Licensed Money Lender Personal Loan Balestier
What comes to mind if you hear about Balestier? Aside from Bak Kut Teh and Chicken Rice, this place can give you the best of both worlds: from local eateries to luxurious hotels and heritage shops, you will find food hubs and activities that would suit your mood!
Are you in for an adventure but running short on cash? Let Raffles Credit help you fund the day off you deserve!
How to Know if You’re Dealing With a Licensed Money Lender?
Loan sharks are still prevalent in Singapore and have brought great horrors to the lives of their victims. To help you avoid falling into their traps, here are practices licensed moneylenders should not do:
- Charging interest rate beyond 4%: Licensed moneylenders are only allowed by the Moneylenders Act to charge 4% for the interest rate. Anything beyond that is a red flag.
- Approving the loan online: While licensed moneylenders accept online applications, they are not allowed to approve any loan through online transactions. After receiving the application form, the borrower will be invited to the moneylender’s office for a face-to-face loan deal.
- Avoiding questions about the loan contract: Licensed moneylenders should be transparent and enthusiastic in explaining all aspects of the loan contract including but not limited to interest rate and other fees. The borrower should think twice if the loan officer shows rudeness in answering these important questions.
Note: Aside from looking out for the red flags, you can double check if the money lender is licensed by visiting the Ministry of Law Singapore’s complete list of licensed moneylenders.
Factors to Consider When Taking a Loan
Taking out a loan shouldn’t be taken lightly. It’s a responsibility the borrower should take seriously, as failure to abide by the loan contract may result in penalty fees later on. As a borrower, it’s good to know the important factors to consider when applying for a loan.
- Fees: Moneylenders are allowed by the law to charge necessary fees should there be a valid reason for them to ask for penalties. For borrowers, remember that the fee for late payments is capped at S$60.
- Loan amount: Borrowers should not take a loan amount that would be hard for them to repay. Aside from it can result in more serious financial problems, it can also hurt your credit standing and credibility.
- Loan Period: Moneylenders should be transparent but the borrowers should be honest when planning their loan repayment scheme. The loan plan should be realistic to avoid future troubles.
How Can Raffles Credit Help You?
Being one of the most distinguished licensed moneylenders in Singapore, our company believes that everyone should have equal and easy access to financial assistance, regardless of their credit score. 10 years in the money lending industry, our company has been successful in sharing our financial knowledge with our clients, making us one of the most trusted money lenders in Singapore.
Raffles Credit is a trusted moneylender in Singapore that offers personal loans up to 6x your monthly income! Talk to us today, and we’ll help you create the most suitable loan plan for your needs.
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