Jalan Besar in Malay means big or wide road. It stretches between Rochor river and the Kallang river, most of which has been reclaimed and consists mainly of cafes and restaurants.
It is home to Jalan Besar Stadium which is known to host various sporting events. If you are looking to apply for a personal loan in Jalan Besar, make sure to consider only a licensed money lender.
How to Identify a Licensed Money Lender?
To make sure you are covered by law while taking a loan in Singapore, it is necessary to apply with a licensed money lender. The Ministry of Law gives license to lenders and makes sure that they follow all the guidelines to protect the lender and the loan taker.
List of all the licensed money lenders is available on the Ministry of Law’s website. The list also consists of other details like the office address, contact number and website URL. To make sure that the company you are contacting is not copying the name, one should make sure to match these details as well.
The Ministry of Law has set a limit or maximum amount on various factors like the amount that one can borrow and interest rate that a money lender can ask for. Also, they can not advertise their company via flyers, SMS, email or other forms of advertisement.
What to Consider When Taking a Loan?
You must consider the following 4 things when applying for a loan:
1. Interest Rate
The interest rate is what you need to pay in addition to the loan amount. In Singapore, if you are applying for a personal loan, the maximum interest rate is 4% with a licensed money lender, you are probably dealing with a shark bait if the lender is asking for anything more than this.
2. Total Cost
Principal amount to be borrowed, the amount of interest, and any administrative fees together is the total cost of the loan. Make sure the total cost is something that you can repay on time.
Also, there are late fees that are associated with the loan. It is necessary to consider it too, just in case you miss any instalment. With a licenced money lender, a late fee can not exceed S$60 per month.
3. Loan Tenure
The amount of time you have to repay a loan is the loan tenure. It affects the instalment amount, interest, and total cost. If you fail to repay a loan on time, you will have to pay a late fee.
4. Eligibility Criteria
You must make sure that you are eligible for a loan with a lender in Singapore. In most cases, you must be at least 18 years old to take a loan. Generally, a money lender has less stringent criteria as compared to a bank.
How Can We Help You?
A1 Credit is a licensed money lender in Singapore, established in 2009. We are fully regulated by the Ministry of Law and are fully compliant to Moneylenders Act.
If you are looking to apply for a loan in Jalan Besar, you can contact us at 6336 0833 to reach us and make an appointment for further discussion.