Life is full of up and downs and from time to time, some of us land on hard times and faces financial hardship.
The money lending industry in Singapore is regulated and offers an olive stick to consumers who have bad credit ratings and are unable to get loans from traditional financial institutions such as banks.
Licensed money lenders offer loans to individuals and are regulated by the relevant authorities. You are advised to check up on your rights prior to making any loan arrangements.
The interests rates for borrowing from licensed money lenders in Singapore are higher to compensate for the higher risks they bear due to the bad credit ratings of the borrowers. Money lenders offer short term financial relief to those in needs.