Guide To Authorised Money Lender Singapore
A loan for cash is a short-term and high-cost sort of loan (also known as credit). One of the riskiest ways you can borrow money is using an authorised money lender Singapore.
Agreements for Moneylending:
- A money lending contract is classified as a credit agreement if one or both of the following applies:
- The arrangement or agreement is conducted away from the moneylender’s business premises.
- You make the debt payments to the debtor or their agent at any location under the arrangement except the moneylender’s place of business.
- There is an APR of 23% or more in the deal.
Repaying a deposit for moneylending:
Moneylenders are expected to:
- Offer you the option to pay at their company premises to avoid collection fees
- Before you sign it, outline any collection costs in the loan agreement.
- Provide any agent sent to your house with written authorization to receive payment. Usually, this is in the form of an ID card.
- Only call your house between 10 am and 9 pm from Monday to Saturday.
- They do not reach you on Sundays or public holidays and may not, without your written permission, contact your employer or your relatives.
Moneylenders must have a license in Ireland to provide moneylending services. The Central Bank of Ireland regulates moneylenders and is responsible for issuing licenses for moneylending, and moneylenders must follow regulations.