Potong Pasir is a Malay phrase that means “cut sand”. The area was covered with sand quarries from 1910 to 1937, which then gave rise to its current name.
If you’re in the area and you’re craving for some snacks, highly-rated establishments include River South (Hoe Name) Prawn Noodle and DLLM LOKLOK Food Court.
Should you ever need financial assistance while you’re in Potong Pasir, this post can help you decide the best ways to go about it.
How to know if the moneylender is licensed?
The first surefire way to know whether a moneylender is licensed or not is to check if they are under the Ministry of Law’s regularly updated list.
Of course, regardless of a moneylender’s legal status, you should also watch out for the following red flags:
- Speaking in abusive language and behaving in a threatening way towards clients
- Requiring sensitive SingPass information (ID and password)
- Keeping your personal ID documents
- Providing an incomplete or blank loan contract
- Granting loans without duly explaining the contract’s terms and/or without providing a copy of the contract
- Granting loans and bypassing the official process (e.g. approving the loan plan over the phone)
- Withholding a part of your loan amount for whatever reason
We also have a post that discusses how you can easily identify unlicensed moneylenders. This is helpful in cases where you’re having second thoughts about a particular business.
Factors to consider when taking a loan
Still wondering if getting a loan is the right decision? Here are some points to consider:
- Gather all your options: Before working with a moneylender, check if you’re eligible for other options, such as Government-aided financial assistance schemes. This will give you a better picture of the best path to take.
- Fulfil the terms & conditions: You are legally bound by any contract that you sign with a moneylender. Make sure that you can realistically adhere to everything that’s written on the contract.
- Have the contract explained to you in detail: Following the previous point, the best way to fulfil any contract is to ensure that you understand everything in it. It is the moneylender’s legal duty to explain every point of the contract to their borrowers, so always ask questions if you need to.
- Shop around for the best rates: Although the Ministry of Law caps the fees and interest rates of licensed moneylenders, it’s still recommended to check out various moneylenders to ensure that you’re getting the best deal.
How can A1 Credit help you?
Having been in the moneylending industry since 2009, A1 Credit already knows the most efficient ways to help our customers.
We know very well how difficult it is to end up in a financial slump. This is why we’ve made our loan application process as easy as possible for any borrower who needs our help ASAP.
Hopefully, this post gave you a better idea about the things that you must keep in mind before getting a loan.