SINGAPORE - Media OutReach - 14 October 2020 - As a licensed moneylender in Singapore, 96BM Credit Pte Ltd would like to clear the company's name and strongly condemn any unlicensed money lender that misuses 96BM Credit Pte Ltd's name as a licensed moneylender.

With their newly revamped website at cashloansingapore.com.sg, the company believes in educating the public on how financing and debt repayment works in a sustainable manner.

Combating loan sharks and unlicensed moneylenders

Amidst the COVID-19 pandemic, 96BM Credit Pte Ltd has seen a sharp increase in loan sharks creating fake and fictitious websites masquerading as a company's real website.

Specializing mostly in business loans, personal loans, payday loans, and debt consolidation loans in Singapore, the fast growing 96BM Credit Pte Ltd has served more than thousands of clients in a short span of 2 years plus since it has been around.

Having recently revamped their new website, 96BM Credit Pte Ltd continuously educates the public on sustainable moneylending for both business and personal use.

Charles, Operations Manager at 96BM Credit Pte Ltd claims,"I think the money lending scene in Singapore is getting from bad to worse amidst the COVID-19 pandemic. Most loan sharks attempt to use our name as a licensed moneylender to provide unlicensed moneylending activities. We strongly advise against the public to borrow from unlicensed moneylenders as they charge exorbitant interest rates and this often goes unregulated. I would strongly advise the public to check out the list of licensed moneylenders at the Ministry Of Law's official website."

How small business owners view unlicensed money lending activities

Small business owners in Singapore often approach licensed moneylenders like 96BM Credit Pte Ltd to free up cash flow in order to run their business. Small business owners like the Founder & General Manager of Best SEO Singapore, Jim Ng says, "I think it's quite predatory that some unlicensed moneylenders such as loan sharks actually start using the name of licensed moneylenders to conduct unlicensed moneylending. That is totally unacceptable. As a small business owner, I don't even know how to check the legitimacy of the money lending business either. In either case, I will still continue to take any small business loans from banks as I have quite a healthy cash flow in my own business. That said, if I do come across a time where the bank no longer lends me money, I will definitely approach licensed moneylenders as compared to unlicensed moneylenders. There is no point in getting myself in trouble with the law."

The official website of 96BM Credit Pte Ltd is at https://cashloansingapore.com.sg/ . Any other websites that claim to be the website of 96BM Credit Pte Ltd is likely belonging to a loan shark or an unlicensed moneylender.