Licensed Money Lender
Personal Loan Clementi

Clementi attractions include hawker markets, shopping centers, and nature parks. The affordable lifestyle is also a major attraction. And so are the international schools in the area.

If you would like to finance your move to the area, you could use the help of a money lender. Just ensure you work with a licensed one.

How to Identify a Licensed Money Lender?

You must ensure that the money lender that you borrow from is licensed rather than illegal.

It helps if you can tell the difference. One way to do that is to learn what unlicensed moneylenders do so that you can determine who to avoid. A licensed money lender will do the opposite of the illegal ones.

Here is what you should look out for:

• Illegal moneylenders will solicit your private information online. They may ask you for details such as your NRIC number. They may even ask for your account PINs. In contrast, licensed money lenders will not ask for personal details. They will only ask for relevant information that is required for them to process your loan.
• Illegal money lenders are more likely to want to deal with you online via social media and email. They will be reluctant for you to visit them at their place of work. And if you inquire about where you can visit them, they may try to avoid answering your questions. This should be a red flag for you. Licensed moneylenders must have physical places of work. That’s where you will need to go for physical verification of your information. All legal money lenders have their physical addresses listed on the Registry of Moneylenders on the Ministry of Law website.
• Unlicensed moneylenders are often rude. Some may come across as dishonest and greedy for quick money. They may ask you for money before processing your loan under the guise of processing fees. On the other hand, licensed money lenders are often polite and will not ask you for money before processing your loan.

What to Consider When Taking a Loan?

When you apply for a loan you should be ready to deal with the consequences of not paying it off. For that reason, you need to consider several important factors when taking a loan for your needs:

• Eligibility

One of the first things to consider is whether you are eligible for the loan you want to apply for. Lenders tend to use specific criteria to loan applicants. Some of these include age, income level, credit history, etc. If you don’t meet the eligibility criteria, then your chances of getting a loan are low.

• The fee for repaying late

You should take a loan that you intend to repay fully. But you must also bear in mind that life can be unpredictable. What if something comes up and you can’t pay off your debt on time? Most lenders will charge you a penalty if you repay late. So, you need to know how much it will cost you.

• The discount for repaying early

You should have the option of repaying your debt early if you can. So, ensure the licensed moneylender that you choose accepts this. Some may even offer discounts if you pay off what you owe earlier, which will save you money.

How Our Company Can Help You? Why Us?

Finding a best money lender in Singapore will require some effort on your part. But if you are too busy to do that, then Loan Advisor can do the legwork for you.

Our site offers financial product comparison services for loan applicants in Clementi and beyond. Contact us today to get the best loan package today.