Licensed Money Lender
Personal Loan Tengah

Tengah is a former military restricted area. However, HDB decided to make it a new town in Singapore. The first estate in the area was only launched in November 2018. 

In case you find yourself running short of cash, moneylenders in the area more than willing to help.

How to Identify a Licensed Money Lender?

Several moneylenders are found in Tengah. However, not all are licensed. Others are even loan sharks that have predatory behaviour in terms of lending. If you are worried about transacting with a loan shark, there are ways to know whether you are dealing with one or not. Reputable moneylenders have common characteristics. Before dealing with a private money lender Singapore, check if they have the following: 

• They are part of the list of licensed moneylenders in Singapore. The Ministry of Law of Singapore publishes a list of licensed moneylenders in the country on its website. You may check the list here. 
• They are adhering to the rules and regulations on lending. They do not engage in aggressive marketing of services such as those done via phone and social media messages and ask for the transfer of money in fees before a loan is granted. 
• They have physical offices. Licensed moneylenders operate in a physical office. They also do physical verification before they grant a loan.

Factors to Consider When Taking a Loan

Now that you know how to find a licensed moneylender, it is not time for you to know the factors you need to consider when taking a loan. Considering that getting a loan will give you legal obligations, it is advisable to be prudent in deciding whether to get one or not. To help you decide, here are the factors that you may consider: 

• Amount needed: First, it is essential to determine the amount you need. This will help you choose the loan that fits you. Loans available in the market have different maximum and minimum loan amounts. Knowing how much you need is indeed the first step in choosing a loan.  
• Interest Rates: Second, it is also crucial to determine the interest rate of the loan. Interest rates add to the total amount of repayment. Its rate may vary depending on your credit score, loan tenure, and the amount of loan. Being part of the total amount of debt, you should consider this to know if you can repay the loan obligation. 
• Loan Tenure: Third, it is essential to know the period you are given before you fully satisfy the loan obligation. Faithful compliance with the period is mandatory. Otherwise, you will end up paying a higher amount. You have to consider the time you are willing to make the repayments before getting a loan.

How Can We Help You?

Personal loans aid in your financial needs, but there are many loan options in the market. You must choose the one that is best for you. If you find this intimidating, we are here to help. We can provide you with the information you need to make a wise decision when getting a loan. 

Feel free to receive up to 3 loan quotes on the personal loans offered by the best licensed lenders in Tengah, apply now!