When it comes to Money Lenders Singapore, there are certainly many of them around. According to the latest available information, there are approximately 160 licensed money lenders that are operating right now. This is according to the list of money lenders that the Ministry of Law publishes. This list is very important to you as a borrower. Let me tell you why. This is because through that list, you will be able to find your self a money lender that has a license.
These days, it has become very hard to find a money lender with a license. This is because money lenders are govern by regulations. These regulations make it illegal for any money lender to advertise in print or in media. What this means is that you will no longer find any such advertisements for money lenders. Right now, if you look through the classified sections of a news paper, you will not find a money lender. Like wise, if you look at advertisements on the television, you will also not find a money lender.
In addition to the regulations against advertising as I laid out above, Money Lenders are also not allowing to solicit you for taking loans. What this means is that if you have been getting calls and SMSes, they come from illegal money lenders. These calls and SMSes may take the form of a promotion. And they might offer very attractive rates of interest. And the caller might also be very persistent. Additionally, they might try to pressure you into taking a loan from them. They may tell all kinds of lies regarding the conduct of their activities. One such lie will be that they will tell you they are legal money lenders. Do not heed their call ever! These are all unlicensed and illegal money lenders!
Thus, the only way to find yourself licensed money lenders is through doing a search online. This can be done through search engines like Google or Yahoo. However, even as you do a search, you have to be extremely careful, as the illegal money lenders are becoming very smart these days. As an example, when you do a search on Google, you have to type in a key word. This key word would be something that is relate to money lending, perhaps, ‘licensed money lenders’. Following which, you press enter and certain results will appear on the search page.
For the caution of our borrowers, we must inform you that in the search page, the first few results are sponsor advertisements. They have a small and tiny logo at the side that says ‘ad’. As a borrower, you must be very wary of this. This is because many of the websites being advertised on Google actually belong to illegal money lenders. As Google is not a enforcement entity, they are rather lax when it comes to their advertising standards. There are many illegal money lenders that have websites that advertise, cheating and lying to borrowers that they are legal. Therefore, you must take utmost caution. If you are ever in doubt, please refer back to the list of money lenders as provided by Ministry of Law.