Guide To Choosing Moneylenders For Personal Loans
Taking out loans is a great way to tide over emergencies and a great alternative to saving up for particular investments. In Singapore, lending firms provide an assortment of loans you could apply for, each with its respective set of terms and requirements for application..
Personal loans are among the most preferred loan types in Singapore since interest rates are often very reasonable and approval is comparatively fast. But then again, besides ensuring that you can pay back your loaned amount in the agreed time, you also have to assure that you borrow from a trusted moneylender to begin with.
The government of Singapore gives licenses to moneylenders through the Insolvency and Public Trustee's Office (IPTO). You have to consider this as your most relevant consideration in pinpointing the moneylender for you. In order to check, you may visit the IPTO website for the complete list of licensed firms that offer loans in Singapore.
Even then, an IPTO license is not an end in itself, and it does not always promise that a particular licensed moneylender is automatically the right one for you. You also need to take note of certain unacceptable behaviours, which should serve as enough reason for you to exclude a firm from your list. These unacceptable behaviours include requesting your personal details like your SingPass user ID and password; withholding any amount from your loan; or making you sign blank forms or an unfinished Note of Contract.
You must also note that the moneylender is required to give you a copy of your loan's Note of Contract and explain in detail its terms and conditions. In addition, you must never give in to any requests to keep your personal papers, such as passport, employment pass, ATM card, and the like. This is prohibited and you must never surrender these to any moneylender.
So before you apply for personal loans, read each potential moneylender's terms and conditions to avoid confusion in the future. Evaluate the terms of some moneylenders so that you can maximise the best rates possible.
Personal loans are among the most preferred loan types in Singapore since interest rates are often very reasonable and approval is comparatively fast. But then again, besides ensuring that you can pay back your loaned amount in the agreed time, you also have to assure that you borrow from a trusted moneylender to begin with.
The government of Singapore gives licenses to moneylenders through the Insolvency and Public Trustee's Office (IPTO). You have to consider this as your most relevant consideration in pinpointing the moneylender for you. In order to check, you may visit the IPTO website for the complete list of licensed firms that offer loans in Singapore.
Even then, an IPTO license is not an end in itself, and it does not always promise that a particular licensed moneylender is automatically the right one for you. You also need to take note of certain unacceptable behaviours, which should serve as enough reason for you to exclude a firm from your list. These unacceptable behaviours include requesting your personal details like your SingPass user ID and password; withholding any amount from your loan; or making you sign blank forms or an unfinished Note of Contract.
You must also note that the moneylender is required to give you a copy of your loan's Note of Contract and explain in detail its terms and conditions. In addition, you must never give in to any requests to keep your personal papers, such as passport, employment pass, ATM card, and the like. This is prohibited and you must never surrender these to any moneylender.
So before you apply for personal loans, read each potential moneylender's terms and conditions to avoid confusion in the future. Evaluate the terms of some moneylenders so that you can maximise the best rates possible.
posted by Vittoria @ September 01, 2012
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