Singapore – Cash Mart Singapore, a leading name in the lending industry, announced today that they acquired controlgreed.com, one of the web’s leading financial resources for struggling individuals and families.
Controlled Greed aims to inspire its readers to have stable finances and work towards their financial resilience and freedom.
This acquisition is an important step forward for Cash Mart, as it aspires to add even more value in the financial space especially in Southeast Asia.
Cash Mart Singapore’s goal is to devote a space for financial literacy such as budgeting, saving, responsible borrowing, facts about licensed money lenders in Singapore and investing in undervalued stocks.
In addition, some content will focus on typical and global investments such as net working capital, low price-to-earnings (P/E) ratios, and book value discounts.
It also tackles getting legal payday loans, small business loans, interest calculations and looking for the best loan product for every need.
Cash Mart Singapore hopes that this website will serve as a guide for everyone looking to have a better understanding of their finances since the website’s name refers to Warren Buffett’s famous words, “You must be animated by controlled greed and fascinated by the investment process.”
MONEYLENDERS ACT IN SINGAPORE
The Singapore government has put up strict parameters around the moneylending industry. This is to ensure that the rights of both the borrowers and the money lenders are protected.
The unlicensed moneylenders have steep interest rates and have notorious collection practices. They are called loan sharks or Ah Long.
They scam and trick people into signing loan contracts with unfair terms and conditions.
On the other hand, licensed moneylenders are expected to have competitive interest rates and more flexible payment terms. They are required to explain the loan agreement in terms that the borrowers can easily understand.
In addition, if you are getting an unsecured loan or loan without collateral the lender will have to base your loan amount on what the Moneylenders Act permits.
Permanent residents with an annual income of no more than $20,000 can get a loan of up to $3,000.
This is the maximum total loan amount they can borrow from all of the licensed lenders. Let’s say a permanent resident borrowed $1,000 from licensed lender A. Then licensed lender B can only lend up to $2,000.
Permanent residents who have an annual income of more than $20,000 can get a loan amount of as much as six times their monthly income.
If users are foreigners, they can still get a loan from a licensed money lender. You can get a maximum loan amount of $500 if you earn less than $10,000. If your annual salary is more than $10,000 then you can borrow up to $3,000.
Since the loan amount, fees and charges are highly regulated, it keeps the industry highly competitive and gives the borrowers more options.
ABOUT CASH MART SINGAPORE
Cash Mart Private Limited (CMPL) is a reputable licensed money lender with a growing list of loyal clientele for the past 50 years.
More than just a lender, Cash Mart aims to be a financial partner that gives personalized customer experience with flexible loan products.
Headquartered in Balestier, Singapore, Cash Mart is one of the nation’s leading lending firms specializing in customized loans for Singaporeans.
Brand: Cash Mart Singapore
Address: 277 Balestier Road, Singapore 329726
Telephone: +65 6397 4111
SOURCE: Cash Mart Singapore