Resource Credit was recently found guilty by Justice Tan Siong Thye of contravening the government’s Moneylender Rules and Regulations. Resource Credit attempted to charge $196,000 in administrative fees on a $128,000 principal loan amount, a clear violation of the rules which state that “moneylenders cannot recover from borrowers any interest or fees exceeding the principal amount.” Furthermore, Justice Tan Siong Thye found that Resource Credit that Resource Credit violated the Moneylenders Act by charging interest under the guise of administrative fees for loan refinancing that exceeded the limits allowed by law. Justice Tan Sion Thye stated: “The loan transactions as a whole are unconscionable and substantially unfair to the plaintiff.” Continue reading “Resource Credit found guilty of contravening Moneylender Rules”
On January 1, 2016, the Registry of Moneylenders (ROM) released a new list of legally licensed moneylenders in Singapore. Currently there are 169 active licenses and 1 suspended license.
UPDATE: The most current list of legally licensed moneylenders is now available here.
When creditors talk about individuals with “bad credit”, they mean borrowers who have a high credit risk. Or, in other words, a low credit score is a sign of a bad credit (just in case you don’t know, a credit score is a number used by lenders to quantify how risky a borrower is). Usually these people have a low credit score because they either owe a significant amount of money or they did not make timely payments in the past. As a result, it becomes more difficult for such borrowers to apply for the best loans available since their options are limited because their bad credit history affects the perception of lenders about their ability to repay a loan. Continue reading “What does it mean to have “bad credit”?”
The Moneylender’s Directory of Singapore is dedicated to providing you with the highest rated legally licensed moneylenders in Singapore. Should you require a loan, you can benefit from the experiences of other borrowers in selecting the best lender to suit your needs. Before applying for your next loan, take the time to learn which lenders treat borrowers the best providing the highest quality service and lowest interest rates.
Top 10 Highest Rated Moneylenders in Singapore*
- Happy Cash – 4.83 out of 5 based upon 24 reviews
- Quick Loan 101 – 4.79 out of 5 based upon 6 reviews
- Power Credit – 4.73 out of 5 based upon 15 reviews
- Kairon Services – 4.71 out of 5 based upon 24 reviews
- GM Creditz – 4.71 out of 5 based upon 14 reviews
- AK Credit Corporation – 4.66 out of 5 based upon 6 reviews
- 365 Credit Solutions – 4.60 out of 5 based upon 10 reviews
- Swift Credit – 4.54 out of 5 based upon 26 reviews
- Singa Credit – 4.52 out of 5 based upon 29 reviews
- Quick Credit – 4.20 out of 5 based upon 44 reviews
*Lenders with less than 5 reviews are excluded from this list.
Taking a loan might sound like a great idea if you want to buy the latest smartphone or to go on a holiday. ‘I will repay it in a few months and everything will be ok’, you might say.
It is normal that everyone wants to live better. The numerous types of credit products on the market let many people boost their lifestyle, but also land others in a big trouble. Taking a loan does not mean that you have just received a gift from the bank. It is an obligation you will need to fulfill or it can ruin your life. Continue reading “Not paying your loans on time can ruin your life”
Do you have relatively decent income but still have many loans and for some reason you cannot repay all of them on time? You might wonder where all the money goes and why you are always out of money at the end of the month. Are you watching enviously friends that have the same income but live on their own home, drive a new car and travel all the time, wondering what is wrong with you? Here are some possible answers. Continue reading “How to live on credit without falling into debt”
In 2014, around 43.6% of Singapore’s population belong to the “young” age group, or people aged 15 to 44 years old. Because of this, weddings are quite common in the country. In 2015 alone, more than 28,000 couples got married. Continue reading “Getting Married: Should You Borrow to Pay for Your Wedding?”