MacPherson refers to the neighborhoods near MacPherson Road. You can find this area within Geylang, a planning area situated in Singapore’s Central Region.
MacPherson’s proximity to Kallang, Katong, and Tanjong Rhu make it easy for people to visit renowned attractions like the Marina East Park, Gardens by the Bay, Singapore Flyer, East Coast Park, and Kallang Riverside Park.
If you ever need to work with a licensed moneylender near MacPherson, this post can help you assess which ones are the real deal.
How to know if the money lender is licensed?
You can refer to the Ministry of Law’s list of licensed moneylenders to confirm if the moneylender you have in mind is indeed licensed.
Regardless of their license, however, be wary if they exhibit the following:
- Speaking abusively or behaving in a threatening way towards customers
- Asking for your personal SingPass details (username and password)
- Keep your NRIC card and/or other personal ID documents
- Making you sign a blank or incomplete loan contract
- Providing a loan without explaining all the terms and conditions, or without giving a copy of the contract
- Providing a loan outside of the industry’s standard protocols
- Withhold a portion of the principal loan for any reason
Licensed moneylenders must fully adhere to the Ministry of Law’s mandates to maintain their operations. Should you ever encounter any of the aforementioned red flags, please report them to the Registry of Moneylenders at 1800-2255-529.
Factors to consider when taking a loan
- Other financial options: Moneylenders aren’t the only institutions that can provide solutions to monetary woes. Make sure that you’ve gone through the Singaporean government’s list of financial assistance schemes before deciding that working with a moneylender is the better option.
- Familiarity with the terms & conditions: Before you commit to any contract, see to it that you know exactly what the terms and conditions entail. You don’t want to misunderstand important details as it may translate to penalties and extra fees later on.
- Ability to fulfill the agreement: Getting a loan, especially if it involves a significant amount, is a huge responsibility. Not only do you have to pay back the exact amount that you borrowed, but you also have to pay with interest.
Make sure that you can actually fulfill the agreement to avoid any trouble not just with the moneylender, but also with the law.
- Rates comparison: Since moneylending is a competitive business, moneylenders strive to give customers the best rates that they can. Thus, it’s highly recommended to shop around so you can see for yourself which one is the most affordable.
How can A1 Credit help you?
Here at A1 Credit, our main mission is to provide relief for our customers’ financial difficulties. Aside from making our loan application process very convenient, we also make it manageable for our borrowers to follow through with their loan plans.
If everything goes well during the consultation, you can even get your money on the same day that you applied!
Not knowing where to go when money is tight is indeed a challenge. Fortunately, with A1 Credit, you don’t need to look too far to find a Licensed Money Lender MacPherson that’s worth your while. In fact, Personal Loan MacPherson can readily assist you with your financial needs.
Contact us at 6336 0833 or [email protected] to learn which loan plan is the best fit for your needs.