Licensed Money Lender
Personal Loan Tuas

Tuas is mainly an industrial area. The central residential and commercial districts of Singapore are a bit far away from the site. The largest renewable diesel plant has been erected in Tuas. While mainly industrial, Tuas houses many low-cost resident buildings for the people who work in the area. 

If you find yourself in a situation where you need to get a personal loan, moneylenders in the area will be willing to extend help.

How to Identify a Licensed Money Lender?

One of the essential factors in choosing a loan is to get it from a licensed lender. There is a high chance that you will fall victim to loan sharks if you do not scrutinise the moneylender. Loan sharks have predatory behaviour that may make it difficult for you to comply with the loan obligations. Thus, before getting a loan from a private money lender Singapore, identity if they possess these characteristics:

• The moneylender is listed as a licensed money lender in Singapore. The Ministry of Law of Singapore publishes all licensed moneylenders on its website. You may access the list here. It is highly discouraged to deal with anyone who is not on the list.
• The moneylender adheres to the rules and regulations on lending in Singapore. They are prohibited from making aggressive marketing of services such as those done via phone and social media messages and asking the transfer of 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. 
• The moneylender has a physical office. It is a rule of thumb that moneylender does physical verification before a loan is approved. 

Factors to Consider When Taking a Loan

It is not always that when you have needs that a loan is an answer. Before deciding on taking a loan, it requires your careful consideration. Obligations attached to the loan may cause you so much trouble if you fail to consider certain factors. Before applying for a loan, it is best to consider the following factors: 

• Amount needed: The first step is to determine the amount you need. Loan amounts vary from different types of loans. Knowing your need will help you consider the extent of the loan you are willing to get. 
• Interest Rates: Interest rate may be high or low depending on various factors. The rate is added to your loan obligation. Therefore, the interest rate of your loan must be proportional to your budget. Otherwise, you will find yourself in trouble. 
• Loan Tenure: Faithful compliance with the performance of loan obligations is essential. The loan tenure refers to the entire period of your repayments. Depending on your willingness to settle your loan obligations, apply for a loan that will not be burdensome to you.

How Can We Help You?

With this information, you may think that there is a lot to chew. Things may be intimidating, especially when you encounter various loan agreements. Knowing what is best for your situation is always the ideal. To help you identify this, we are here to offer our help. We intend to provide you with assistance to help you decide.   

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