Ang Mo Kio, offers a variety of financial services to its residents. Licensed money lenders play a crucial role among these services, in offering fast and accessible loans to individuals and businesses. This article delves into the intricacies of licensed money lenders in Ang Mo Kio, highlighting their benefits, application processes, regulatory frameworks, and more.
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Transparency in processes is another major benefit. All terms and conditions are clearly stated in the loan agreements, preventing any hidden fees or charges. Such transparency enables borrowers to fully grasp their obligations before taking out a loan. Additionally, licensed money lenders offer a range of loan products to suit different needs. Whether it's a personal loan, business loan, or a short-term payday loan, these lenders offer various options to fulfill your financial needs.
Prior to urbanization, the area, much like other rural districts in Singapore at the time, was largely undeveloped, being mainly used for agricultural purposes, with uninhabited plots of land usually covered in dense secondary forest or swamps.[10] Ang Mo Kio was subsequently redeveloped by the Housing and Development Board (HDB) in 1973 as their seventh satellite town and the first to be built in metric dimensions,[2][10] being fully completed by 1980. The first three town councils in the country were established in Ang Mo Kio in 1986, as part of a pilot project to better serve residents of HDB new towns. The concept eventually became adopted under the Town Council Act of 1988 which today, remains as the second-level of administration in Singapore.[11][12]
Ang Mo Kio today, much like its neighbouring towns, is largely urbanized. However, parks are still prevalent in the town as part of the country's green initiative. Parks include Ang Mo Kio Town Garden East and Ang Mo Kio Town Garden West. Although not technically located within Ang Mo Kio itself, the Bishan-Ang Mo Kio Park in the adjacent town of Bishan was designed to serve residents of both towns. The park itself straddles along the Ang Mo Kio–Bishan boundary, making it easily accessible from Ang Mo Kio.
Applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. The process begins with an initial consultation where the lender assesses your financial needs. This meeting helps the lender comprehend the purpose of the loan and your ability to repay. Next, you'll need to provide necessary documents like identification, proof of income, and other relevant paperwork. These documents are crucial for the lender to evaluate your application.
Customer reviews and testimonials are valuable resources for assessing the reputation of a licensed money lender. By reading about the experiences of other borrowers, individuals can gain insights into the lender's customer service quality and overall reliability. Another crucial step is comparing loan terms and interest rates from different lenders. Comparing loan terms and interest rates helps borrowers find the best offer that meets their financial needs while avoiding high interest rates or unfavorable terms.
After submitting the documents, the lender evaluates your application based on the provided information. The assessment includes evaluating your creditworthiness and deciding the loan amount and terms suitable for your financial situation. If the loan is approved, a loan agreement is drawn up, outlining all terms and conditions. The agreement includes details about the loan amount, interest rate, repayment schedule, and any fees involved. Once the loan agreement is signed, the funds are disbursed to your account based on the agreed terms. This immediate disbursement ensures you have access to the funds when needed.
There are several advantages to choosing a licensed money lender in Ang Mo Kio. One key advantage is legal compliance. They adhere to the legal framework established by the government. Such compliance ensures borrower protection, with lenders required to follow specific rules and regulations to prevent unfair practices.
Customer reviews and testimonials are valuable resources for assessing the reputation of a licensed money lender. Reading about the experiences of other borrowers can provide insights into the lender's customer service quality and overall reliability. Another crucial step is comparing loan terms and interest rates from different lenders. Comparing loan terms and interest rates helps borrowers find the best offer that meets their financial needs while avoiding high interest rates or unfavorable terms.
| Entity | Description | Source |
|---|---|---|
| EasyFind Moneylenders Directory | A directory listing licensed money lenders in various locations. | EasyFind Moneylenders Directory |
| Max Credit | Provides a variety of loan products including personal, payday, and business loans. | Max Credit |
| IP Credit | Offers personal and business loans with flexible repayment options. | IP Credit |
| A1 Credit | Known for quick approval and low-interest rate loans, including personal and payday loans. | A1 Credit |
| Orange Credit | Provides a range of loan services including personal, payday, and foreigner loans. | Orange Credit |
| Bugis Credit | Licensed money lender offering personal loans, business loans, and bridging loans. | Bugis Credit |
| GM Creditz | Provides personal, business, and payday loans with a focus on transparency and customer service. | GM Creditz |
| Quick Credit | Specializes in personal and payday loans with flexible repayment plans. | Quick Credit |
| Adelphi Finance | Licensed money lender offering various loan services including personal and business loans. | Adelphi Finance |
| Accredit Licensed Money Lender | Provides personal, payday, and business loans with a customer-centric approach. | Accredit Licensed Money Lender |
A licensed money lender is a business authorized by the Ministry of Law in Singapore to provide loans to individuals and businesses. They must adhere to strict regulations to ensure fair lending practices.
Repayment terms vary but typically range from a few months to a few years, depending on the loan amount and type.
Licensed money lenders must adhere to ethical collection practices. Harassment is illegal, and you can report such behavior to the Ministry of Law.
The amount you can borrow depends on your income and the lender�s assessment. Generally, it ranges from a few hundred to several thousand dollars.
Licensed money lenders in Ang Mo Kio typically offer personal loans, business loans, payday loans, and foreigner loans.