6. The Ministry of Law Official Website Has a List of Licensed Moneylenders
When in doubt, then you should go over to the official website of the Ministry of Law in Singapore for a full list of moneylenders recognised by and registered with this authority. Once you have found a potential money lender, make it a point to check the Ministry of Law’s list found online. In case you couldn’t find the name at all, then it’s highly likely that it’s a loanshark.
(Click HERE for the full list of valid moneylenders in the Singapore Ministry of Law.)
But it may be worth noting that there are instances when some licensed moneylenders in Singapore are not found in the list. The most common reason for this is if the license has been given to the moneylender just recently. In such situation, it may only happen because of the non-updated list and information on the site. You may also double-check with the Ministry anytime by giving them a call at their phone numbers – 1800-2255-529. This is the best way to get rid of any doubt or uncertainty as to whether the moneylender is licensed or not.
7. A Physical Office Shows Legitimacy in Business Operations
To be able to operate legally and be registered with the Ministry of Law, all licensed moneylenders must perform their business operations in an actual office. The registered address on the Singapore Ministry of Law website must match the physical office where the moneylender is managing its business.
However, it does not suffice for the moneylender to have just an office; instead, it has to be a professional-looking and well-maintained office. All transactions are performed in the office such as the initial consultation, contract signing, and other situations where the client meets with the moneylender. There may also be times when communications are done over the phone or via email.
But as for loansharks, they hardly operate in an office. They are running an illegal business, so it doesn’t make any difference to them if they have an office or none. In addition, they are concerned about being spotted easily in case illegal operations take place. So mostly, you can just find them online, with all your questions and loan application processes performed on the internet instead of in person.
Keep your eyes out for these loansharks that make people guess where their actual location is. A website does not suffice at all since you want to be sure about getting the answers to your questions, which means you need a genuine office address for the business you are dealing with.
8. Watch Out for Words and Actions
It is typical with loansharks to be quite abusive and threatening to their customers. They may use intimidation and threats each time they collect fees from clients. This can be difficult for a borrower since it only adds to his or her stress due to financial issues. With this in mind, it is essential to be sensitive enough to steer clear of moneylenders who do these because it’s highly likely for them to be nothing but loansharks.
In most cases, loan sharks act in such a way when they have already received what they wanted. The initial meeting doesn’t usually bring out the loanshark’s true colour. This is why you may find it almost hard to believe that the person whom you once talked to for your loan application is nothing but a loan shark. This usually happens when they begin collecting money from you, and you’re unable to pay on time.
9. Information Available at the Ministry of Law
There are some instances when the loansharks use the same name, licence number, and address of an actual licensed moneylender with the hopes of getting more customers. Unfortunately, unsuspecting clients only fall as their prey due to this false claims given by loansharks. It is too late sometimes before borrowers discover the truth about the moneylender pretending to have good intentions for them.
So, to spare yourself from such situation, you should see to it that the moneylender is indeed reliable and legitimate. You may check the list for the licensed number of moneylender in question. Once you have come to this page, you can check the moneylender’s address, licence number, and the name of the company.
After you have checked these pieces of information, you may begin reading carefully the loan contract and repayment methods. Most importantly, you should only sign the contract personally in the lender’s office registered with the Ministry of Law. Never allow the moneylender’s request to have you sign the contract elsewhere. Also, be sure to refuse offers if there is no contract presented to you since these are sure signs that the moneylender is indeed a loanshark.
Although you are perfectly aware of a tough financial situation you may be in, this does not mean you should seek for help from random and unknown moneylenders in Singapore. You have to be aware of the fact that loansharks are quite plenty in Singapore, with the intentions of charging ridiculously high rates and fees.
But the good news is that they can’t let you get their want unless you allow them to. So, by telling the difference between a licensed moneylender and a loanshark, you’re off to a good start in finding the best money lender in Singapore that you can rely on. You can find a reliable licensed moneylender at EasyFind.
Lastly, if you know any Loansharks (Ah Long) related activities or harassment, we encourage you to call 1800-X-AH-LONG or 1800-9-24-5664, or make a Police report with this Emergency Hotline 999.