Licensed Money Lender
Personal Loan Balestier
Balestier is part of the planning area of Novena in the Central Region of Singapore. While it is a subzone, the area houses rows of shophouses, low-rise apartments and commercial buildings. The Shaw Plaza, Ceylon Sports Club and the Indian Association are found in the area.
Summary of Top Legal Money Lenders of 2022
A famous landmark in the area is the Balestier Market which has a vibrant history. The market is known for its hawkers. That’s why there is no surprise that Balestier is known for its food like bak kut teh and chicken rice.
Should you need extra cash while you are in Balestier, there are reputable money lenders in the area. It is just essential to find the right one.
How to Identify a Licensed Money Lender?
The government of Singapore licenses not all money lenders. There are money lenders who are known for being loan sharks. To avoid falling victim to loan sharks, you should find a reputable and authorised money lender Singapore. Below are the characteristics you need to consider:
- It is licensed by the Ministry of Law of Singapore. The Ministry of Law regularly updates its list of licensed money lenders in the country. You may access the list here. Before getting a loan from a creditor, make sure that such is in the list.
- It adheres to the rules and regulations of Singapore. Aggressive marketing of services such those done via phone and social media messages are not allowed. Moreover, it is not a regular practice that borrowers are asked to transfer money in fees before a loan is granted. If your moneylender does any of this, consider not pursuing your loan.
- Legitimate moneylenders have their physical offices. Before granting a loan, they require their borrowers to come for verification.
Factors to Consider When Taking a Loan
Loans have legal effects and serious repercussions. In order not to get into trouble, here are the factors to consider before getting a loan:
- Amount needed: The first thing to consider is the amount you only need. It is not encouraged to get more than what you need. To protect yourself from an unfortunate situation of not being able to repay the loan, avoid getting loans above your needs.
- Interest Rates: Loans have different interest rates. Sometimes it also depends on your credit score. Interest rates form part of the total value of repayment. Thus, it is also essential to consider.
- Loan Tenure: Tenure of the loans determines how long you are going to pay the loan. There are short-term and long-term loans. Depending on your needs, the period of commitment to repay the loan must also be weighed.
How Can We Help You?
With the various options available, you may be overwhelmed with the information on loans. There is also a possibility of overlooking some vital factors. But worry not. This is where we come in. We intend to guide you in making such a decision.
Loan Advisor offer free to receive upto 3 loan quotes on the personal loans offered by the best licensed lenders in Balestier, apply now!
