Licensed Money Lender
Personal Loan Eunos
Also known as Geylang East, Eunos is located in the Eastern region of Singapore. It is spread in an area of 2.58 square kilometres (1 square mile). Previously, it was called “Kampong Melayu” a Malay village which at a later stage was renamed in honour of its founder Mohammad Eunos Abdullah. It mainly contains HDB estates, with condominiums and terraced houses mostly located in the Eastside neighbouring Kembangan estates.
Summary of Top Legal Money Lenders of 2022
If you plan to apply for a personal loan in Eunos, you must be careful when selecting a moneylender. Read on to find what factors you must consider when choosing a legal money lender in Singapore.
How to Identify a Licensed Money Lender?
Unfortunately, Singapore is still not safe with loan sharks. Your first task in searching for a reliable lender is to ensure that the moneylender is not an ah long. Following are some of the signs that show that you are dealing with an illegal lender:
- A loan shark will copy a legal lender’s style — from their name to business permit, to website design, and even license numbers. You must check the list of Registry of Moneylenders and check for an exact match.
- To make themselves look authentic, they would copy social media accounts, official SMS, and Emails of legal lenders by changing names.
- They have a confusing and tricky application process, and might also suggest you skip some documentation. Also, the repayment terms might not be clear, and they will not use a lawyer to write a contract.
As a customer, you must be extremely cautious, and these indicators might help you to move in the right direction.
Factors to Consider When Taking a Loan
You should apply for a loan, only after evaluating and considering certain factors, which includes:
- Loan Type: There are various types of personal loans available. You may use it according to your need. Some are secured while the others are unsecured. Knowing which type of loan suits you best is necessary.
- Interest Rates: This will determine the total amount of debt you will have to pay to the moneylender. Always remember that the moneylender should not charge the interest rate exceeding the 4% monthly cap.
- Penalties, Fees, and Other Charges: You must familiarize yourself with any other amount that can be added to your principal amount. It might include the administrative fees, late payment fees, and changes in tenure.
How Can Loan Advisor Help You?
Loan Advisor aims to make your journey to loan approval smoother and faster, providing you with the best offers available in the market. All you have to do is fill out the form on our website, and you will receive a free loan quoted from the best licensed lenders of Eunos. We compare loan quotes of over 150+ licensed lenders in Singapore to find the perfect loan for you.
