Are you thinking of borrowing money and about to Google money lender near me in Toa Payoh? If so, this article is meant to help you!
In Singapore, moneylenders are the best option when you do not want to take a loan from friends or family. Money lending services allow you to afford the expenses like weddings and vacations, even when you don’t have sufficient money at hand at that particular time. It will allow you to purchase expensive items like a house or car without saving money for it beforehand.
However, applying for a loan is not a small decision. It is crucial to consider a few things before you apply for a loan. Learn thoroughly about money lending guidelines and activities, as proper knowledge helps you avoid getting into any troubling situations later. However, before you apply for a loan, make sure you are doing it with a licensed moneylender, as it will guarantee hassle-free services without any fraud.
Singapore Moneylenders Act states that one is only authorized to do money lending business when:
- They are licensed
- They are an excluded moneylender, or
- They are an exempted moneylender
So, looking for a licensed money lender is the most crucial factor to look for before acquiring services. It is the #1 criteria to choose a reliable money lender Toa Payoh.
To regulate the money lending business, Singapore’s money lenders act is established. It protects the borrowers from any money lending problems from the lender side. Now the question is, how to identify if the moneylender you want to take service is reliable? These are our tips to help you make an informed decision.
Top three characteristics of a reliable money lender
To operate an authenticated money lending business, it is crucial for money lenders to have the Registry of Moneylenders Singapore.
The Ministry of Law provides moneylenders with this registry so that they comply with the law. The ministry provides a registry to only those moneylenders whom they verify and recognize by the law.
Along with checking for the registry, it is also important that you verify their credibility at your level. Check if the lender you choose has a good reputation and a clean track record. Check their reviews from previous clients. Look for all positive and negative feedback. The number of years they have spent working as a moneylender is also a good credibility sign.
2. Interest rate and other charges
The Registrar of Moneylenders has strict guidelines for the interest and charges for a loan. So, a reliable moneylender cannot charge unreasonably high-interest rates. Plus, they do not put any hidden charges, they mention all applicable charges beforehand clearly.
On the contrary, unreliable moneylenders demand punitive charges. To make sure you deal with a reliable money lender, enquire about the market for an average interest rate with no hidden charges and loan fines.
3. Flexible terms and conditions
The right money lending service provider provides reasonable terms and conditions. Even they are ready for slight negotiation also. The flexibility of money lenders ensures that they value their customers and want to establish their business for the long run by maintaining relations with customers.
Look for these characteristics before applying for a loan.
Types of loans a licensed money lender lend
The loans are majorly categorized into two, secured and unsecured.
– Unsecured loans
As the name implies, unsecured loans require no security. Lenders issue funds to the borrower based on their creditworthiness and repayment ability. The borrower keeps no collateral backing.
– Secured loans
On the other hand, for the deal in the case of secured loans, the borrower keeps their asset. If in case the borrower fails to repay the borrowed money, the lender can use the asset of the borrower they kept as collateral.
Moreover, these are the types of loans you can apply for in Singapore:
Personal loan and foreigner loan
To avail of a personal or foreign loan, the borrower does not require to put assets like a house, car, etc as collateral. These loans are provided based on the income, creditworthiness, reputation, repayment ability, and repayment history of the borrower.
Borrowers apply for such loans for renovation, medical emergencies, and long-distance travel. It comes with flexible long-term and short-term tenure.
It is a short-term loan that you can take to fulfill your immediate cash needs.
You can repay it in the next paycheck. It is something you take for a month or the next pay date. This loan is different from personal and other typical loan types. A physical branch or payday lender avails your payday loan.
It is easy to get a payday loan as you need to meet the basic requirements only like a stable income source.
A monthly loan can offer you stability in months of a tight budget. It is also a term basis similar to a payday loan.
Monthly loan service is suitable for payback of car loans, home improvement, and vacations.
As the name suggests, a business loan is suitable to meet the urgent needs of your growing business. It is best for small businesses and start-ups.
Moneylenders offer loans based on the earning and growth potential of the business. Even the sole proprietors and CEOs with bad credit can get loan from licensed money lenders in Singapore.
This specially designed loan is suitable for Singaporeans who need a loan to purchase a new property. However, this loan alone is not capable of funding the purchase, you need to borrow additional capital also. It just bridges the capital or financial gap while upgrading or shifting home.
The licensed and reliable money lender in Toa Payoh
Finding a licensed and reliable Toa Payoh moneylender, Avis Money Lender can be your best choice. We are a licensed money lender in Singapore. The Ministry of Law accredits us with the Registry of Moneylenders Singapore. We are here to help Singaporeans during their tight budget and to escape from their financial traps. We mainly deal in personal loans, business loans, and other short-term loans.
So, stop searching for a money lender near me in Toa Payoh and contact us today to get the benefits of our hassle-free and trustworthy money lending service. Borrow money with a well-known money lender in Singapore – apply for a loan today!