Licensed Money Lender Personal Loan Shenton Way
Shenton Way is a one-way road that is located in the southern part of Singapore. It is filled with skyscrapers on either side of the road, making it a distinct landmark of Singapore’s Central Business District (CBD).
Aside from being a great playground for city photographers, avid shoppers will also appreciate the malls in the vicinity. Examples include OUE Downtown, Guoco Tower, Icon Village, Far East Square, One Raffles Place, and Chevron House. Additionally, Chinatown, which is just a 10-minute walk from Shenton Way, is lined up with plenty of restaurants.
Should you need extra cash while you’re in Shenton Way, there’s a nearby moneylender in the area that can help you address that.
How to identify a licensed moneylender?
To ensure that you’re dealing with a legitimate moneylender, it’s highly recommended to check this list on the Ministry of Law website. This is the quickest way to know which ones are licensed or not.
However, regardless of their license, you should be wary if they:
- Talk to you offensively or act in a threatening way towards you
- Ask for personal details, such as your SingPass user ID and password
- Ask you to sign an incomplete or blank loan contract
- Keep your personal ID documents, such as your NRIC card, driver’s license, work permit, employment pass, passport, or ATM card
- Grant the loan without providing your copy of the contract, or without thoroughly explaining the loan’s terms and conditions
- Grant the loan without following proper protocols (e.g. approving loans before receiving your application and documents)
- Refuse to grant the full amount of your principal loan for any reason
Factors to consider when taking a loan
Most loan application processes in Singapore are convenient. However, you should take the time to study the different loan types to know which one fits your needs.
If you’re ready to take a loan, here are some things that you have to consider:
- Loan amount you need: How much do you actually need at the moment? Higher amounts typically take longer to be granted because it involves more scrutiny. Lower amounts, meanwhile, can be approved a lot more quickly.
- Repayment period: Most repayment terms typically last between months to years, depending on what’s stated in the contract. Usually, the shorter the repayment period, the higher the monthly dues will be, but the interest rates will also be lower.
- Interest rates: The loan’s interest rates depend on a variety of things, such as your loan amount, repayment period, and credit score.
- Other charges and fees: Since moneylending is a service, companies usually charge fees to make a profit. Hence, if you really need to take a loan, you should consider how much you need to pay to borrow a particular amount.
- Reputation or reviews of the moneylender: Finally, you should look at what others say about a particular moneylender before doing business with them. This will greatly reduce your risk of working with entities that can’t be trusted.
How can Raffles Credit help you?
If you need a trustworthy licensed money lender near Shenton Way, you can never go wrong with Raffles Credit.
They have different loan types that cater to various customer needs. Typically, customers can loan up to 6x their monthly income, with the exception of payday loans and business loans. Repayment period is from 1 month up to 24 months, with interest rates not exceeding 4%. We are strive to be your go-to Shenton Way Money Lender Singapore and will help take care of your financial needs today.
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