How to find the best-licensed money lender in Singapore?

Singapore, one of the most competitive world economies for the last fifty years, has evolved from a third world to a first world country state. Read more: How to find the best-licensed money lender in Singapore?

How to find the best-licensed money lender in Singapore?

Singapore, one of the most competitive world economies for the last fifty years, has evolved from a third world to a first world country state.

Today, this densely populated south Asian Island has developed into a big economy and one of the most vibrant cities in the modern world. According to global rankings, Singapore offers one of the friendliest economic environments. It is a field of dreams for local and international entrepreneurs; it is also regarded as one of the most competitive world economies. Amidst world economic swings mostly brought about by the coronavirus pandemic, Singapore is among the world’s best economies.

To survive in this changing tiger economy, you will need the services of the either for personal or business purposes. There are a lot of money lenders in Singapore that you can apply for a loan. Moneylenders are entitled to provide eligible credits and loan services to the people of Singapore. There is a strict government law, and it ensures that it protects the borrowers who enter into a contract with licensed money lenders. The borrowers can apply for the loans physically and through online platforms, which has been made possible by the rapid technological advancements. Moneylenders in Singapore typically offer small amount loans with a corresponding shorter repayment period.

Though the government of Singapore by the ministry of law mainly implemented the money lenders act of 2008 that protects borrowers, not all money lenders are equal. To get a reliable licensed money lender for your ambitions to be made possible, you must take time to research and choose a company that will give you the best and vibrant loan deals.

What are the four guidelines to review the best money lender in Singapore?

Are you in Singapore? Or even a veteran, I have compiled the four primary considerations that you should review to find the most preferable and reliable money lender in Singapore.

1. Ensure the moneylender is Legally licensed.

The availability of unlicensed money lenders in Singapore has caused a lot of problems in the past. It is to your benefit when you borrow money from a licensed moneylender; the government will protect the borrower from any havoc in your loan deal. These unlicensed lenders tend to charge higher rates than what is outlined by the governing act. If a borrower cannot repay the loan on time, these unlicensed borrowers tend to use force or even threats to intimidate the borrowers.

Currently, there are over two hundred licensed money lenders in Singapore. Always check with the ministry of law to get the right moneylender for yourself. Singapore has a register for licensed moneylenders, and therefore, you should consider being updated about the record of money lenders.

2. Find a money lender nearest to your location.

It is always advisable to get a money lender nearest to your location. Will reduce the chances of landing yourself in the hands of parody money lenders. Since Singapore is a high-income country, it will be difficult for you to miss a money lender near you. Finding a moneylender gives accessible expertise to your intended service provider. Singaporeans are known for relying on money lenders than banks when it comes to borrowing. With the help of real-time and technology, you can landmark the location of the moneylender easily. Getting a moneylender will assure security and protection, especially in evil events like vandalism or even the destruction of property.

3. Look into the lending company’s credibility.

You must be extremely careful when it comes to a task involving money; this is because things can quickly go south, and this typically results in struggles between the parties involved. When you want to take a loan, always take time and research the money lenders credibility. You can get this information from the previous client’s testimonials, whether positive or negative. Try and review as many testimonies as possible to come up with the most credible company potential. You must use the most viable sources of information because there is a lot of information on the internet which might be biased. To avoid a loan shark in Singapore, you can visit the official ministry of law website.

4. Review the loans interests’ rates and repayment schedules.

Each money lending company in Singapore possesses different loan rates and preferred repayment systems. If it is the first time you are borrowing money, you need to be more vigilant; this is because all the money lenders available are here to make profits from you. As a borrower, you should consider the lender with the best rates, both interests are and the repayment period. To achieve this, you will need to compare the wide range of money lenders available in Singapore’s massive financial market. Before you sign the deal, make sure you read through all the terms of engagement to be assured of a vibrant outcome.

Conclusion

Finding the best-licensed money lender in Singapore can be an arduous task. The process might be very complex and tiring because there are a lot of money lenders in the microfinance market claiming to be viable in offering the best services. To avoid being frustrated, please use the information I have provided in the above discussion to find the best-licensed money lender in Singapore.

 

 

Read more:
How to find the best-licensed money lender in Singapore?

Source : Business Matters More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

MBH wants to buy up to 20 small businesses a year

By Timothy Adler on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs MBH offers way for entrepreneurs to enjoy advantages of being publicly listed company while retaining 100% control of their business The post MBH wants to buy up to 20 small businesses a year appeared first on Small Business UK.

MBH wants to buy up to 20 small businesses a year

By Timothy Adler on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs

EXCLUSIVE: MBH Corporation, a publicly listed plc on the Frankfurt and New York OTC stock exchanges, wants to buy between 15-20 small businesses a year.

The MBH concept offers small business owners the advantages and security of a plc, without hands-on interference, said MBH chief executive Callum Laing.

Being part of a publicly listed group is especially helpful for small businesses that want to bid for procurement contracts. Too often, small businesses cannot grow because they cannot win government contracts. Instead, those contracts go to large plcs, who in turn outsource the actual work to SMEs, while collecting a fee.

>See also: Pitalia Capital to invest £50m in small businesses

MBH’s education and construction businesses have already won procurement contracts because of being part of a plc. Being able to give parent company guarantees helps win bigger contracts.

Belonging to a plc also means that small business owners can retain senior staff by offering them stock options in the group.

To date, 26 small businesses have joined MBH, 18 of them in the UK and the rest in the US, Australia, Singapore and New Zealand.

MBH also offers a way for small business owners to get some liquidity out of their companies, as there are regular milestones where they get hold of more shares (what Laing calls “liquidity events”).

In effect, the small business owner swaps their equity in their own company for shares in the plc.

Another way for owners to get their money out of companies is of course by selling them to another company.

‘Entrepreneurs make terrible employees’

“The problem with selling your business outright is that entrepreneurs make terrible employees,” said Laing. “They’re not very good at being told what to do with their own businesses. Very often they end up being fired from their own company or quit in disgust.”

For the first six months of 2021, MBH plc reported £46m in revenue and £3m EBIT.

MBH currently operates in eight verticals: construction, education, food, beverage, leisure, transport, engineering and property.

What it’s looking for is businesses with EBIT of at least £500,000 a year.

Laing said: “What we’re focused on are good well-run companies, not specific industry verticals as such. It’s important that we get the good companies in.”

Indeed, Laing highlights Chesterfield-based caravan dealership Robinsons Caravans that joined the MBH group in March 2020 and has been a stellar performer since the pandemic.

Laing said: “The world is obsessed with tech start-ups but no one is particularly interested in well-run profitable small businesses.”

Investors, mostly family offices and high-net-worth individuals who’ve been entrepreneurs themselves, have also bought shares in MBH. In time, Laing hopes pension funds and other institutional investors will also invest in the public corporation.

Laing points out that 50 per cent of the world’s GDP and 90 per cent of employment comes from small businesses but there’s no mechanism to connect that with the financial community. This could allow institutional capital to invest in a potentially massive asset class.

Laing stresses that MBH is not a “roll up and list” operation, where a bunch of companies in the same sector are brought together, have their back offices merged, and then list.

Indeed, Laing is sceptical about the whole idea of synergy and the whole being greater than the sum of the parts.

“Most M&As fail to create shareholder value, they destroy it,” he said. “Synergies look fantastic in a textbook they very rarely play out in real life. We buy companies that can stand alone.

“A lot of small businesses think public markets for big business but what we’re saying is come and have a chat with us and let’s see if there’s an opportunity by collaborating, so we can level that playing field.”

Further reading

How to sell your small business without a broker – Small Business guide

The post MBH wants to buy up to 20 small businesses a year appeared first on Small Business UK.

Source : UK Small Businesses More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.