Licensed Money Lender
Personal Loan Choa Chu Kang

The Housing and Development Board of Singapore intends to make the place a modern township. In doing so, Choa Chu Kang is divided into seven subzones. 

If you are residing in Choa Chu Kang and intend to get a personal loan, then there are many moneylenders in the area you reach.

How to Identify a Licensed Money Lender?

Either you are a young professional or a family person, getting a personal loan aids you in your personal needs. As a dense residential area, moneylenders are almost in every corner. However, not all moneylenders in the area are licensed. There are loan sharks that have predatory behaviours. You have to avoid these loan sharks. To do this, you have to identify whether the moneylender is reputable. The characteristics of a reputable moneylender are:  

• The moneylender is part of the list of licensed moneylenders in Singapore. The Ministry of Law of Singapore issues licenses to moneylenders. Those that have a permit are published on the government website. You may check the list here. 
• The moneylender is following the rules and regulations on lending. Some of the prohibited practices in Singapore are aggressive marketing of services such as those done via phone and social media messages and asking the transfer of money in fees before a loan is granted. 
• The moneylender has a physical office. Licensed moneylenders require physical verification before they grant a loan.

Factors to Consider When Taking a Loan

To get a loan is to commit. Indeed, there are legal consequences in getting a loan. While personal loans aid in your financial needs, they may also be a source of financial obligations. This is especially true when you fail to make faithful compliance. Thus, before getting a loan, you have to consider various factors. The factors are: 

• Amount needed: The amount of money you need is essential. Knowing this will limit your choice as to what type of loan is best for you. Each loan has a different maximum and minimum amount. If you are specific with how much you only need, it will be easier for you to decide what type of loan you will set.  
• Interest rates: The interest rate is included in the total amount of debt you have to settle. The rate may be high or low depending on your credit score and the loan agreement. You have to factor this when you take a loan because it may be burdensome to settle a high-interest rate. 
• Loan tenure: The loan tenure determines how long you are going to make your repayments. Depending on your willingness to comply with the financial obligation, loan tenure may affect the total amount of debt you owe. The longer the period, the higher the amount. Thus, always consider a period that is convenient for you.

How Can We Help You?

Finding a best money lender in Singapore will require some effort on your part. This is where we come in. We can provide you with the information you need to make a wise decision when getting a loan. 

Loan Advisor offers  free quote on the personal loans offered by the best licensed lenders in Choa Chu Kang, fill in the form now!