It is fully safe and secure and they won’t reveal to anybody. It is one of the best special attribute of cash mart moneylenders in Singapore when compared to other.
Expert Advice – The borrowers can get expert advices from professional team members to fill the loan application form. They won’t give you technical advices but with simple and friendly guidelines to fill up the application form.
Quick Credit Payments – If all the rules set under the money lender act of Singapore get fulfilled then, the loan advisors should meet the credit requirements and should arrange for quick loans and advances without much delay.
