Licensed Money Lender
Personal Loan Woodlands

Woodland has three constituencies and nine neighbourhoods. With the diverse constituencies, a variety of commercial activities are found in the area. One of these is the Woodlands Square which is located in the centre of the town. 

If you are a resident of Woodlands and want to get a personal loan, moneylenders in the area offer different kinds of loans that may help you. 

How to Identify a Licensed Money Lender?

There are several reliable money lenders in Singapore, but not all granted with a license. Those that do not have permission are often loan sharks that have predatory lending behaviour. You would never want to transact with them. Instead of helping you, you will end up in more trouble. Thus, to spot a reputable moneylender, here the things you need to check: 

• They are included in the list of licensed moneylenders in Singapore. The Ministry of Law of Singapore issues a licence to moneylenders in the city-state. The list is regularly published on their website. You may check the list here. 
• They are complying with the rules and regulations on lending. The rules and regulations do not allow 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. Be wary if a moneylender does any of these. 
• They operate their business in their physical offices. Licensed moneylenders do physical verification before they grant a loan.

Factors to Consider When Taking a Loan

Besides considering where to get a loan, it is equally important to determine the factors when taking a loan. Depending on your need, there are different types of loan that you may get. To ascertain which loan is best for you, you must have a careful evaluation of other things. To help you decide, consider the following factors: 

• Amount needed: Know how much you need to borrow. This will eliminate your choices on the type of loan you should get. There are loans in the market that are designed for a specific need. Thus, know first how much you need and the purpose of the loan. 
• Interest Rates: Be aware of the interest rates. Interest makes the loan burdensome. This is especially true when you miss your periodical payment. Thus, consider the interest rate of the loan before applying for one. 
• Loan Tenure: Be mindful of the loan tenure. Time for repayment of the loan affects the total loan amount. It is also essential to consider how long you are willing to make repayments. Faithful compliance of the loan obligations is necessary.

How Can We Help You?

Deciding when to take a loan and where to get it is not easy. It entails much consideration of various factors. Different information is available online. However, if you need help determining only the relevant information that will help you decide, we are here to guide you. 

Loan Advisor offers  free quote on the personal loans offered by the best licensed lenders in Woodlands, fill in the form now!