Licensed Money Lender
Personal Loan Raffles Place
Being the center of Singapore’s financial district to the South of the Singapore River, Raffles Place has been a thriving commercial center since the year 1820.
Raffles Place is one of Singapore’s busy business hubs and is home to major financial institutions and landmark skyscrapers.
If you are in Raffles Place and you are confronted with an urgent need for money, a personal loan from a licensed money lender in Raffles Place can help you.
How to Identify Licensed a Moneylender?
First, the Registry of Moneylenders has a full list of all the licensed moneylenders in Singapore. Ensure that you confirm that a lending company is licensed before dealing with them.
- A licensed moneylender must follow the proper procedure of processing and approving your loan request before granting you the loaned amount
- They have a physical office where all business concerning your loan application is conducted
- They must ensure that you sign a contract that indicates the interest rates, any extra fees and charges, and the loan tenure.
- They only charge interest rates from 1 to 4% per month
- Other charges and fees: a fee not exceeding $60 for each month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted, and legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
What to Consider When Taking a Loan?
Why You Need the Money
Borrowing a personal loan in Singapore is a big step and you, therefore, need to be sure of the purpose of the loan. Essentially, a personal loan should help you take care of your emergencies. Whether it’s meant to take care of your utility bills, buying properties, or financing your wedding- ensure that you properly budget for the money and use it appropriately.
The first thing to consider is if you qualify for the loan that you need. Some of the basic requirements include
- You must be at least 18 years old,
- You must have a minimum income of $1,500 fo local and permanent residents, or a minimum income of $2,000 for foreigners
Type of Loan
While considering to approach a moneylender Singapore for a loan, it’s important that you decide on the type of loan that you want.
Whether it’s personal loans, payday loans, or business loans, loans have different terms and conditions that are particular to the needs they serve. Different loan types attract different interest rates and have varied loan tenures.
How much you can afford to borrow
Ensure that you go for a loan that you can pay comfortably without straining your finances. Unless it’s necessary, steer clear of taking large loans that will attract more fees.
Terms and conditions
Before agreeing to the loan, take the time to fully understand what you are committing to. Take into account the loan tenure, the full loan amount that you will need to pay, flexibility for renegotiation in case you fail to repay, and the fees that your personal loan may attract through its tenure. A tenure for personal loans in Singapore up to 12 months and is subject to the terms and conditions of the agreement.
At Loan Advisor, we compare multiple moneylenders and their terms to help you find all the information on one single page. Get up to 3 quotes from top licensed money lenders in Raffles Place, offering the lowest monthly repayments and interest rates.
Comparing different licensed moneylenders in Raffles Place not only ensures that you get the best deal but also helps you in taking care of your emergencies without a hassle.
Request and receive up to 3 free quotes from the best licensed money lenders in Raffles Place.
Summary of Top Legal Money Lenders of 2021
111 North Bridge Road
#01-41 Peninsula Plaza
470 North Bridge Road
#02-12 Bugis Cube
17A Circular Road
365 CREDIT SOLUTIONS
14 Scotts Road
#03-64 Far East Plaza
470 North Bridge Road
#02-01A Bugis Cube
2 Havelock Road
#02-08 Havelock II