Licensed Money Lender
Personal Loan Thomson
Thomson is found within the planning areas of Novena, Newton, and Orchard in Singapore.
Today, Thomson is home to some of the most prominent residential and commercial establishments in Singapore. It is also just a couple of minutes away from the Central Business District. This makes it an ideal location for young professionals and growing families.
Being in a prime location, it may happen that you will run short of cash. Fortunately, you may find several moneylenders in Thomson that can extend help.
How to Identify a Licensed Money Lender?
Acknowledging that the area is home to many residential places, money lenders are just around the corner. The danger is that loan sharks are found everywhere too. These loan sharks have predatory behaviour that does more harm than good. To protect yourself from being a victim, here the characteristics of a fair money lender:
- Check out the list of licensed moneylenders here—the Ministry of Law of Singapore publishes this list. Do not negotiate with anyone who is not on the list.
- Read on the rules and regulations on lending. Some of the prohibited actions are the aggressive marketing of their services via phone messages and social media and asking for money transfers in fees before they grant a loan.
- Make sure to visit their physical offices. Licensed money lenders have physical offices. Before getting a loan, make sure to pay a visit to their office first. A usual practice, borrowers are asked to come to the office for physical verification before a loan is granted.
Factors to Consider When Taking a Loan
Before getting a loan, there are factors that you need to consider. This is because a loan entails obligations. Without a thorough consideration, you may find yourself in trouble. To protect yourself from incurring additional burden, these are the things you need to consider:
- Amount needed: Different types of loans offer a different amount of money. Depending on your actual need, there are different types of loans offered in the market. To help you decide which is to take, determine the amount of money you need first.
- Interest Rates: In repaying the loan, you have to factor in the interest rate charged by the private money lender Singapore. Not all moneylenders charge low-interest rates. Some impose a hidden interest rate that makes the repayment burdensome.
- Loan Tenure: The repayment period determines the amount of time of commitment you need to make in settling your loan. Thus, before getting one, make sure that the loan tenure is compatible with your resources.
How Can We Help You?
Deciding which loan is best for you is not an easy task. There are times that you may need expert guidance. Our company aims just that. We aim to guide you in your decision of getting a personal loan.
If you want more best deals from the licensed money lenders in Thomson , fill up the form and get upto 3 FREE loan quotes.
Summary of Top Legal Money Lenders of 2021
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