Licensed Money Lender Personal Loan Serangoon
Given its spirited population, Serangoon has a hefty portfolio of superior residential amenities that makes it a suitable location for raising a family. From notable schools catering to various educational stages to a wide range of leisure and dining facilities, one can find Serangoon to exude a unique character and a true sense of neighborhood. The heart of the action is in prime food hotspots such as the Serangoon Gardens and Chomp Chomp, but you’ll be surprised to find hidden food gems in the quieter corners of the district. Integrated developments are also bustling with businesses such as The Nex, and get convenient access to the other parts of the country with its strategic central location.
With seemingly endless offerings Serangoon living can bring, one may get tangled in financial difficulties. For a reliable and fast cash solution, you’ll find a safety cushion from legal money lenders like Raffles Credit.
How to Identify a Licensed Money Lender?
Immediate financial tensions require immediate solutions. And getting the right financing can be tricky. Here’s how to know if you’re dealing with safe, legal, licensed moneylenders.
- Licensed moneylenders are registered and authorised by the Ministry of Law, with a physical office and a verified landline where you can acquire professional financial assistance.
- Licensed money lenders abide by the lawfully issued regulations on affordable interest rates of 1%-4% for general loan types, while 5%-15% for SME business loans. Any interest rates above the stipulated range could most likely mean you are dealing with loan sharks.
- The Registry of Moneylenders in Singapore has stringently set rules of how moneylenders can carry out advertising for their financial services to the community. They are only allowed to campaign on business or consumer directories, lender’s official websites, and advertisements placed in the lender’s office premises.
- They are professional, do not use abusive language, or behave in a threatening manner.
- Respects borrowers’ personal and secured information such as NRIC, and other private information and documentation.
- Discuss your loan plan in detail and in a language you understand, with clear terms and conditions, and furnish you with a copy of the loan contract.
- Moreover, to fully view the Ministry of Law’s regulation and check if your lender is registered, you can visit the Ministry of Law’s official site.
Factors To Consider When Taking a Loan
Before deciding on your loan plan, keep these key points in mind:
- Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes. You may contact the agencies to find out more about their schemes.
- You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
- Consider your ability to abide by the contractual terms. Borrow only what you need and what you can afford to repay to avoid late payment fees and snowballing interests.
- Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged, and the fees applicable.
- Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
- Compare moneylenders without rushing into a loan commitment. See which plan and terms are more favourable to you.
How can Raffles Credit Help You?
Everyone should have equal and easy access to financial services, no matter their credit background or current financial capabilities. Raffles Credit empowers you to achieve your financial balance through our wide range of loan plans with the lightest interest rates possible. With our pursuit of quality customer service, simplest loan processes, and ethical way of business, we can help you stay on top of your finances with peace of mind. Serangoon Licensed Money Lender Raffles Credit has got your back.
We are a reliable licensed moneylender in Singapore, and we are committed to helping you achieve your financial goals with confidence. Get your customised loan plan today.
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