Originally a rubber plantation estate, Seletar is now best known for its military airbase by the British Royal Air Force in the 1920s. It is still used as an airbase, and for other aerospace services.
It is located in the Northeast region of Singapore in a secluded location, offering its citizens a peaceful retreat. If you are looking forward to taking a personal loan in Seletar, A1 Credit is right here to help you.
How to Identify a Licensed Money Lender?
While taking a loan in Singapore, it is better to take it from a licensed moneylender to be protected by the country’s Ministry of Law. To be sure that whether a money lender is a licensed lender or a shark bait, the best way is to check the list on the Ministry of Law’s website.
The details like address, telephone number and other information on the Ministry of Law’s website and that provided by the moneylender should match. If they are not the same, you need to be careful.
To make sure that the creditor and borrower, both are protected, the government has put some regulations in place. They make sure that the borrower pays the loan, and the creditor does not ask for an unreasonably high rate of interest. They do not give moneylender an authority to exploit the condition of the borrower.
What to Consider When Taking a Loan?
When you apply for a loan, you need to consider the following:
- Additional Charges: Every loan includes processing fee. A processing fee is not exceeding 10% of the principal of the loan when a loan is granted.
- Interest Rates: The maximum interest rate that a moneylender can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.
- Loan tenure: Taking a loan for long-duration means you will have to pay more money. Smaller loan tenure means that you might be under a burden to pay more money every month. Loan tenure should be in such a way that the repayment is done comfortably, with minimum interest money.
- Eligibility Criteria: This is the most important criteria to take into consideration, generally to be eligible for a loan you need to be at least 18 years old. Also, there are some other requirements like minimum monthly salary, and few may also require collateral against the loan.
You can easily apply for a loan in Singapore when you consider the above things. A1 Credit is one of the licensed money lenders in Singapore that provides various types of loan. They have a quick process for loan approval and have friendly staff. They are also much appreciated by their clients for the same. As per one of their clients on Loan Advisor:
“The staff is very helpful and the loan was approved fast.
They will explain the loan to you patiently and carefully. Would recommend it if you want to take a loan fast. Service is good too!”
You can give them a call at 6336 0833 to get any further information over a phone call or to book an appointment with them.