There are certain crucial moments—whether in the face of an emergency or an unexpected opportunity—when one urgently needs access to funds to respond effectively. The usual recourse is to borrow from friends and family, but in the absence of such options, loans can provide a quick and reliable alternative.
Banks, however, are notorious for operating within specific time frames—typically between 9am and 5pm—not to mention the long approval times for loans, which can take days or even weeks. Moneylenders are the next best option, however, borrowing from them, especially during outside regular business hours, requires careful consideration to avoid getting into bed with criminal elements.
It’s a conundrum, but there are solutions. Let’s address them, first with answering the most important question, are there 24 hour money lenders in Singapore?
The answer to this question depends on how you define 24 hours. Should you find a moneylender that is willing to meet with you outside of regular business hours, you have most likely encountered an illegal loan shark.
However, many licensed moneylenders do offer online loan applications that allow you to apply for a loan at any time of the day. Your application, however, will only be processed during the current business day or the next business day.
The good news is that licensed money lenders tend to have fast processing times, often disbursing funds within 24 hours.
That said, some moneylenders advertise 24-hour services, which can raise concerns about reliability and legitimacy. To ensure that you’re dealing with a licensed and trustworthy lender, it’s important to take precautions. The tips below will help you identify reputable moneylenders and protect yourself from unlicensed or predatory lenders:
Checking the Ministry of Law’s registry of moneylenders should be your first step, where you’ll find the name of the company, as well as their registered business premises and websites. Any office address or website not corresponding to what is listed should be regarded with suspicion.
Licensed money lenders are not allowed to solicit for clients via text messages, phone calls or social media platforms. Should you encounter any posts or messages advertising loan services, you should be wary and not respond. While maintaining a website is allowed, these firms cannot advertise either online or on mainstream media.
Another way to know whether a moneylender is legitimate, is that they will insist on an in-person meeting with you to verify your identity. This meeting should take place at their registered business premise which corresponds to the Ministry of Law records. Meetings at any other location, including public places like restaurants or cafes, are not allowed. The reason for this location mandate is that it offers an opportunity to both you and the private lender to verify each other’s identity and legitimacy.
Licensed moneylenders in Singapore maintain public profiles online, such as having a Google Business profile. Search for the moneylender in question and check their ratings. This will allow you to have a deeper insight into the quality of their services as well as their trustworthiness. It will also help to clear up any preconceived notions you may have about licensed moneylenders and give you the confidence to conduct business with one.
Since licensed moneylenders operate under the purview of the government, you will be allowed to apply using your Singpass account. In cases like these, the lender's website is allowed to access your Singpass profile, which is a significant sign that the business is legitimate and allowed to access your financial information stored on the government database.
Unregistered loan sharks will not be allowed to link with Singpass. Therefore, being asked to log into your Myinfo on a licensed moneylender’s site is a clear sign that you are on a legal website that adheres to predetermined laws and regulations.
We hope the tips shared above help in your search for quick approval loans. We highly recommend using Lendingpot, as our platform not only operates 24/7 but also allows you to compare multiple offers to find the most favourable terms for your needs.
With just a single 2-minute application using your Singpass login, you can access more than 45 lenders on our platform. Apply now, and let us help you find the best financing solution for your business or personal needs.
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