Licensed Money Lender
Personal Loan Little India
Little India is located east of the Singapore River across from Chinatown. The place is an ethnic district in Singapore. It is also part of the urban planning area of Rochor.
Summary of Top Legal Money Lenders of 2022
Farrer Park Fields and several Hindu temples, mosques, and other worship places are located in Little India. These places include Far Kor Sun Monkey God Temple, Foochow Methodist Church, Kampong Kapor Methodist Church, Sri Veeramakaliamman Temple, Angullia Mosque, Sri Vadapathira Kaliamman Temple, Jalan Mosque, and the Central Sikh Gurdwara.
It is hard to be in a situation where you run short of cash. Fortunately, there are plenty of moneylenders in Little India.
How to Identify a Licensed Money Lender?
Perhaps one of the first steps is to look for a licensed money lender in Singapore. This is important because there are a lot of loan sharks out there. To determine whether you are dealing with a licensed moneylender, some characteristics will help you find one. Some of which are:
- Inclusion in the list of licensed moneylenders in the Ministry of Law of Singapore. The list is accessible here. If a company has approached you not on the list, you need to find a different creditor.
- Adherence to the rules and regulations on lending. Aggressive marketing of services via phone messages and social media and asking for money transfers in the form of fees before they grant a loan are some of the conducts that are not allowed in Singapore.
- The possession of a physical office. Licensed moneylenders operate in their physical offices. Before being granted a loan, physical verification is highly encouraged.
Factors to Consider When Taking a Loan
Before taking a loan, there are factors that you need to consider. These will help you decide whether you need a loan or not. It is also helpful to know which loan is best for you. To prevent yourself from getting in trouble, then consider these factors thoroughly. The necessary factors you need to consider are:
- Amount needed: Get a loan that allows you to have the amount of money you need. The loan amount may vary depending on the type of loan you apply. There are minimum and maximum loan amounts. Thus, first, determine how much you need.
- Interest Rates: The interest rate is added to the amount you borrowed. This adds to the total amount of money you owe the moneylender.
- Loan Tenure: The repayment period plays an essential role in determining which loan is best for you. It should reflect the amount of time you are willing to commit in settling the obligation.
How Can We Help You?
It is not easy to determine which loan is best for your situation. This is especially true when you do not have much background in finance. There may be times that you find the concepts intimidating. Luckily, we are here to help you in making a decision such as this.
To get free quotes from the best licensed lenders in Little India, please fill out the form, and we will contact you soon!
