When you need to learn money, there are a lot of loan sharks or illegal money lenders keeping an eye on you. When you take out a loan, they will talk all night, but as soon as it’s time to repay, you will regret your decision. Although it is difficult to find the best money lender in Singapore, with few signals, you can avoid them. Loan sharks usually target low-income families or families with difficult situations with their unlicensed money lending technique.
Here are some tips that will help you identify illegal money lenders so you can live in peace.
Full contact detail
While searching for a suitable money lender, look up their full contact details. The details include email address, residential address, office address, and phone number. The legal company provides accurate information so they can quickly contact their client and vice versa. The loan sharks hide their contact information, especially in legal policy or pages no one reads. Make sure to identify this warning sign to avoid any fraud.
For the legal money lending company, the government of that country provides an authorization number. That authorization number is usually clickable and direct to the government site for money lending authorization. If you find an authorization number that is not clickable, in a small white font, or even in the footer, leave that company for money lending.
Spam or call
When you decide to lend money, you talk to your acquaintances or friends or even search online. Some illegal sites will detect it and lure you with spam calls and messages with amazing discounts and offers. Reputable companies will never do cold calls or spam. If you feel they are too generous or too polite, then they are sharks; say thank you and hang up.
Not stating things directly.
If the company is not stating whether they are broker grinder or any other information correctly, there might be something wrong with them. Ensure that the website or the person you are talking to is clear about all the information they provide.
Loan Sharks are usually illegal in many countries because authorized government organizations do not regulate them. They can even take up some illegal activities to get their money back, so it is essential to lend money from a legal and authorized money lender. They keep you and your property safe.