Licensed Money Lender
Personal Loan Boat Quay

Known for attracting both tourists and locals through fare-dining restaurants and a fast-paced nightlife, Boat Quay is now an elaborate business hub with a backdrop of businesses and financial institutions.

If you are low on funds and you want to continue experiencing life in Boat Quay, a personal loan may do the magic for you. 

How to Identify a Licensed Money Lender?

Ensure that you are dealing with a licensed moneylender when applying for a personal loan in Boat Quay. First, always check if the moneylender you want to deal with is listed in the Registry of Moneylenders. 

• Licensed money lenders are not allowed to offer loans on social media. They are also not allowed to send text messages or make unsolicited phone calls to promote their loans.
• Ensure that you meet with an official representing a lending company at an approved physical business location.
• A licensed money lender will not ask for your personal details such as the SingPass user ID and password
•  A licensed money lender will explain all the loan terms and conditions in detail.
• A licensed lender has a proper procedure for loan application and approval.

What to Consider When Taking a Loan?

It’s necessary that you make an informed decision when taking out a personal loan. First off, ensuring that you deal with a reputable lender is your first step. Borrowing from the wrong lending company may expose you to higher interest rates. Here are some points to consider before taking a personal loan.

• Your needs

It’s important to have a clear goal on the loan you are about to borrow from a bank or lending company. Ensure that you are sure of the purpose of the loan and budget for it. Ensure that you use a personal loan to meet emergency needs rather than luxury expenses.

• Your Income

Your annual income is an important aspect of consideration before taking a personal loan. Your monthly salary will determine how much money a lender will loan you.

The minimum salary to get a personal loan in Singapore is $2,000 for Singapore citizens and permanent residents and $3,000 for foreigners.

• Interest rates

The interest rate that a personal loan attracts is important as it helps you decide if you want it. Compare interest rates from different banks and money lenders before making a decision. The interest rate for personal loans by licensed moneylenders is capped at a maximum of 4%. In case of late payment, the late interest rates that you can be charged is 4% per month for every late month. 

Most money lenders have a loan interest calculator, which helps you shop for competitive interest rates. The loan repayment period is also a necessary consideration as it will affect the repayment terms for your personal loan. Ensure that the loan tenure allows for manageable loan installments.

• Loan terms and conditions

Ensure that you fully understand a lender’s terms and conditions before committing yourself to a personal loan. Read the fine print and look out for potential pitfalls.

Check for flexibility of the loan terms. Ensure that your money lender can offer some flexibility in case circumstances that could affect your loan repayment show up. A great lender should have a clause that allows for renegotiation of loan terms.

Why Us?

Loan Advisor is your one-stop loan comparison directory that will help you find the best personal loan in Boat Quay. We offer the most trustworthy loan comparisons in Singapore without any bias whatsoever. 

Get up to 3 quotes from the best personal loan deals from best licensed moneylender Singapore with low-interest rates and repayment fees.

Conclusion

In summary, personal loans should help you to take care of unmet needs and emergencies. Ensure that you approach licensed moneylenders for all your loan needs to avoid scams and illegal interest rates. Also, ensure that you get the best deal by comparing multiple licensed money lenders who offer low interest rates and affordable repayment terms.

To get a quote on the best licensed money lenders offering personal loans in Boat Quay, fill up the form now!