Legal And Fast Approved Personal Loan ?

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BCR101

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bro true or not ?



http://www.maxcredit.com.sg/index.php/paydayloan






We usually provide you with an instant answer and, if approved, we send the cash to your bank within 15 minutes!
That makes us the fastest and only 24/7 lender in the land.


On your chosen date we collect a single payment from your giro arrangement with the bank, so you just need to ensure the required funds are available in the associated bank account.


You can initially request any amount up to $1000 and, providing you keep using the service responsibly, we'll gradually increase your trust rating, giving you more borrowing flexibility if you ever need it.
Once you have an account, you'll find application is even faster next time too!


you're still feeling a bit foggy, there's further introductory information below. Or check out our FAQ page for answers to most specific questions.

Short-term Credit
We don't want to keep you in debt. That may sound funny coming from any lender, but MaxCredit Payday Loan provides fast cash advance for a few days or weeks. We'll only lend you money for up to a month and you are always free to make early repayment with no hidden fees.

Unlike some lenders or credit card providers, we won't keep rolling your existing balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise to. If you have any doubts over whether you'll be able to do that comfortably, please don't apply in the first place.


Transparency
We'll always tell you upfront what the cost of your cash advance will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal.

Our service has a Typical 60% p.a, but bear in mind that P.A is a measure of annual interest and a MaxCredit Payday loan is only for between one day and a month. Only using APR when considering a MaxCredit Payday cash advance is a bit like trying to plan a short hotel break using the theoretical cost if you were to stay all year!


Failure to stick to your side of the deal


The only way costs will mount beyond our initial calculation is if you don't keep your promise. In other words, if you ask us to change your repayment date, or don't ensure sufficient funds are available for the automated collection. If we can't collect payment from your debit card first thing on the day you selected, you will incur a missed payment fee of $150. Your account will then be handled by our professional collections team.

They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. MaxCredit doesn't believe in hitting you with ongoing and multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner.

Continued failure to repay a loan will also mean credit reference agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted.

Finally, your trust rating will be hit hard and you probably won't be able to borrow from us again.



None of these things are worth risking, so if you have doubts about whether you'll be able to comfortably repay a loan, please don't apply in the first place.

Instant credit decision Get your money immediately Need additional
money


Apply online and we will give you an instant credit decision, with no need to complete the paper documents first If your application is agreed online, we will call you as soon as possible to sign the documents, available 24/7, 365 days of the year If you already have a Personal loan with us and want to borrow more money, you can now do this online or give us a call at +65 6336 4144



Fee Schedules and Charges
Acceptance Fee




Successful applicants will be charged an acceptance fee of 20% of the loan
amount.


Early Redemption Fee

For early redemption of a term loan, a fee of 20% of the outstanding amount shall be payable within 12 months from the date of loan and after 12 months from the date of loan - 5%.

Feature Cancellation Charge

In addition to the early redemption fee, if there is early redemption of your loan which has a particular Product Feature, a Feature Cancellation Charge shall be applicable as follows:
Pay Interest Only: A Feature Cancellation Charge of $100 if the loan is redeemed within the interest-only period; or
Step Up Interest Rate: A Feature Cancellation Charge of $200 if the loan is redeemed during the lower interest rate period.


Due Date Adjustment Fee

If you wish to change your instalment Due Date from the one you are initially allocated, a Due Date adjustment fee of $20 shall be applicable for any such change subsequent to the disbursement of the Personal Loan.

Statement Retrieval Fee

A processing fee of $10 shall be applicable for each request for a statement setting out your past transactions.

Non-Giro Admin Fee

If you do not make payments through GIRO, an administrative fee of $1.85 shall be applicable for each payment transaction made by you.

Unsuccessful GIRO Fee

If you have arranged for payment of the monthly instalment though GIRO deductions, a handling fee of $15 shall be applicable for the unsuccessful GIRO deduction of the monthly instalment from you.

Bounced Cheque Fee

If you tender a cheque as payment, which is dishonoured, a Bounced Cheque Fee of $40 shall be applicable as the processing fee for each cheque that is dishonoured.

Late Payment Admin Fee

If your monthly instalment is received after your Due Date, a late payment administrative fee of $150 shall be applicable for each month in which payment of your monthly instalment is received after your Due Date.

Late Payment Interest

Late payment interest shall be at the rate of 60% per annum plus the interest rate applicable to your loan.

Other Fees

Other fees may be applicable for additional services provided by us, and may be subjected to GST where applicable.
 
that's in the guideline of the moneylender act no?
 
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zuoom said:
that's in the guideline of the moneylender act no?
Click to expand...



bro i also not sure leh ???



.but IPTO said differently >>>:(:(:(




http://app2.ipto.gov.sg/IPTOServices/Moneylending/InformationforBorrowers/tabid/388/Default.aspx




1. What should borrowers take note of when obtaining loans from
moneylenders?


Please note that under the Moneylenders Act 2008, a moneylender must inform you of the terms of the loan before you take the loan.
Before you sign the Note of Contract for your loan, remember to examine the note of contract in detail and ensure that the amount of loan and interest rate are stated correctly. Do not sign on a blank Note of Contract.
Ensure that you and your surety receive a copy of the Note of Contract at the time the loan is paid to you.
Do not allow the moneylender to keep your identity card, passport, work permit, employment pass or ATM card, etc.
Ensure that you receive a receipt from the moneylender every time you repay your loan by way of cash.
The moneylender must supply to you without charge, a statement of account for your loan(s) at least once every half year no later than 21 days after 30 June or 31 December of each year.
Under the Moneylenders Rules 2009, the maximum rate of interest a moneylender can charge is as follows:



Maximum Interest Rate


A Loan granted to an individual whose annual income on the date of grant of loan is less than $20,000:
Secured loan up to $3,000
Unsecured loan up to $3,000





12% per annum

18% per annum


B Secured or unsecured loan of up to $3,000 granted to an individual whose annual income on the date of grant of loan is $20,000 or more To be agreed upon between moneylender and borrower
C Secured or unsecured loan of more than $3,000 To be agreed upon between moneylender and borrower


Please contact our Registry Officer at Tel: 6325 2585 or fax to our Registry at Fax No.: 6325 1416 or email to our Registry at: [email protected] should you wish to provide any feedback or have any questions about any licensed moneylender.
For a listing of licensed moneylenders and their business address, you may log on to our website at http://www.ipto.gov.sg/.



REGISTRY OF MONEYLENDERS
45 Maxwell Road
#06-11 The URA Centre, East Wing
Singapore 069118
 
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Borrowing from licenced moneylenders – A guide

1) What should I look out for when considering a loan that is being offered to me?
You need to take note of:
• The amount of the loan that you are taking from the moneylender;
• The interest rate that you will be charged;
• The manner in which interest is calculated;
• The schedule of repayment;
• The additional fees and charges and when these apply to you;
• Your monthly take-home pay, and existing and foreseeable financial obligations, eg. debts or other loans, instalment and insurance plans;
• Your ability to repay in full
• Your ability to repay the full loan and interest to be charged, and at the same time, be able to pay all other existing and foreseeable financial obligations on time. the instalments on the loan on the scheduled dates, or
2) Manage your borrowing needs. Keep these pointers in mind before you borrow:
• A loan is a legal and financial commitment;
• Always ensure that you ask enough information from the moneylender before you commit yourself;
• Beware of and report moneylenders who are evasive about the terms and conditions of a loan;
• Know that the contractual interest rate and the effective interest rate are different – the effective rate is what you actually pay, and may be higher than the contractual rate. Ask the moneylender what the effective interest rate is per annum and shop around for the best rates. You can ask moneylenders to show you how to calculate the interest and repayment of principal and interest);
• Make sure you fully understand the terms and conditions of the loan, such as what will happen if you make a payment late or if you are unable to pay;
• Know what the late payment fees or administrative charges are, when they apply and how they will be computed;
• Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment, even if the moneylender assures you that it is only a standby provision. When a


caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is from the net proceeds from the sale of the property, it could substantially or even wipe out the net proceeds of any sale available to you);
• The law requires moneylenders to fully explain the terms and conditions of a loan to you in a language you understand and to provide you with a printed loan contract according to a prescribed Note of Contract form (see sample Note of Contract in Annex A);
• The law requires moneylenders to fill in the correct amount of the principal and interest rate in the prescribed Note of Contract form (see sample Note of Contract in Annex A); and
• Borrow only what you really need and are able to repay.
3) How much can I borrow?
You can obtain an unsecured loan of:
• Up to $3,000, if your annual income is less than $20,000;
• Up to 2 months’ income, if your annual income is at least $20,000 but less than $30,000; and
• Up to 4 months’ income, if your annual income is at least $30,000 but less than $120,000.
Consider carefully the total amount of debt you have, including what you might already owe to other moneylender(s).
4) What is the interest rate?
For loans not exceeding $3,000 given with security (“secured loan”) where the borrower’s annual income is less than $20,000, the maximum rate of interest that a moneylender can charge is 12% per annum.
For loans not exceeding $3,000 given without security (“unsecured loan”) where the borrower’s annual income is less than $20,000, the maximum rate of interest that a moneylender can charge is 18% per annum.
For loans above $3,000, the rate of interest will be agreed upon between the moneylender and yourself.
5) How do I compare loans and their interest rates?
Interest is usually charged on the original amount loaned (also known as the principal amount). However, how the interest is calculated will depend on the terms and conditions that were agreed


caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is from the net proceeds from the sale of the property, it could substantially or even wipe out the net proceeds of any sale available to you);
• The law requires moneylenders to fully explain the terms and conditions of a loan to you in a language you understand and to provide you with a printed loan contract according to a prescribed Note of Contract form (see sample Note of Contract in Annex A);
• The law requires moneylenders to fill in the correct amount of the principal and interest rate in the prescribed Note of Contract form (see sample Note of Contract in Annex A); and
• Borrow only what you really need and are able to repay.
3) How much can I borrow?
You can obtain an unsecured loan of:
• Up to $3,000, if your annual income is less than $20,000;
• Up to 2 months’ income, if your annual income is at least $20,000 but less than $30,000; and
• Up to 4 months’ income, if your annual income is at least $30,000 but less than $120,000.
Consider carefully the total amount of debt you have, including what you might already owe to other moneylender(s).
4) What is the interest rate?
For loans not exceeding $3,000 given with security (“secured loan”) where the borrower’s annual income is less than $20,000, the maximum rate of interest that a moneylender can charge is 12% per annum.
For loans not exceeding $3,000 given without security (“unsecured loan”) where the borrower’s annual income is less than $20,000, the maximum rate of interest that a moneylender can charge is 18% per annum.
For loans above $3,000, the rate of interest will be agreed upon between the moneylender and yourself.
5) How do I compare loans and their interest rates?
Interest is usually charged on the original amount loaned (also known as the principal amount). However, how the interest is calculated will depend on the terms and conditions that were agreed


upon at the time when the loan was given, which in turn will determine how much interest you actually pay over the tenure of the loan.
You should always read the Note of Contract and the terms and conditions carefully before taking any loan. If you do not understand the Note of Contract or the terms and conditions, you should ask the moneylender to explain it to you in a language that you understand.
6) I have been granted a loan by a moneylender, what are the things/ areas I should look out for?
Make sure that:
• You and your surety receive a copy of the Note of Contract at the time the money is given to you [see sample Note of Contract in Annex A];
• The Note of Contract contains correct entries of the principal amount of loan and interest rate as well as the dates of contract and loan disbursement;
• The moneylender delivers to you the correct amount of the loan without withholding any part of it for any reason whatsoever (payment of any fee must be told to you before
• The moneylender does not keep your NRIC card or any other personal ID cards (e.g., driver’s licence, passport); he dispenses the loan);
• You pay the monthly instalments on time or repay the loan as soon as possible, to avoid incurring additional fees and charges;
• You receive a dated and signed receipt every time you repay your loan or any fees charged by the moneylender;
• The receipt correctly identifies the moneylender and states his address and telephone number, the amount paid and the date of the payment.
• You receive a statement of account for all your loan(s) at least once every 6 months; and
• You keep proper records of all statement of accounts and receipts of payments.
7) In the event that I am standing as a surety for a loan, what should I look out for?
Make sure that:
• You understand your responsibilities as a surety;
• You receive a copy of the Note of Contract at the time that the loan is granted to the borrower [see sample Note of Contract in Annex A];

.
 
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• The moneylender has explained the terms in the Note of Contact in a language that you understand; and
• The moneylender does not keep your NRIC card or any other personal ID cards (e.g., driver’s licence, passport).
8) What are your rights if the moneylender does not comply with the requirements for a Note of Contract?
Where:
• a Note of Contract is not in the prescribed form signed by the moneylender and you;
• the moneylender does not explain the terms of the Note of Contract to you in a language you understand; or
• the moneylender does not give you a copy of the Note of Contract at the time the loan is granted,
Under these circumstances, the loan contract and any guarantee or security given will be unenforceable and the moneylender will not be able to recover the loan.
9) Where can I seek help if I have a complaint against a moneylender?
You can contact the Registry of Moneylenders at Tel: 6325 2585 or email: [email protected]. The Registry of Moneylenders will take errant moneylenders who flout the moneylending rules to task.
If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act. To read more about how the Act applies to moneylending transactions, click [here]. The Court also has the power to set aside loans that are exorbitant or substantially unfair.
If a moneylender uses language that is abusive or insulting, or behaves in a manner that is threatening towards you or members of your family, you should inform the Registry of Moneylenders or seek the assistance from the Police.
The borrower protection provisions of the Moneylenders Act 2008 are found in sections 16 to 23 of the Act. To read a copy of the Moneylenders Act 2008, click [here].
The borrower protection rules in the Moneylenders Rules 2009 are found in rules 8 to 13 and 18 to 21. To read a copy of the Moneylenders Rules 2009, click [here].
To read a copy of the Consumer Protection (Fair Trading) Act, click [here].



10) If I lodge a complaint against a moneylender with the Registry of Moneylenders, will I need to do so in person at the Registry’s office and will my identity be disclosed to the moneylender?
The Registry of Moneylenders views complaints against moneylenders seriously and will investigate the complaints thoroughly and in strict confidence. In order for the Registry to conduct a proper investigation into your complaint, you may need to attend an interview with our officers and provide us all the necessary information and documents on your loan transactions and the circumstances of your dealings with the moneylender. We will also record your statement. Whilst the Registry may have to question the moneylender about the transactions complained about, the Registry will not disclose the complainant’s details to the moneylender without the complainant’s consent.
 
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http://app2.ipto.gov.sg/IPTOServices/Moneylending/OtherInformation/tabid/389/Default.aspx

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1. Moneylenders Rules Moneylenders Rules
Moneylenders (Prevention of Money Laundering and Financing of Terrorism Rules 2009)

2. How do I contact the Registry of Moneylenders? Click here to contact Registy of Moneylenders


3. List of licensed moneylenders in Singapore All resources are packaged for you to open or save in PDF format.

Haven't got Adobe Reader? Download it here.Click here


.
 
Maxcredit is a licensed moneylender in singapore. You can find their details in the pdf link under the minlaw website.

One thing to note is the interest rates. Although it is stated a max of 18% p.a, you really have to use their calculator to calculate the total amount which you will end up paying. I seriously don't think the interest rate is worth it.

Another thing to note is that the max loan duration is 12mths. Unlike banks and ither institutions, inability to pay will incur rolling interest debts. I would strongly advise that you think hard and affordability before you take a loan.
 
All the clauses n blahblahs are under the latest revised "ah-long San" act...hahaha! Lampar pa LAN!
 
Lestat said:
Maxcredit is a licensed moneylender in singapore. You can find their details in the pdf link under the minlaw website.

One thing to note is the interest rates. Although it is stated a max of 18% p.a, you really have to use their calculator to calculate the total amount which you will end up paying. I seriously don't think the interest rate is worth it.

Another thing to note is that the max loan duration is 12mths. Unlike banks and ither institutions, inability to pay will incur rolling interest debts. I would strongly advise that you think hard and affordability before you take a loan.
Click to expand...



tks bro. . .
 
BCR101 said:
bro true or not ?



http://www.maxcredit.com.sg/index.php/paydayloan






We usually provide you with an instant answer and, if approved, we send the cash to your bank within 15 minutes!
That makes us the fastest and only 24/7 lender in the land.

Other fees may be applicable for additional services provided by us, and may be subjected to GST where applicable.
Click to expand...

sneaky way of advertisting in this forum:rolleyes::rolleyes:
 
>>For loans above $3,000, the rate of interest will be agreed upon between the moneylender and yourself.<<

Read the fine print hor.... if you borrow more than $3k, it's no holds barred liao!
 
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