Licensed Moneylenders in Singapore often face false accusations of using underhand tactics to get money from their borrowers. This is not true as these tactics are only used by unlicensed moneylenders who stoop to unethical tactics to obtain quick cash.
Licensed Moneylenders in Singapore are under strict regulations set by the Ministry of Law. Those who are licensed are required to operate by specific codes and regulations. It is possible to lodge a complaint against a licensed moneylender and lose the licence easily, therefore it is not possible for a licensed moneylender to do anything against regulations as the risk is too high.
Licensed moneylenders use ethical methods to provide borrowers with the cash they need to meet their expenses. They will not harass you for payments nor will they take advantage of you by charging you exorbitant fees.
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