Why you should come to SE Auto, Licensed Moneylender
Moneylenders in Singapore face false accusations of using underhand tactics to get money from their borrowers. This is because there are people who choose to use unlicensed moneylenders who stoop to unethical tactics to make money.
Moneylenders in Singapore are under strict regulations. Those that are licensed are required to operate by specific codes and regulations. It is even possible to lodge a complaint against a moneylender and get your day in court.
Licensed moneylenders use ethical methods to provide borrowers with the funds they need to meet their expenses. They will not harass you for payments nor will they take advantage of you by charging you exorbitant fees.
No harassing methods - Licensed moneylenders in Singapore do not use harassment for anything. They are required to adhere to strict policies to ensure that they retain their licenses. These policies they are to follow are well laid out by the government. Reliable moneylenders will instead advise you on the best loan package for you and the most feasible repayment scheme. They will work out a repayment plan that you will be able to manage properly.
No advertisements - It is against the law in Singapore for a moneylender to advertise its services. It will otherwise lose its license. It is therefore important to avoid moneylenders that advertise their services through cold calls, emails, print adverts or television advertisements.
Charge reasonable interest rates - Moneylenders make their income from the fees they charge for their services as well as the interest rates they charge on loans. Interest rates charged by licensed moneylenders are under the regulation of the Insolvency and Public Trustee’s Office. Limits on the interest rates chargeable by licensed moneylenders, are set by the Singapore government. You can identify an unlicensed moneylender by studying its interest rates. Their interest rates will be extremely high and fall outside the limits set by the government.
Proper office for discussion - Licensed moneylenders will not request your personal details i.e. SingPass Login details. They will request you to come to the office for SingPass verification. A company asking for your details online can use the information to its own advantage.
If you want to be absolutely sure that you are dealing with licensed moneylenders, check the list of moneylenders provided by the Registrar or Moneylenders. This list will provide you with names of moneylenders licensed to practice within Singapore.