Licensed Money Lender
Personal Loan Jurong

Industrialisation in Jurong started in the early 1960s. With the rapid growth in the area, Jurong is now known as one of the most densely-populated industrial regions in Singapore.

Living in the area may require you to get a personal loan. Moneylenders in the place may easily be found. They could be of help when your needs arise.

How to Identify a Licensed Money Lender?

While they may be plenty of money lenders, not all are licensed by the government. Those that are not licensed have predatory behaviours. There are loan sharks, and you know how to identify one. To identify the licensed money lender in Singapore, you need to consider the following characteristics: 

• The Ministry of Law of Singapore recognises them as a licensed moneylender. The Ministry of Law regularly makes a list of licensed moneylenders in the country. You may access the list here. If you intend to get a loan, check first if the moneylender is on the list. 
• There are rules and regulations on lending. Some of the prohibited actions are the aggressive marketing of services such those done via phone and social media messages and asking to transfer money in fees before a loan is granted. If you have been approached with anyone who does any of these, consider not pursuing your loan. 
• Moneylenders operate in their physical office. Before granting a loan, they require their borrowers to come for verification. So if your moneylender does not have one then verify their legitimacy. 

Factors to Consider When Taking a Loan

Before deciding on taking a loan, it requires your careful consideration. This is because loan obligations may cause you so much trouble if you fail to consider certain factors. There are various loans in the market, and it is essential to determine which is the best for your situation. To identify the best loan, consider the following: 

• Amount needed: Depending on your need, moneylenders offer different types of loans. These loans have a maximum and minimum loan amount. It is advisable to determine the amount you only need before getting a loan. 
• Interest Rates: Interest rate adds up to the total loan obligation. Loans have different interest rates. The interest rate may vary depending on various factors. One of which is your credit score. People with higher credit scores can usually have a lower interest rate for their loans.
• Loan Tenure: The repayment period is also essential as it also affects the total amount of your loan obligation. There are short-term and long-term loans. Depending on your needs, the period of commitment to repay the loan must also be weighed.

How Can We Help You?

Indeed, getting a loan is not an easy job. Besides considering the factors when taking a loan, you also bother yourself in determining whether you are dealing with a licensed one. Sometimes, there is also some technical knowledge that you need to have to protect yourself from risk. This is where we come in. We are here to help you identify the best loan for you.  

To get to know more information about personal loans and the best licensed lenders in Jurong. You may contact us through this link.