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Do You Have Any Complaints Against a Licensed Moneylender in Singapore?
Licensed moneylenders in Singapore are expected to be courteous, respectful, and be law-abiding. Some laws regulate the moneylending practice in Singapore, which all licensed moneylenders are expected to follow. If you have legitimate complaints and concerns against the practices of a certain moneylender, here are the key points you should keep in mind.
1.When can you file a report against the moneylender? You should lodge a complaint against the moneylender if the moneylender is engaging in unfair practices, has violated the terms of the contract, has unreasonable charges and interest rates, or has violated any provision of law that regulated the moneylending practice.
2.To whom should you report the errant moneylender? If the errant moneylender is licensed, then you should report the case to the Registry at 1800-2255-529, or you can visit the website of Singapore’s Ministry of Law and submit an incident report. However, if the moneylender is unlicensed or a suspected loan shark, then you should report the moneylender to the Police at 1800-255-0000.
3.Will you be asked to attend an interview with the Registry? Yes, the Registry may request you to attend an interview with the officers of the Registry. In this manner, the Registry can expedite the investigation of your complaint.
4.What should you provide the Registry? You should disclose to the Registry all relevant information regarding the practice of the moneylender. You will be asked as to what the moneylender did that made you file a complaint against the moneylender. Any supporting documents that are relevant to your transaction with the moneylender, you must give to the Registry.
5.Will the Registry or the Police disclose any of your personal information and complaint details? No, any complaint that you filed against a lender will be in strict confidentiality. Without your consent, the Registry will not divulge any details of your complaint.
6.What should you do if the moneylender has engaged in an unfair practice? Moneylenders who engaged in unfair practices will put you or any borrower in a financial burden. Your loan may have ballooned to a substantial amount because of the exorbitant and ambiguous fees the moneylender has charged. When this happens, you can file a case against the moneylender through the Small Claims Tribunal or the Court. The Court can waive any noticeably unfair loan transactions.
7.Why is it important to file a complaint against a moneylender for unfair practices? A moneylender who is engaging in unfair practices can put borrowers in a financial strain and burden. You can help protect the public against errant moneylenders by reporting the errant moneylender to the Registry. Any complaints lodged against a moneylender are taken seriously by the Registry.
You should always look for a trusted moneylender.
Looking for a moneylender you can trust can be difficult. However, with Fortune Credit, you can be assured of a transparent and legitimate moneylending practice. They can offer you flexible repayment terms.