Licensed Money Lender Personal Loan Yishun
Yishun is a residential area that is located in the North Region of Singapore. It was once known as Nee Soon. The name has Mandarin origins.
The area was named after Lim Nee Soon. He was a Singaporean industrialist with Chinese origins. The businessman made his fortune from the pineapple and rubber plantations that he owned.
While opinions are divided about Yishun, which has been considered an infamous town, it is gaining fame internationally. Yishun has been featured on Netflix’s supernatural show Stranger Things.
Other attractions that you can enjoy in Yishun include Yishun Park Hawker Center and Katapult Trampoline Park. If you would like to explore Yishun and all its infamous haunted areas, you might need a financial boost.
How to Identify a Licensed Money Lender?
You need to ensure that you borrow money from a licensed money lender. These kinds of lenders are licensed to operate and are regulated. So, you can be sure that you are dealing with legal lenders.
Here’s how to identify a licensed money lender:
- Licensed moneylenders are listed in the Registry of Moneylenders under the Ministry of Law. If your preferred Yishun lender is missing from the list, then you need to find another. It’s safe to assume that the lender is not regulated.
- Licensed money lenders will not ask for money in advance before disbursing the loan. Illegal moneylenders tend to do that under the guise of paying for “GST fees,” or “processing fees.”
- Licensed moneylenders do not solicit loans via phone calls, text messages, or social media.
- Licensed money lenders will ask you to show up at their official places of work for physical verification.
What to Consider When Taking a Loan?
Once you determine that you are dealing with a licensed moneylender, it’s time to select a loan. You need to consider several factors when taking a loan. These include the following:
Moneylenders offer different types of loans to suit a wide variety of financial needs. Business loans are meant for business purposes, while personal loans are suitable for personal needs. It’s up to you to decide what works best for your situation.
How long will you have to pay off your loan? When choosing a loan, you need to consider this issue. Some loans are short-term while others are long-term.
Short-term loans are usually smaller while bigger loans come with longer repayment duration. Think about your ability to pay and what you will use your loan for. Then decide whether long or short repayment duration is right for you.
Would you need to offer security before getting a loan? What if you don’t have any collateral to offer?
If you don’t want to offer any collateral, then you should go for unsecured loans. But bear in mind the interest rate would be a bit higher since the lender is assuming a bigger risk.
Licensed money lenders are restricted from charging more than 4% per month as the interest rate for personal loans. But that doesn’t mean money lenders will charge that much. Because their business environment is competitive, many charge lower rates than that.
So, shop around for competitive interest rates. Remember, the lower the interest rate a money lender charges, the lower the overall interest you will need to pay. So, your debt amount will be lower.
How Our Company Can Help Them? Why Us?
Raffles Credit is a licensed money lender that offers both personal and business loans. Our products are available to Singaporeans, PRs, and even foreigners in Yishun. You should choose us because we are licensed and regulated. Thus, we offer loans with fair terms and transparently.
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