Licensed Money Lender Personal Loan Bukit Merah
One known place in Bukit Merah is the Bukit Merah View Market & Hawker Center located at the centre of the town filled with food stalls left and right. Foodies from all over the city flock to the place to sample cakes, duck, noodles, and of course, Pad Thai among others.
Going on an eating spree could ruin your budget especially if you’re just visiting and renting a place in the area. Good thing there are lenders throughout the area if you need extra funds – you just have to find the right one.
Spotting a legitimate money lender among the herd
- A physical office – As required by the Moneylenders Act, lending applicants should secure approval from the Registrar of the former’s place of business.
- Prescribed rate – A legitimate moneylender must not exceed neither the maximum interest rate nor late interest as prescribed by the Minister. Always check if the rates you are being given are within the bounds of the law.
- Stamp of approval – Always look for the “Licensed Moneylender” tagging after the business name as the same law requires the same.
- Black and white print – Always check the fine print of the contract, make sure that the loan tenure is clearly stated.
- Check trusted sources – Alternatively, you can check the complete list of legitimate moneylenders from the Ministry of Law here.
Before you get a loan
- Type of loan – Look at your assets, will you be getting a secured loan or an unsecured loan?
- Annual income – Generally speaking, if you have an annual income of S$20,000, you can only borrow up to S$3,000. On the other hand, if you earn more than S$20,000, you can borrow up to six times your monthly income from all moneylenders in Singapore.
- Citizenship – Borrowers with an annual income of less than S$10,000 can only borrow S$3,000 for Singapore citizens or permanent residents, while foreigners residing in Singapore are only entitled to borrow S$500.
- Being mindful of the rates – By law, the maximum interest rate moneylenders are only allowed to charge is 4% per month. Also, loan fees should not be more than 10% of the loan principal.
- Know how to trim the herd – Legitimate moneylenders are only allowed to advertise in three ways; print or online business directories, websites owned by the licensed moneylender, and the façade of the licensed moneylender’s office.
How can 365 Credit Solutions help you?
Being nominated as one of the Top 10 Best Moneylenders 2020, 365 Credit Solutions is sure to have been practising ethical and legal money lending. They can guide you on what loan best fits your lifestyle and current social standing. Being a legitimate moneylender, 365 Credit Solutions can ensure a smooth application experience without you having doubts and second thoughts.
There is a saying that haste makes waste, but with money lender like 365 Credit Solutions, you will gain access to a quick cash turnaround without ever worrying about trust issues or other scam-related concerns. What’s more, is that they will guide you all throughout the process, preserving that client–provider relationship.
Get your loan approved now! Contact 365 Credit Solutions at 6222 5500 or send them an email via [email protected].
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