One of the country’s oldest housing estates, Tiong Bahru has evolved throughout the years. Today, it is one of the hippest places in Singapore.
With an abundance of cafes, boutiques, and beautiful wall murals, locals and tourists alike will find plenty of things to do. That said, it is so easy to go beyond your budget.
So if you need extra cash while you’re in Tiong Bahru, consider taking out a personal loan from a licensed money lender.
How To Choose A Good Money Lender Near Me?
Check The Credibility of The Money Lender
Before dealing with any money lending business in Tiong Bahru or anywhere in Singapore, verify their credibility first. Refer to the list of licensed money lenders in Singapore on the Ministry of Law’s website. The list is updated every month and it contains the money lender’s business name, license number, website, and contact information.
Do not fall for SMS, emails, or social media posts promising fast loans. Licensed money lenders in Singapore are not allowed to advertise through such channels.
According to the Ministry of Law’s website, licensed money lenders can only advertise through:
- Business or consumer directories both in print and online media
- The moneylender’s business website
- Flyers and posters placed within their place of business, including the wall, door, and gate.
Loan Amount You Can Borrow
Licensed money lenders can offer you any loan amount for secured loans. However, for unsecured loans, the moneylender will have to check your annual income. For instance, if you earn at least S$20,000, you can borrow up to 6x your monthly salary.
Compare Interest Rates and Fees
A licensed money lender in Singapore can only charge up to 4% per month. This cap applies regardless of your income or whether you’re taking a secured or unsecured loan.
Other fees you need to take into account:
- Up to 4% per month late interest rate
- Not more than S$60 late fees
- Processing fee of up to 10% of the principal loan amount
How To Apply For A Loan?
Step 1: Determine The Amount
With a licensed moneylender, you can borrow up to 6x your monthly salary. However, you must only borrow what you absolutely need. Remember, failing to make repayments can lead to late fees and interest rates.
Step 2: Check The Requirements
- Must be 18 years old and above
- Monthly Income:
- Singaporean: S$1,500
- Foreigner: S$2,000
- Identity card or NRIC
- For foreigners: Passport, Work Permit/ S-Pass/ Employment Pass
- Proof of residence, such as utility bill or tenancy agreement
- Proof of employment, such as certificate of employment or 3 months’ payslip
- SingPass to log into CPF, HDB, IRAS website
Step 3: Submit Application
Make sure you meet the eligibility requirements and have all the necessary documents ready. In doing so, the approval process will be quicker.
Step 4: Read the Terms and Conditions
Lastly, make sure you understand the terms of the loans, including the interest rate, loan tenure, and fees. The licensed money lender is obligated by law to provide a clear, thorough explanation. They must explain it in the language you understand.
How Can A1 Credit Help You?
Established in 2009, A1 Credit has been recognized as one of the most reliable licensed moneylenders in Singapore. They’ve provided loans to individuals and businesses while following the rules and regulations set by the Ministry of Law.
A1 Credit remains committed to providing fast and convenient financial assistance to its clients. Offering optimized loan packages, they aim to provide better short-term loans for those who need them.
Need urgent cash? You can rely on the loan services offered by A1 Credit. They are a reliable licensed money lender near Tiong Bahru with excellent reviews, honours, and achievements.
Not only do they prioritize your needs, but they also find ways to aid you with your financial difficulties.
Contact us at 6336 0833 or [email protected] to find the best loan plan for you!