Licensed Money Lender Personal Loan Commonwealth
Located in Sunny Singapore’s central-west area, Commonwealth, formerly part of Queenstown, stands tall. Despite its relatively small size, Commonwealth has much to offer, and its community is even built with churches, mosques, and temples, attracting a melting pot of different cultures.
Because of the diverse population, Commonwealth is rich in culture. Schools, hawker centres, and little shopping malls are available around the area, so there’s always something to do.
It’s good to have enough cash on hand to make the most of the experience. Check out a local moneylender like 365 Credit Solutions!
How to identify a licensed money lender?
Moneylenders must be licensed by the Ministry of Law and follow the Moneylenders Act. Lending establishments must be licensed to offer affordable loans, adhere to responsible lending practices, and keep accurate records at all times.
Some indicators of whether a moneylender is licensed or unlicensed are the following:
- The company name on the signage of the establishment.
- The office or website displays a valid license. In Singapore, money lending is strictly regulated. Government licenses are required for providing cash advances. Furthermore, exorbitant interest rates are prohibited, nothing over 4%.
- You can also check if its permit has been suspended or revoked before engaging its products and services by visiting the Ministry of Law’s Licensed Moneylenders Directory.
Factors to Consider When Taking a Loan
- Interest Rates. When looking for a loan, the interest rate should be the first thing you consider. Low-interest rates are generally a good thing. Compare interest rates of all the different options for financing so you can find the best deal.
- Loan Amount. When applying for a loan, think about the exact amount that you will need. It’s best to make sure you can repay the loan on a monthly basis. Calculate how much income you have left after deducting your monthly expenses, such as bills, groceries, and utilities.
- Total Loan Cost and Fees. Calculate the total cost of the loan, which is the loan amount plus any fees associated with the loan. Consider whether borrowing the amount is necessary.
- Terms of the Contract and Repayment. Any contract you make is legally binding, so you should carefully review the loan terms. Your lender should be informed of any circumstances that may affect repayment.
- Its Effect on Your Credit Score. Maintain good credit standing at all times. Making on-time payments can improve your credit score, but the opposite can damage it.
How Can 365 Credit Solutions Help You?
As a licensed moneylender, 365 Credit Solutions offers reliable and efficient services to get you the money you need. Numerous Google reviews give it 5 stars for its variety of loan options and fast loan process!
Make sure you can make the most of your experience when you visit a new area? 365 Credit Solutions is a great lender to get you a personal loan in Singapore!
Contact us and apply for a loan at our website www.365credit.com.sg!
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