Licensed Money Lender Personal Loan Near Me
Part of the loan process in Singapore requires a visit to the moneylender’s office for physical verification. That could be why you are wondering, “How can I find a licensed money lender near me?”
How to Choose a Good Money Lender Near Me
Here are a few tips:
- Determine if the company is licensed to operate in your vicinity. You can do that by checking the Registry of Moneylenders under the Ministry of Law of Singapore.
- Write down a shortlist of all the moneylenders in your locale. Note their physical addresses. Then order the list based on who is nearest.
- Take a look at the websites of the moneylenders you have shortlisted. Do they offer the kind of loan you think you need? Those that don’t should be eliminated from your list.
- Then find out if the moneylenders remaining on your list have an online loan application process and a quick feedback system.
How to Apply for a Loan
1. Determine the amount
The amount of principal that you can borrow is known as loan quantum. It not only depends on your income but also on other factors.
These include the number of existing loans and the debts owed, the property value (if you intend to finance a property purchase), and whether your loan is secured or unsecured. Your age and duration of the loan also matter.
So, you need to be realistic about the amount you need compared to what can be availed to you due to prevailing conditions. That will ensure you raise your chances of getting the loan.
2. Check the requirements
Basic requirements include your citizenship status. Are you a Singaporean, PR, or foreigner? Where you fit determines the loans available to you.
Your age is also a basic requirement. Some moneylenders lend to borrowers who are over 21 years old, while others won’t lend you money unless you are over 21 years of age.
While traditional lending institutions like banks will lend based on your credit history, moneylenders don’t always do that. But one of their requirements would be proof of employment and your earnings history. Without these, you may not get a loan.
3. Submit application
Most online application forms will ask for basic personal details such as your name, phone number, income, and the amount of loan that you need.
Once the application has been submitted, wait for preliminary approval. That gives you the go-ahead to book an appointment for physical verification in the moneylender’s office.
4. Read the terms and conditions
The terms and conditions of the loan are very important. You will be informed of the fees you need to pay, the interest rate, the repayment schedule, the consequences of paying your debts late, whether there is a penalty or discount for early loan repayment, etc.
Sign the loan agreement before getting your cash. Always ensure everything is stated upfront.
If you are looking for a licensed moneylender near you to give you a personal loan, Raffles Credit is here for you. And we have numerous 5-star ratings and hundreds of positive reviews on Google and Loan Advisor as proof of our excellence.
We will help take care of your financial needs. Call us today at +65 6235 1788.
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