How to Choose a Cash Loan Singapore

A cash loan singapore is an unsecured loan that is based on your income. It can be approved as soon as you apply and is ideal for financial emergencies. However, you must be mindful that if you fail to make repayments on time, your credit score will take a hit. This will compromise your ability to borrow money in the future. Hence, it is important to choose a reliable licensed money lender in Singapore.

You should only choose a moneylender that has reasonable interest rates and a fair repayment period. If you are not sure, look up reviews of the lender online. You can also ask family and friends for recommendations. If you find that a lender is charging high interests, report it immediately to the authorities. You should also avoid illegal money lenders, known as Ah-Longs. They harass borrowers and often pressure them to sign an incomplete or blank contract.

It’s best to only work with a licensed moneylender like ValueMax that is registered with the Ministry of Law. This will ensure that you’re protected by the Moneylenders Act and that your rights are preserved. It’s also a good idea to read up on the Moneylenders Act so that you know what your rights are as a borrower.

Most other moneylenders require too many documents for their loan applications, including your Singpass login and years of tax returns. These requirements are unreasonable and can be a waste of your time. Choose a moneylender with reasonable documents that you can provide, such as your identity card, proof of income, and bank statements.

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