Check Money Lender License: Stay Safe and Secure with These Simple Steps

A hand reaches out to inspect a money lender license on a desk

If you’re in need of financial assistance, you may be considering taking out a loan from a money lender. However, before you sign any agreements, it’s important to verify that the money lender is licensed. In Singapore, licensed money lenders are regulated by the government and must adhere to strict guidelines. In this article, you’ll learn how to check if a money lender is licensed and why it’s important to do so.

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Verifying a Money Lender’s License:

There are a few ways to verify if a money lender is licensed in Singapore. One way is to check the list of licensed money lenders provided by the Ministry of Law. Before visiting a money lender’s website, make sure to verify the physical and website address using only the list of licensed money lenders found on the Ministry of Law’s website. You can also contact the Registry of Moneylenders to check if a money lender is licensed.

Understanding Moneylending Regulations:

Licensed money lenders in Singapore are regulated by the Moneylenders Act and must adhere to strict guidelines. For example, they must not charge more than 4% interest per month and must not charge more than $60 in late payment fees per month. They also cannot charge any other fees besides interest and late payment fees. Understanding these regulations can help you make informed decisions when choosing a money lender.

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Key Takeaways:

  • Verifying a money lender’s license is important to ensure that you are working with a legitimate and regulated entity.
  • Licensed money lenders in Singapore are regulated by the Moneylenders Act and must adhere to strict guidelines.
  • Checking the list of licensed money lenders provided by the Ministry of Law and understanding moneylending regulations can help you make informed decisions when choosing a money lender.

Verifying a Money Lender’s License

A person holding a license card, with a magnifying glass examining the details closely

When it comes to borrowing money, it’s important to ensure that you’re dealing with a licensed money lender. Here are some steps you can take to verify a money lender’s license.

Official Government Resources

The first step is to check the official government resources. The Ministry of Law maintains a list of licensed moneylenders in Singapore. Make sure to check this list before you borrow money from any lender. You can find the complete list of licensed money lenders on the Ministry of Law’s website. This is an important step because it ensures that you’re dealing with a legitimate money lender.

Identifying Licensed Moneylenders

Once you have identified a licensed money lender, the next step is to verify their license number. You can do this by checking the Registry of Moneylenders website. The Registry of Moneylenders is a government agency that regulates the money lending industry in Singapore. They maintain a list of licensed moneylenders and their license numbers. Make sure to check the license number of the money lender you’re dealing with to ensure that it’s valid.

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