Looking for the best cash lender is overwhelming to many Singaporeans and even to expats. Simply making an inquiry in Google and other search engines is not enough. You need to take your time and consider various factors to know which one can help you during your tough financial times.

You should not rush into committing yourself to a loan contract. Remember that a cash loan is a handy financial tool. Getting it from the right moneylender can optimize its benefits and help you towards financial stability.

The first thing that you must check is if it has an existing license in Singapore.

Ah long or loan sharks have become rampant in the past and it has been a serious problem for the government. It actually took years to get it under control, yet they still operate in the dark.

To make the lending industry fair and safe to both the lenders and the borrowers, the Ministry of Law has set a guideline to get a license.

To be included in the MinLaw, each loan application must undergo a process. You will not be asked for any fees before your loan is processed. It will not be logical for a licensed lending company to ask for a fee from a person who needs extra cash.

You must also have all of your original documents. The moneylender should not keep your NRIC card or any other personal ID documents. Additionally, the lending company shouldn’t obtain your SingPass.

They must not acquire any information that contains passwords to your user accounts such as SingPass account, online banking account, and email account.

Read the loan contract before you affix your signature. Make sure that it is complete and have the same information as it was discussed with you. You must not be forced nor pressured to sign the loan contract. After you have signed the contract, you must have your own copy.