Licensed Moneylenders

A licensed moneylender is a regulated financial institution that follows the government's rules and regulations on lending requirements, interest rates, and other aspects of its operations. This helps protect borrowers from being swindled by unlicensed moneylenders or loan sharks. Licensed moneylenders can also offer competitive rates and quick loan decisions to meet their borrowers' needs.


It is important to check if a licensed moneylender has a good reputation before borrowing from them. This can be done by reading online reviews and personal recommendations from friends and family members. In addition, it is a good idea to look up the moneylender's registration number on the Ministry of Law's website to make sure they are legitimate.


The maximum amount of upfront administrative fees and late interest a licensed moneylender can charge is capped at 10% of the principal amount. The moneylender must also provide you with a receipt whenever you pay towards your loan. Always keep a copy of these receipts as they are proof that you have paid your loan instalments on time. If you are unable to repay your loan on time, it is best to contact the moneylender immediately to discuss repayment arrangements. Licensed moneylenders are also not allowed to harass borrowers or their families or cause them financial loss. Moreover, they cannot confiscate the borrower's assets without a court order (writ of seizure and sale).


Licensed moneylenders must be registered with a regulatory agency and must comply with local laws on their operations, lending requirements, and interest rates. Those that are not registered are likely unlicensed moneylenders or loan brokers who are operating illegally. Unlicensed moneylenders typically operate through SMSes, WhatsApp messages, direct phone calls, social media platforms and flyers. Licensed moneylenders are only permitted to advertise their loan products through consumer directories, their own websites and at their approved places of business.


Before you decide to take a loan from a licensed moneylender, it is important to compare their terms and conditions with other options. Many money lenders are able to provide flexible loan repayment schedules from less than one month up to 24 months. You should consider your income and budget carefully before choosing a loan package that is right for you.


If you encounter any problems with a licensed moneylender, you can report them to the Registry of Moneylenders. They will investigate the complaint and take appropriate action to rectify the situation. You can find a list of registered moneylenders by going to the Ministry of Law's website and clicking on the link to the Registry of Moneylenders. The list will show you the moneylender's name, their registration number and their place of business. Besides reporting to the Registry, you can also file a civil suit against them for harassment or other malpractices. The court can order the moneylender to pay compensation to the victim. In some cases, the court can even impose an injunction against the lender to stop them from engaging in further misconduct.

 

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