enquiry@aerocredit.com.sg 
A licensed moneylender is someone who carry out the business of moneylending, approved under Ministry of Law.
According to the law, no one can be a moneylender until they have a licence or are excluded or exempted from the Moneylenders Act.
Exempted moneylenders are individuals who have been specially granted an exemption from holding a moneylender's licence, relying on the government's decision and due to the approval of an exemption application is as required by law.
Trusted Moneylenders are ones’ ideal option for getting cash. If you are a first-time borrower, your understanding of licensed lenders is likely limited. To find the legal and approved moneylender there are some ways. Licensed money lenders (LMLs) in Singapore must be registered with the Ministry of Law. The company name, as well as their licence number and business address, will appear on a list maintained by MinLaw (Click here to access the list of licensed money lender).
Authorised Moneylenders are also barred from soliciting loans through texts or voice calls, so if you are contacted for a loan in these ways, the moneylender is most certainly unlicensed.
Licenced Moneylenders may only advertise their services through the following channels:
- In business or consumer directories.
- On the company websites.
- Advertisements that are put inside of the authorised place of business.
Even if you concerned to a registered moneylender the following unethical acts are prohibited:
- Use of threatening or abusive language
- You are being asked for your SingPass ID or password.
- Requesting that you sign a loan note that is either blank or incomplete.
- Allowing you to take out a loan without first explaining the terms
- Withholding any portion of the loan's principal for whatever reason.
Singapore citizens, permanent residents, and residents can apply for loans. Foreigners in Singapore with valid Employment Passes can also get loans from licenced money lenders. But do not trust any private money lenders in Singapore without licence.
When it comes to urgent loans, or personal loans money lenders in Singapore are a viable option to explore because the processes are often faster and less demanding than those at traditional banks.
Aero Credit is a renowned and licenced moneylender in Singapore where you can apply from a personal loan moneylender online, and it is ready to help you manage such circumstances quickly, safely, and affordably.
It's critical to examine whether you'll be able to follow the loan's contractual requirements before borrowing from a licenced moneylender. This is because borrowing money from a licenced moneylender legally binds you to follow the terms and conditions of the moneylending agreement.
