Licensed Money Lender
Personal Loan Geylang
Geylang is a township and planning area located on the eastern fringe of the Central Region of Singapore. It has vibrant neighbourhood beams with the iconic Peranakan shophouses, culture, and food everywhere. Properties at Geylang have rental yields of between three to five percent, with chances to raise the prices even higher.
Summary of Top Legal Money Lenders of 2022
If you plan to invest in Geylang and want to take a personal loan for it. There are a few things that you must keep in mind while taking a loan.
How to Identify a Licensed Money Lender?
In Singapore, moneylenders can either be licensed or loan sharks. Legalized lenders are stipulated to follow the law and must adhere to the contract stipulations. Loan sharks, on the other hand, are illegal and work as they wish. Hence, you must take a loan only from a legal money lender in Singapore. Here are some points that would help you identify them:
- A licensed moneylender will be present in the list of Singapore Ministry of Law‘s website. Any lender who goes against the law loses their license. Only those who are honest and law-abiding moneylenders will retain their authorization.
- You must do a background check to confirm the moneylender’s information. Most of the lenders have websites, which makes it possible for you to gain knowledge about them. Some websites conduct a direct review and also have reviews from their past customers. You can check it before making an appointment with them.
- A licensed moneylender will have a physical office that will be the same address as that present online. On the other hand, a loan shark will be transacting offline. Also, you should be physically present at their office for paperwork.
- A legal lender will always abide by the interest rate based on the rates in the market. Also, the Registry of Moneylenders clearly states the interest rates that can be charged by a lender. A loan shark will not consider these guidelines and will do whatever they find is fit for them.
Factors to Consider When Taking a Loan
- Type of loan: It is required to understand that there are various loans available in the market. Loans like personal loans, business loans, payday loans, equity loans, car loans, home loans, etc. are available, and you must choose the right one carefully.
- Collaterals: Evaluate if you are in a position to take a secured loan or unsecured loan. A secured loan allows you to take a higher amount of loan, and chances of getting approval are higher even if you have a bad credit score.
- Loan term: It is important to know the right loan duration in which you will be able to repay. Most of the loans have penalties if you miss a payment or you want to do an early repayment. So, your loan term should be in such a way that you can repay it comfortably.
How Can Loan Advisor Help You?
Loan Advisor helps you by providing quotes from the best licensed money lender in Geylang. Depending on the loan provider, you can get approval in only 30 minutes to an hour. All you have to do is fill the form here and wait for the quotes.
