Licensed Money Lender
Personal Loan Novena
Novena is one of the planning areas in Singapore. It is located within the Central Region. Several national institutions are found in Novena. Tan Tock Seng Hospital, Singapore’s oldest hospital, is located in Novena.
Being found close to the Central Area, real estate in Novena is costly. Most houses located in Novena are condominium and private housing. Despite this, local markets and food centres offer choices of cheap local dining and marketing.
With the cost of the lands and residential spaces being relatively high, you might want to consider getting a loan from a reputable moneylender.
How to Identify a Licensed Money Lender?
The Ministry of Law does not give a license to all money lenders. Thus, loan sharks are found almost everywhere. Novena is not an exception. To ensure that you are not dealing with a loan shark, you may look into some characteristics. To identify a loan shark from a licensed moneylender Singapore, we have listed some of the factors you should consider before getting a loan. These factors are:
- The Ministry of Law of Singapore provides for a list of the licensed moneylenders. The list may be accessed here. It is highly discouraged to deal with anyone not on the list. If you have been approached by someone who is not in the list, make sure not to continue with the contract.
- Consider their behaviours that are not allowed by the rules and regulations on lending. Some of the prohibited actions are aggressive and excessive messaging of their services, whether through phone or social media. If you are dealing with a moneylender who does any of these behaviours, ascertain their business’s legitimacy.
- You must visit their physical offices. If they do not have one, then consider getting a loan from a different money lender.
Factors to Consider When Taking a Loan
There are different kinds of loans in the market. Finding what is best for you is the key. To help you decide, here are the factors you need to consider:
- Amount needed: Always get a loan that corresponds to the total amount that you need. Depending on the type of loan, there is usually a cap of the allowable loan amount. Thus, consider first the amount you need.
- Interest Rates: What makes loan burdensome for some is the payment of the loan interest. Aside from considering the amount needed, know also the interest rate that you are being included in the loan agreement.
- Loan Tenure: A period of repayment is also an essential factor. Faithful compliance with the schedule of repayment is mandatory. Otherwise, you will end up paying more interest or having your secured property seized.
How Can We Help You?
Considering the obligations attached to a loan, you must be fully aware of all the information concerning loans. However, this step may be daunting for you. Hence, we are happy to help you.
If you need a loan but do not know where to get one in Novena, we can help you find the best one. Fill in the form and get upto 3 free loan quotes now.
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