Choosing The Right Money Lender In Singapore

The financial economy is dependent on cash flow. How society can pay its debts and give credit determines a lot of other economic factors.

Regardless of the financial status of an individual, it is inevitable to get a loan. Either to finance a business, build a new home, or finance one’s education, getting credit is a lifeline.

In a city like Singapore, where the cost of living is high, the demand for personal loans is also high. The loans barely allow a family to survive, but the good thing is that there are so many credit providers and money lenders in Singapore.

To aid individuals in choosing the right money lender, the Singaporean government has a lot of licensed firms registered under the Insolvency and Public Trustee’s Office (IPTO).

To help you with choosing the right money lender, you should follow the following tips:

You should first research about your money lender.

The first thing that you must do is to research your money lender. Verify their registration, check their licensing number, and make sure that they have the right kind of record.

The money lender should get registered with the Registrar of Moneylenders Office. Without registration, The money lender is not legal, and you should steer clear of it.

You should check the feedback about the moneylender.

There are so many ways of checking feedback such as on their website and their social media accounts. You can also ask around. Ask people who have already experienced the moneylender and their ways. In case of doubt, try out another lender.

The right moneylender should follow IPTO regulations.

The IPTO regulations require a lot of protocols to protect the borrower. The following are the requirements:

  • The borrower must personally visit the office of the moneylender to collect the lump sum. This process ensures that the borrower has the option to verify all of the paperwork before signing the contract.
  • The moneylender must contact you only via their registered landline. All legal moneylenders who register with the government should only use their designated landline for advertising and contacting potential borrowers.
  • The moneylender must be transparent in their Terms and Conditions. All moneylenders must ensure that they create the loan contracts with clear terms that are easy to understand. While the borrower needs to examine the document before signing, the lender should make sure that it is easy to understand.

Always check the terms about the interest rate.

To make sure that you have the right moneylender, they should impose interest based on the limits required by law.


Before any licensed money lenders in Singapore can be registered, they should adhere to follow strict rules. If you want to learn more about these rules, you can check them out on the website of the IPTO. If you have any doubt about the money lender, you should not go through with the loan application. There are a lot of personal loan providers in Singapore that get properly registered, you only need to research.…

Giving loans to your wife or friends

moneylender Singapore

When a person needs funds right away, they tend to ask for help to their close ones first before jumping into any loans. There are also some who already have several unpaid loans that are why they are having a hard time getting a loan approval thus approaching a family member or friend instead to ask for a helping hand. Alternatively they may want to check this website for moneylender reviews:

Have you already tried being in the situation where you are going to be the lender particularly for your significant other? It may seem easy to lend your significant other the funds they need but definitely; it is not. Letting someone borrow your hard-earned money is not simple especially that we are going to take a risk but how about our significant other, are they considered a high-risk borrow?

The answer would depend on you and with how you know your significant other thus you have to make sure that you can choose the right decision because it is not just your money that is at stake here but also your relationship with your partner.

Things to Consider Before Lending Your Significant Other Money
● Know your partner very well
If the one that will be lending your money is your spouse or fiancé, it is understandable if you are going to give them the money they need right away because the two of you are expected to help each other but if you aren’t at that stage yet, you should think twice before lending your money.

There are many reasons why a person borrows money, and you have to ensure that your partner has the right reason to lend money from you. For example, your partner is asking you for a loan because he or she has cut short with his monthly budget after buying a newly released gadget. Do you think your partner deserves the money you are going to lend him or her?

As a partner, you should also teach your significant other to be responsible enough in dealing with their finances as early as now.

● Offer it as a gift
Your partner may only need a small amount of money; in this case, you may opt to offer the money as a gift or help instead and surely, your partner will appreciate your care for him or her and your generosity.

● Check your finances
Even though you are eager to help your significant other with his or her financial problem, you should also check whether you can afford to lend your significant other the amount he or she needs. Although it is fulfilling to help your loved ones, you should also consider yourself especially if you as well have debts to take care too.

● Consider adding an interest
There are some cases where you should consider also adding an interest particularly if your significant other borrowed a big amount of money from you and it would take months or even years to repay the full loan amount. Just like with other loans banks and licensed moneylenders in Singapore offers, you can have a written contract also where all the details of the loan are placed such as the interest rate and repayment terms.…