Sengkang is a residential town that is situated in the northeast portion of Singapore. According to the Singapore Department of Statistics, Sengkang is the most populated area in the region as of 2020, with a total population of 249,370.
Though most people only seem to know Sengkang as a quaint town, it actually has a few noteworthy gems. Examples include the Floating Wetlands at the Sengkang Riverside Park, Sengkang Sculpture Park, and Punggol Park.
If you’ve unfortunately run out of cash while you’re in Sengkang, working with a licensed moneylender can be a good option for you.
How to identify licensed moneylenders?
One of the best ways to confirm a moneylender’s legitimacy is to be aware of the things that they are NOT supposed to do. These are:
- Use hateful language or behave aggressively towards clients
- Ask for your SingPass details
- Keep your personal identification documents
- Make you sign a blank or incomplete loan contract
- Grant you a loan without thoroughly explaining its terms and conditions or without giving you a copy of the contract
- Grant you a loan without adhering to protocols (e.g., approving a loan before receiving your application)
- Withhold a portion of your loan for any reason
We’ve also written a guide on how some unlicensed moneylenders and loan sharks operate. If you’re still having second thoughts, you can always refer to the Ministry of Law’s list of licensed moneylenders, which is updated regularly.
What to consider before getting a loan?
Before you push through with your loan application, here are some things to take note of:
- Other alternatives: Moneylenders are not your only option when it comes to getting monetary help. Make sure that you’ve studied your other options, like the government’s financial assistance schemes, before deciding that a licensed moneylender is indeed your best option.
- Loan terms & conditions: It’s incredibly important that you understand all the terms and conditions written on your loan contract. This will ensure that you’re able to fulfil all your loan obligations. If something seems confusing, you can always ask our loan officer to clarify it for you.
- Repayment ability: Before getting any type of loan, honestly ask yourself if you can fully commit to its repayment plan. Missed payments come with penalty fees, making your debt larger in the long run. This is something you’d want to avoid, so make sure that you can always pay back on time.
- Comparison of rates: Lastly, it’s highly recommended to check the rates of different moneylenders before finally settling with one. In the end, what’s important is you choose the option that will clear your debt in the cheapest way possible.
How can A1 Credit help you?
A1 Credit has been around since 2009. As a company that has been in this industry for more than a decade, we’ve already helped thousands of Singaporeans and foreigners overcome the financial crises that came their way.
No matter what your situation is, you can trust that as our customer, your needs will always be our priority.
Getting a loan from a Licensed Money Lender Sengkang isn’t difficult, especially if you choose A1 Credit to assist you. We aim to be your go-to Sengkang Money Lender Singapore that will help you with the loans that you need.
Contact us at 6336 0833 or [email protected] to know more about our various loan plans.