Back in the 1800s, Little India was known for its racecourse, brick kilns, and cattle herders. Cattle trading was mostly an Indian venture back then, so it’s no surprise that Hindu temples and mosques were eventually built there. Chinese and Buddhist temples were also present.
Those that still stand until now include the Sri Veeramakaliamman Temple, Sri Srinivasa Perumal Temple, Abdul Gafoor Mosque, Sakya Muni Buddha Gaya Temple, and Leong San See Temple.
If you ever need to borrow from a moneylender near Little India, the rest of this post has some tips that can help you ensure that you’re working with a legitimate one.
How to know if a moneylender is licensed?
The first thing you want to do is to watch out for red flags. These include:
- Using abusive language or acting in a threatening way towards customers
- Requiring your SingPass security information
- Keeping your personal documents, such as ID card or NRIC
- Asking you to sign an incomplete or blank Note of Contract
- Granting loans without explaining the terms and conditions and/or providing a copy of the contract
- Granting loans without following official protocols
- Withholding a portion of your loan for any reason
It’s highly recommended to refer to the Ministry of Law’s list of licensed moneylenders since it is updated regularly. Additionally, we have an in-depth guide for identifying unlicensed moneylenders to help clients become more vigilant.
What should I consider before taking a loan?
If you’re convinced that taking a loan is the right step for you, here are some factors that you need to consider:
- A moneylender’s legitimacy: Never work with a moneylender that isn’t licensed!
- Loan types offered by the moneylender: Every borrower’s situation is different, and would therefore need different types of loan for a solution.
- The Singaporean government’s financial assistance schemes: Check to see if these are better alternatives for you.
- Your understanding of the contract: Make sure that you fully understand the language used on the contract.
- Your ability to fulfil what was discussed in the contract: Ask yourself if you can realistically adhere to all your obligations as a borrower.
- Your ability to pay back the loan amount: Penalties will be enforced if you’re not able to pay your loan back.
- You’ve compared all your available options: See to it that you’ve done your research before finally choosing a particular loan type and moneylender.
How can A1 Credit help you?
A1 Credit has been providing loans to customers from all walks of life since 2009. We always review our loan applications thoroughly to ensure that our customers will get the most optimized loan plans from us.
Our goal has always been to help our clients move to a much better financial place than before. This is why we continually improve our procedures so we can cater to a wider variety of financial cases.
Before you work with any Licensed Money Lender near Little India, make sure that they have the best resources to support your particular situation.