SgMoneyLoan Found a Solution To Solve Singapore Moneylenders tougher regulations and stiffer adverstising guidelines for personal loans.

Singapore licensed moneylenders takes a hugh blow after the new law took place since November 1, 2011. The new laws, place heavy advertising restrictions and other marketing campaign on moneylenders there. The moneylenders are still able to advertise using online media which SGMoneyLoans.com was created after the new laws step in. SGMoneyLoans(http://sgmoneyloans.com) not only offers members of the public with more news and awareness of the regulations, it also provide licensed moneylenders a way to advertise personal loan to the public without breaking the new laws.

In 2009, the laws lifted the restrictions on advertising with the intention of allowing borrowers to have a basis to obtain information about licensed moneylenders as well as the loan packages that they offer so that an informed decision can be made on the part of the borrower.
However. the high levels of advertising and marketing activity on moneylending brings about another concern, which is with excessive advertising, it may inadvertently encourage borrowers to borrow beyond their means to repay or to encourage a reckless borrowing culture.

“The tougher and regulations and stiffer advertising guidelines was bound to happen sooner or later,” a spokesperson from the company said today. “It is a total ban on newspaper and without these advertisements, it will be quite hard for lenders and borrowers to connect with each other, it is now the time to move everything online”

“We only put up licensed moneylenders with creditability,” the spokesperson said. “Qualification process was in place before any moneylender was ever approved to safeguard interest of the borrowers.”
“All licensed Moneylenders in Singapore will have a place in the listing free of charge” The spokesperson is quick to point out that everything had to be done in the fair manner. “We do have featured and popular lenders on our site but they must go through weeks of qualification process before they are ever approved. This just make sense as it’s in the best interest of the public,” the spokesperson also said.

In addition to the moneylender listings, the site also provides listing by location, quick search function, free articles information and online consultation.

Another change on the laws is that all license moneylenders must have a minimum education qualification of four “O” level passes and pass a written test. Fortunately, the authorities can waive this test for those who have been in the business for more than 10 years.