Licensed Money Lender
Personal Loan Boon Lay
Named after Chew Boon Lay, a prominent businessman and one of Singapore’s early pioneers, Boon Lay is known for its affordable housing.
It boasts of predominantly government housing as well as decent amenities within the vicinity. These amenities include shopping centers, spas, beautiful gardens, entertainment, and natural parks, and temples. It’s a good place to raise a family.
You can enjoy all Boon Lay has to offer at your own pace if you choose to settle in the area. And there is a nearby moneylender if you need any financial help.
How to Identify a Licensed Money Lender
When looking for a moneylender, ensure that the company is licensed. It will make all the difference in how you are treated as a borrower.
Here are the things you should look out for to ensure your money lender is licensed:
- Every licensed money lender in Singapore appears in the Registry of Moneylenders. The Ministry of Law displays this list on its website with the relevant details of all credible lenders.
- Licensed money lenders will clearly explain to you the terms and conditions of your loan. They will also provide the explanations politely and professionally. That way, you will understand what’s expected of you as a borrower so that you are not caught unaware.
- Every licensed moneylender must have a brick and mortar office. You will be required to go to this office for physical verification of your loan application.
Factors to Consider When Taking a Loan
Before you take a loan, you need to do your research and think about a few things that will affect your ability to access a loan easily. These include the following:
- Location: The distance of the licensed moneylender from where you live in Boon Lay is worth considering. You would need to visit the lender’s office to be physically verified. The closer it is to where you live, the more convenient for you.
- Flexibility: Consider this when taking a loan and weigh your income against the repayment period being offered. An ideal repayment period makes it easier for you to repay your loan without defaulting.
- Interest rate: The maximum interest rate that moneylenders are allowed to charge should not exceed 4% per month. That is in accordance with the Ministry of Law’s guidelines concerning the rates of licensed lenders. Sit down and do the math to determine whether you are getting a good deal.
How Can Loan Advisor Help You?
Taking a loan from a licensed moneylender with a customized loan package is beneficial for you as a borrower to make your monthly repayment manageable. This will ensure that you won’t fall into deeper debt by getting late on your payments.
To find this perfect lender for you, Loan Advisor is among the best loan comparison sites in Singapore that offers up to 3 free loan quotes. It can compare loans from best licensed moneylenders Singapore, so you can have options to choose which lender you’re most comfortable to transact with.
Request free quotes now! Contact us today to get started!
Summary of Top Legal Money Lenders of 2021
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365 CREDIT SOLUTIONS
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