A licensed moneylender will require you to present yourself at the place of business. The lender is required by law to verify who you are, whether you are eligible to borrow money and whether you qualify for the loan amount you want.
An unlicensed moneylender conducts all transactions anonymously and remotely so that you remain unaware of who they are, where they are and how they operate.
A licensed moneylender will tell you clearly the terms and conditions of the loan, including the interest rate and how much you will need to repay and when your repayments will be due. The details will be set out in a clearly worded contract, a copy of which will be provided to you.
An unlicensed moneylender will have no documentation or legally agreed terms and conditions but will use spurious claims and ambiguous promises to lure you into an illegal transaction.
Do not borrow from unlicensed moneylenders. Verify if a moneylender is licensed by checking the “List of Licensed Moneylenders in Singapore”.
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