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FAQs on Borrowing From Licensed Moneylenders

Introduction.

Getting a nano loan from a licensed money lending company can come in handy when you’re in dire need of some cash to settle some pressing issues. UK Credits here in Singapore is your number one personal loan money lending company. They offer affordable loans at decent rates with comfortable payback terms.

Stay with us if you desire to know some popular FAQS on Borrowing from Licensed Moneylenders.

1. What Should be Put into Consideration before Requesting a loan?

Before you decide to approach Moneylenders, be ready to fulfill any loan contract you enter with any money lending company. Consider if you can meet up the loan terms. Also, borrow only the funds you need and can pay back comfortably.

Inability to pay back loans on time will attract extra fees. As a result, we encourage that you carefully consider before you request a loan from moneylenders.

The law expects every money lending company should explain the terms of a loan to you simply and understandably. See to it that you fully understand the payment schedules, interest rate, and other fees applicable to avoid any complications in the future.

Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.

In summary, only commit to a moneylender when you feel satisfied and comfortable with the terms provided.

2. How much can I Access?

Moneylenders provide different variations to loans that can be obtained. These loans can be secured loans or unsecured loans that are accessible to customers. Also, there’s a limit to every company’s loan offer. However, the secured loans provide higher amounts than unsecured loans depending on the amount you’re seeking to borrow.

3. What are the interest rates for money lending companies?

Since 2015, the highest interest rate any money lending company can charge here in Singapore is 4% monthly. This rate applies to every borrower’s monthly income whether it’s a secured or unsecured loan.

The maximum interest rate of the late loan repayment charge does not go beyond 4% monthly. As a result, be rest assured you’ll pay an interest rate charge of 4% if you end up delaying any loan each month.

However, the late interest rate charges are only applicable to the amount that is repaid late. You can’t be charged for outstanding amounts that are not due for payment.

4. What are the fees money lenders can charge from?  

The only fund’s moneylenders are permitted to charge from including the following:

–  A maximum fee of $60 for late loan repayment monthly.

– A maximum fee of 10% from the principal loan amount once a loan is granted.

– Legal costs ordered by the court to successful claims made by Moneylenders to recover their borrowed loans.

The maximum charges any Money Lenders can charge for any loan that consists of interest, late interest, late fee, and upfront administration should not exceed the principal of the loan.

Conclusion.

There are several other FAQS on Borrowing from Licensed Moneylenders that can serve as a guide and a precautionary measure for anyone to get the best loan offer available within the community.

We desire that you borrow loans and pay up at the expected to avoid any late payment charges as well as late fees. Always look out for licensed Moneylenders before borrowing money from any company through checklist verification.

UK Credits is your one-stop licensed money lending company here in Singapore that provides satisfactory repayment schedules for each of our customers, with commendable interest charges when compared to other money lenders.

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