Articles from October 2023

How to Find a Licensed Money Lender in Singapore

If you need a loan to cover urgent expenses, it’s essential to find a licensed money lender in Singapore. The government regulates money lenders and sets standards for their operations to protect borrowers from unfair lending practices. The best way to determine whether a money lender is legitimate is by checking the registry of money lenders database online or by visiting their office to verify their licence. Once you’ve found a money lender, it’s also important to compare rates and loan terms to ensure you get the best deal.

Unlicensed money lenders and loan sharks are illegal in Singapore, and can be difficult to spot due to their hidden fees and aggressive debt collection methods. In fact, illegal money lending can lead to serious consequences, including a fine and jail time. Therefore, it’s crucial to borrow from only licensed money lenders in Singapore.

Licensed money lenders in Singapore must adhere to a set of guidelines outlined in the Moneylenders Act and must be registered with the Registry of Moneylenders. These guidelines are designed to protect borrowers from illegal activities like loan sharking, which involves charging high interest rates and using harassment tactics to collect repayment. Moreover, they cannot advertise their services on social media and must display their moneylender licence in their offices.

In addition to these requirements, licensed moneylenders must follow a code of conduct and practice good financial practices. They must also make sure their loan applications are assessed fairly and that they’re not lending more than the maximum allowed amount based on the borrower’s income bracket. Moreover, they must be transparent about their fees and charges, and provide detailed documentation before issuing the loan.

If you’re unable to pay your loan instalments, it’s important to contact your money lender immediately and request to renegotiate the repayment schedule. You can also request to lower the interest rate or reduce your monthly payment amounts. However, you should avoid extending your loan term as this will increase the total amount of interest you’ll have to pay and may disrupt your finances in the long run.

It’s also important to note that if you default on your loan, the licensed money lender is not supposed to harass you or cause damage to your property. This includes threatening, intimidating, or even stalking you. In addition, they can’t contact your family or friends unless you’re able to give them written permission.

Lastly, it’s important to remember that you are entitled to file a complaint against a licensed money lender in Singapore. In the event of an issue, you can contact the Moneylenders Association of Singapore (MAS) for assistance. They’ll be able to direct you to the appropriate authority based on your location and the type of dispute. In addition, they’ll help you file a claim against the lender if necessary. This will help to prevent the problem from getting worse and may even help you recover any lost funds.

How Lift Servicing Companies Can Benefit Your Business

Lifts play a crucial role in the daily lives of many people, whether they are used to transport goods, passengers or simply to get up and down the stairs. However, they are also complex pieces of equipment that require regular maintenance to function correctly and safely. When selecting a lift servicing company, it is important to choose a service provider with the right level of experience and expertise.

A good lift servicing company will have a wide range of multi-skilled engineers that can work on a variety of systems. They will be able to provide a full and comprehensive inspection of the mechanical and electrical components including motor, cables, brakes and control panels. They will also be able to identify any potential issues that need attention and advise on solutions.

As well as inspecting and cleaning lift servicing companies the lift, a good lift servicing company will also ensure that all safety devices are working properly and check for any entrapment hazards. They will also lubricate the machinery and carry out any other preventative maintenance that is required to keep the lift running efficiently.

If your business uses a large number of lifts or you have customers who are disabled or elderly, it is important that you select a lift servicing company that can offer an urgent call-out service. This is particularly vital if your lifts are used on a frequent basis and you can’t afford to be without them for long periods of time. A reliable lift servicing company will have engineers available to attend your site on a 24 hour basis and be able to deal with all emergencies quickly and effectively.

It is essential that you do your research and review a company’s history and customer reviews before making a decision. It is also worth asking a potential lift maintenance company to provide you with references from past clients. This will help you to understand what type of service they have provided in the past and how they would work with your business going forward.

Lifts and escalators are complex pieces of machinery that require specialist knowledge and understanding in order to maintain them effectively. A good lift servicing company will have a team of qualified and experienced engineers that are able to work on the latest and most popular types of lifts. They will be able to understand the complexities of each system and use their extensive knowledge to repair or replace any parts that are not functioning correctly.

The safety of your staff and customers is paramount. If your lift breaks down and you don’t have it serviced promptly, it could result in an accident or injury. Not to mention the fact that it could damage your reputation and lead to a loss of business. It is therefore essential that you ensure your lifts are inspected regularly and any issues are dealt with swiftly.