How to Distinguish Whether It Is The Registered Money Lender
Registered on the Registry of Money lenders
To check on the Registry of Money lenders is the easiest way to know whether a money lender is licensed or not. All licensed money lenders are registered on this registry. They are required to comply with certain laws and regulations in order to maintain their registered status. Only money lenders serious about running a legitimate business will try to maintain their license by complying with all the regulations.
No Telemarketing or Short Messaging Service (SMS)
Money lenders can not advertise their services through telemarketing or SMS marketing, according to the IPTO rules and privacy acts. The penalties for violating are harsh. Money lenders can easily lose their licenses if they get caught. However, there are still many illegal money lending services using telemarketing and SMS to market their services to consumers. You had better avoid these money lending services.
Never ask you to disclose personal details over the phone
A licensed registered money lender takes the clients personal information seriously. Such lenders will never require their clients to disclose their personal information over the phone. It is important for you never to give information such as your Sing Pass details over the phone to a third party.
Sing Pass verification ought to be done on site and in person. Licensed money lenders will require you to come with your personal details for verification when your application has been approved.
No online bank transfers
Money lenders often claim that they can provide instant cash for approved loans. The truth is that a licensed registered money lender-http://imoneylender.com.sg/credit-hub-capital-a-reputable-registered-singapore-money-lender/ will never use online money transfers to make payments for money. Only illegal money lenders would use such methods as there would be no paperwork and therefore no way of tracing where the money came from. Licensed money lenders will require you to come into the office to sign the contract before they give you the money. This applies even for those who allow you to apply for online loans.