Despite being relatively young, Singapore’s moneylending sector has been making great strides in its push to improve service levels. Helping to create a uniform standard of professionalism and training among licensed money lenders is the Credit Association of Singapore (CAS), whose membership is made up of former members of the Moneylenders’ Association of Singapore (MLAS).

Read on to find out how the CAS helps MLAS money lenders, and why they are the better choice for you.

What Are MLAS Money Lenders?

To showcase the industry’s growth and better reflect their aspirations, the MLAS decided that a change was in order. Thus, the Moneylenders’ Association of Singapore rebranded itself, taking on a new identity as the Credit Association of Singapore (CAS).

Along with the rebranding, money lenders that were formerly members of MLAS were converted to new members of the CAS. Thus, MLAS money lenders are now better known as CAS members.

The CAS recognises that the success of its mission relies on the participation and close cooperation of licensed money lenders in Singapore. As such, they hope that all licensed money lenders will join them eventually.

What Are the Objectives of the Credit Association of Singapore (CAS)?

The Credit Association of Singapore (CAS) works closely with the Registry of Moneylenders (ROM) – a sub-division of the Ministry of Law – in carrying out its mission, which can be summed up as follows:

• To represent, develop, and promote the interests of members.
• To project money lending as an important and integral part of the business of financing individuals and businesses.
• To maintain close ties and cordial relationships with governmental and relevant authorities through consultation and cooperation.
• To keep members informed of developments in the industry.
• To advocate ethical practice in the money lending industry.
• To uphold their motto of “INTEGRITY ABOVE ALL”

How the Credit Association of Singapore Benefits MLAS Money Lenders

Training seminars and other professional events

MLAS money lenders can access training seminars, workshops, and other special events to update their skills, stay informed about the latest changes, and raise their level of professionalism.

There are also in-depth training sessions available for individuals sitting for the Moneylender’s Test (which is required to register for a licence), or those who wish to learn more about the money lending industry in Singapore.

Online loan tracking and borrower’s report system

To facilitate MLAS money lenders in carrying out due diligence, the CAS commissioned a unified online loan and borrowing reporting system.

Using the ML Loan System, members can quickly and conveniently retrieve detailed reports on loan applicants – including a summary of litigation cases, any bans imposed on the borrower, and the frequency of loans taken by the borrower.

This helps MLAS money lenders shorten loan application processing times, leading to higher customer satisfaction.

Insurance Guarantee premium discount

Licensed money lenders have to provide a Banker’s Guarantee or Insurance Guarantee of at least S$20,000 to the authorities when registering for a licence. This Guarantee can be purchased from an insurance company for a premium.

Members can enjoy a discounted rate (S$300, instead of S$450) when they purchase their Insurance Guarantee from CAS’s insurance partner.

Why MLAS Money Lenders Are the Preferred Choice

As members of the Credit Association of Singapore, MLAS money lenders are committed to professional conduct. They also enjoy ongoing training and support to improve their service continually.

Backed by the organisation’s long-running history, licensed money lenders registered with the CAS are the preferred choice for borrowers wary of getting involved with a problematic or less-than-professional money lender.

Elite Investment & Credit is a registered member of the Credit Association of Singapore and shares its vision of promoting professionalism and integrity in Singapore’s money lending sector. Apply now or contact us today to discuss your borrowing and loan needs.