Singapore licensed money lenders are credit giving institution that are registered by the registry of moneylenders in Singapore under the money lender acts and rules of Singapore. They offer loans o both foreigners and Singapore permanent residents who are in need if instant cash. Licensing by the government help protect the borrowers interest at all time from unworthy and untamed credit givers. To those who can’t get the tradition bank loan in Singapore you can count to licensed money lender who offer different type of credit both secured and unsecured with simple processing procedures.

Things a borrower should know before taking credit from licensed money lender
Term of credit The borrower should know the term attached to the credit taken e.g. the processing fees, repayment period and schedule to determine if is suitable for you. Have a copy of the contract to help you follow the progress of the loan if it followed by the lender.

Inquire if the money lender is licensed. At www.mlaw.gov.sg website you can get the list of all licensed money lender by the government of Singapore.
Know the rules that govern licensed money lender. At www.mlaw.gov.sg website you can get the law and rules that govern the entire licensed money lender so that you can submit the loan processing items stipulated by the government of Singapore.

Payment attached to the loans or credit. Different licensed money lender offer different fees attached to the credit and it is a wise decision to discuss all the fees attached to credit and any other payment with the lender of your choice.
Amount to be borrowed. With secured credit you can borrow any amount of loan but with unsecured credit different money lender offers various credit limits.
Interest rates charged. For any type of loan whether secured or unsecured the laws stipulate that not more than 4% per month should be charged for all licensed money lenders in Singapore.

Pros licensed money lender
· Short approval time for money borrowed.
· Low and competitive interest rates.
· Flexible repayment.
· Low loan application charges.
· Credit application and approval is straight forward.
Cons for licensed money lenders
For unsecured loans there is a credit given depends on the income of the borrower.
 
Frequently asked questions.
1. Can one know when the credit is approved by the licensed lenders?
When credit is approved a communication will be made either by SMS or e-mail and appointment made for collection of the credit.

2. Can a borrower know the reason for credit disapproval?
The licensed money lender reserves the right not to disclose the reason for credit disapproval.