With 2017 just starting and the festive season of the Chinese Lunar New Year fast approaching, we are experiencing the first of many in the moneylending changes in Singapore. Driving forces have pushed out “naughty” money lenders and the reliable moneylenders in Singapore remain to serve the community.
As with the many changes implemented by the Government, like 4% monthly interest rate or changes in late repayment fees, these changes have affected the business of licensed moneylenders. One driving factor was the interest rate change, this has driven out the bad ones who abused the system heavily by charging more than usual interest rates.
This lead to borrowers being unable to repay their loans and succumb to a long cycle of loan repayments. Reliable moneylenders in Singapore have adjusted to these changes, showing their adaptability and that borrowers will turn to them.
As with shopping online, one often looks at creditability and number of reviews that a certain product has. This determines the trustworthiness of the business and reputation of the company. Reviews can tell a lot about how a certain product or company work and this can be applied to finding reliable licensed moneylenders in Singapore. With licensed moneylenders going online, there is a wide range of things to look out for.
You can check out the reviews such as google reviews or testimonials by customers, read up on the company, see how often they are updating their website. The more reliable licensed moneylenders in Singapore updates their website to show and display news updates and the many changes that are implemented especially those that are affecting borrowers.
Reviews can tell you about the customer service by the loan officers and how they educate borrowers on the various loan types and the terms involved. Good reliable licensed moneylenders in Singapore will inform borrowers on the suitable loan types and can adjust the repayment terms that borrowers need to service. That’s customer servicing and being personal to customers. Something which everyone can relate to.
With the new ruling of no licensed money lender can charge more than 4 percent interest rate per month, this has led to a dip in customer enquiries and borrower loans. Perceived reliable moneylenders in Singapore abuse interest rates by charge multiple fees and high late fees interest rates. With this new law in place, these moneylenders go out of business.
Real reliable moneylenders in Singapore have understood the situation and adapted fast to the changes. Although most are now selective on borrowers as now moneylenders are able to check a potential borrower’s credit history, this has led to lenders being more customer oriented.
A much better customer experience can be felt. Reliable moneylenders in Singapore have continuing maintain their service levels and reputation to essentially protect their business. If a series of complaints were made, they could have their license taken off.
Good and reliable licensed moneylenders in Singapore undergo internal training before being able to advice potential borrowers. Getting a moneylender license in Singapore is difficult. There are limited licenses issued and licensed moneylender have to work closely with the government. A licensed moneylender has to meet the various changes made by the government and adhere to the rules set upon of being a licensed moneylender. Therefore, any service rendered by lenders are governed by legal requirements.
Accreditation is given by professional bodies and to be a licensed moneylender they have to be accredited. This is why one must find reliable licensed moneylenders in Singapore as they continually change to the rules set upon them to maintain their accreditation and license.
At CYS we do our utmost to be reliable moneylenders in Singapore and service to all.