Guidelines for Any licensed Money lender in Yishun To Meet Up With

Statistics show that in most of the world, the lending industry has experienced rapid growth and attraction. Lots of individuals and cooperate organizations have developed an interest in the business. And the reason for this isn’t farfetched. There is always a demand for loans and short term credits. It could either be individuals who have bills to pay, or entrepreneurs who need funds as capital. One ill fact about this growth is the increase of scammers who have the intention of making money at the detriment of borrowers. Their increase has made it a bit difficult to find a credible Yishun money lender.

To curtail the operations of these scammers, the government of Singapore through relevant authorities has set guidelines for any Yishun licensed money lender to meet up with. These set of requirements became effective in 2015. A brief of some of these requirements include:

• Interest rates are to be determined by reducing the balance concept: What this means is that as a borrower, your interest rate shouldn’t exceed 4% per month. No authorized lender is expected to charge you an interest above. So, when next you check out lenders and their interest rate, try to remember this fact. 

For more information visit website through #moneylenderyishun.