Personal & Business Loan
It is a sad commentary on the times we live in, that an RBI technical group looks to moneylenders to resolve the crisis of rural credit in India. Early last month, a 4 per cent cap on both monthly and late-payment interest rates was proposed by a government advisory committee. This is because a borrower may have taken a loan from another moneylender Licensed Money Lender and the Borrower Credit Report will be updated to reflect this.
If circumstances force you to shell out a large sum of money that you do not currently have at hand, you can avail Singapore personal loans for some assistance. Katong Credit is a fully licensed money lender operating under the Ministry of Law regulations.
You will also need permission from your state in order to legally start a money lending business. Now that you understand more about how both licensed money lenders and the illegal ones do their job, you can make a better choice when choosing who to borrow from!
There are two parts to a loan: the principal (the initial amount borrowed), and the interest. Unknown situations can happen and that could land you in financial difficulties when you are in Singapore. I think no…coz ah long really compound the interest rate and make u pay back by force with draging all ur relative in!!!!!!!!
Money lenders are less fussy about your credit score,” Chaw says, because the amount we lend is comparatively small. Interest rates charged by licensed moneylenders are under the regulation of the Ministry of Law. The Money Lender” by Manju Nambiar is a collection of four short and sweet tales.