Licensed Money Lender Personal Loan Sengkang
Sengkang is one of the most populous planning areas and residential towns located in the North-East region of Singapore. It has quite an interesting history. In the past, it was known more as a fishing village. It also once featured pepper, pineapple, and rubber plantations.
But in recent times, it has undergone rapid development that has turned it into the populous housing estate it is now. Sengkang has everything a well-planned residential town has to offer.
If you want to enjoy everything Sengkang has to offer but lack immediate funds to do so, you may want to consider getting the best personal loan in Singapore for that purpose.
How to Identify a Licensed Moneylender?
The best way to determine whether a moneylender is licensed is by checking in the Registry of Moneylenders under the Ministry of Law.
But there are other things to look out for. These include the following:
- Licensed moneylenders usually have a physical place of business that is known. That is where they will do physical verification of your identity.
- Legal moneylenders do not use threats or foul language when doing business.
- Licensed moneylenders may require you to have details such as your SingPass and your ID, but they will not require you to give the password nor will they retain your identification documents.
- Legal moneylenders are transparent about their terms and conditions. They will not ask you to sign unclear or incomplete contracts nor will they have hidden charges.
What to Consider When Taking a Loan?
- The loan amount: Learn what the maximum amount of money is that a moneylender can give you. This loan amount can be as high as 6 times of your monthly income for a personal loan.
- The loan repayment period: Know what the loan repayment period is. The duration that you have before paying off a loan does matter.
- The repayment terms: How flexible are your loan repayment terms? You need to know whether you will be required to pay in weekly, bi-weekly, or monthly installments. Also, learn whether there is a penalty if you pay your loan late or early.
- The fees: The loan processing fees and interest rates should be known upfront. Also, find out how much it will cost you if you pay your debts late. All these determine the overall cost of your loans in the end. But usually, the maximum interest rate is capped at 4% monthly. And the processing fee is not exceeding 10% of the principal of the loan when a loan is granted.
- Collateral requirements if any: Some moneylenders may need some kind of collateral or a guarantor before giving you a personal loan. Find one that doesn’t for easier access to loans.
How Our Company Can Help You? Why Us?
Raffles Credit is one of the top licensed moneylenders in Singapore. We are the go-to lenders because:
- We are transparent. Our company lets you know the terms and conditions upfront.
- We are licensed and regulated thus ensuring that we are legally obligated to behave fairly and professionally.
- Our loan application process is quick. We offer feedback about your online loan inquiry within 30 minutes. We also offer same day cash after the loan agreement is signed.
- We have a variety of loan products to suit most business and personal needs.
In need of financial help? Visit Raffles Credit Sengkang Money Lender.
We have numerous 5-star ratings and hundreds of positive reviews on Google and Loan Advisor. Talk to our loan officer if you need financial help today at +65 6235 1788.
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