Licensed Money Lender
Personal Loan Upper East Coast
Upper East Coast is a residential neighbourhood in Singapore. This area has one of the best views in the city and presents many opportunities for outdoor activities. Many families opt to stay here due to several schools within the neighbourhood and have a tranquil setting far from hectic city life.
Summary of Top Legal Money Lenders of 2022
At some point in life, you might need to take a loan from a moneylender in the Upper East Coast. In such circumstances, you must be able to identify the reliable money lenders in Singapore.
How to Identify a Licensed Money Lender?
There are many illegal moneylenders in Singapore, who pretend to be a legal company. You must be careful with dealing with loan sharks. Here are some things to keep in mind to avoid being scammed:
- Check the list of registered lenders on the Ministry of Law’s website, your lender should be present in the list at all times. If it is not due to any of the reasons, then they are a total no-go.
- They will professionally talk to you and not by using any demeaning language or foul words. They will clarify all your loan-related questions and at no cost will threaten you.
- A legal moneylender can only retain the contract signed by you and them as a piece of evidence for money transfer. They do not have the right to keep any of your original IDs or even copy them.
- They will set an appointment to meet you face-to-face. The contract signing process cannot be skipped and done virtually. Also, their physical office address must match with what’s written in the Ministry of Law’s list.
- They will provide you with interest rates as per the market value. Any interest rate that is way too high, and seems unrealistic needs another evaluation. It might be a trap.
Factors to Consider When Taking a Loan
- Secured Vs Unsecured loans: There are various loans available. Evaluate which loan is perfect for you. Does it need collateral to take a loan? If yes, do you have collateral to put against it?
- Loan Tenure: When you take a loan, late payment will result in a penalty, and will be added to your repayment amount. So, the loan must be taken for an ideal duration, with the assurance that you can repay it comfortably and not too long as it might impact your planning.
- Amount needed: Various loans can have a minimum and maximum loan amount that you can take. Check with a lender if your loan amount falls into that bracket.
How Can Loan Advisor Help You?
Loan Advisor will get back to you with the three best quotes from the best licensed lenders on the Upper East Coast.
Fill in this form to receive quotes and save your time by going through different websites to understand which moneylender best fits you.
