It is possible to receive messages that encourage you to borrow money from money lender in Singapore. You will be fortunate if the senders of such messages are genuine. Of course, 90 percent of them are not genuine. Their goal is to entice you before you get scammed. But if you are keen, you will be able to distinguish genuine lenders as compared to fake ones. Here are some of the things you may not know about money lender loan academies.
1. Academies will help you identify licensed lenders
Typically, a money lender should be licensed to offer the services they purport to offer. Unfortunately, some of them do not have licenses which means that they don’t have the mandate to engage in lending activities. What’s more is that some of them run money lending academies which they use to trap potential borrowers. They will purport to give loans to students after they complete their courses. Those who enroll with them, pay prohibitive fees. They do this knowing that they will be able to borrow money and start up a business immediately. But once they finish the training, they are shocked to learn that they will not qualify for the loan after all. To avoid this pitfall, ensure that you register with an accredited money lender. Money lending academies will teach you how to identify genuine lenders from those who scam consumers for a living. They will train you and advise you on the best procedures to follow when seeking a business loan.
2. Will train you on understanding terms and conditions
Some of the lender’s will try to hide the terms and conditions governing their loan facility. In some cases, they will not mention or talk about the cost of such loans. But the rule of thumb is that one must read the terms and conditions before signing up. When you attend a money lender loan academy, you will learn how to check for missing details. It is a good pointer that the lender is phony. If their terms and conditions have grammar issues, think twice before you pay for the cost of the loan.
3. Will teach you how to identify genuine physical address
All money lenders are under a statutory obligation to register with the ministry of law. As such, they should have a physical address. It will allow you to visit their office when dissatisfied. Some of the scammers use websites that are not legit. They don’t disclose their physical addresses on their websites. It makes make it difficult for you to trace the lenders when you want. So if the academy is not disclosing their physical address or the license number stay away from them.
There are many other things that money lenders loan academies offer. However, the most important one is that they will help you distinguish between genuine lenders and phony ones.