Despite being relatively young, Singapore’s money lending sector has been making great strides in the push to improve its service levels. Helping to create a uniform standard of professionalism and training among licensed moneylenders is the Credit Association of Singapore (CAS), whose membership is made up of former members of the Money Lenders Association of Singapore (MLAS moneylenders).
Read on to find out how the CAS helps MLAS moneylenders, and why they are the better choice for you.
To showcase the growth of the industry and better reflect their aspirations, the MLAS decided a change was in order. Thus, the Association rebranded itself, taking on a new identity as the CAS.
Along with the rebranding, moneylenders that were formerly members of MLAS were converted to new members of the CAS. Thus, MLAS moneylenders and now better known as CAS members.
The CAS recognises that the success of its mission relies on the participation and close cooperation of licensed moneylenders in Singapore. As such, they hope that all licensed moneylenders will join them eventually.
The 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 interest 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”
MLAS moneylenders 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.
To facilitate MLAS moneylenders 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 moneylenders shorten loan application processing times, leading to higher customer satisfaction.
Licensed moneylenders 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.
As members of the CAS, MLAS moneylenders are committed to professional conduct. They also enjoy ongoing training and support to continually improve their service.
Backed by the organisation’s long-running history, licensed moneylenders registered with the CAS are the preferred choice for borrowers wary of getting involved with a problematic or less-than-professional moneylender.
Elite Investment & Credit is a registered member of the CAS and shares its vision of promoting professionalism and integrity in Singapore’s money lending sector. Contact us today to discuss your borrowing and loan needs.