Ang Mo Kio, a vibrant residential town in Singapore, offers a variety of financial services to its residents. Licensed money lenders play a crucial role among these services, offering quick and accessible loans to individuals and businesses. This article explores the details of licensed money lenders in Ang Mo Kio, exploring their benefits, application processes, regulatory frameworks, and more.
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Another significant benefit is transparency in processes. 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. Moreover, licensed money lenders provide a variety of loan products to meet different needs. Whether you need a personal loan, business loan, or a short-term payday loan, these lenders provide various options to meet your financial requirements.
Ang Mo Kio Town was the first town to introduce this road numbering system, and it has since been replicated in other towns such as Hougang, Jurong West and Woodlands. The newer towns such as Sengkang and Punggol no longer follow this system.
The town is well served by a multi-modal public transport system. Four Mass Rapid Transit stations currently serve the town, which are on the North South line and Thomson–East Coast line. They are:
Lentor MRT station is located along Lentor Drive, near the junction between Ang Mo Kio Avenue 4 and Yio Chu Kang Road within the Tagore subzone. Mayflower MRT station is located along Ang Mo Kio Avenue 4, within the Kebun Baru subzone. The two stations were scheduled to be opened in 2020, but instead opened on 28 August 2021 due to the COVID-19 pandemic. The line runs parallel to the North South line towards Woodlands and the city centre as well as offering direct connections to the eastern parts of Singapore.
In addition, the future Teck Ghee station on the Cross Island MRT line will serve the town alongside the existing stations on the North South line and Thomson–East Coast line. The station will be located underneath Ang Mo Kio Avenue 6, between the junctions of Ang Mo Kio Street 31 and Ang Mo Kio Avenue 1 and will open in 2030 instead of 2029 due to the COVID-19 pandemic.
Getting a loan from a licensed money lender in Ang Mo Kio is a straightforward process. The process begins with an initial consultation where the lender assesses your financial needs. This consultation allows the lender to understand the loan's purpose and your repayment capacity. The next step involves submitting necessary documents such as identification, proof of income, and any other relevant paperwork. These documents are crucial for the lender to evaluate your application.
Visiting the lender’s office also offers a better understanding of their operations. During a personal visit, borrowers can ask questions, clarify doubts, and get a firsthand impression of the lender's professionalism and transparency. To cater to different financial needs, licensed money lenders in Ang Mo Kio offer a variety of loan products. For individuals seeking funds for personal expenses such as medical bills, education, or travel, personal loans are a popular option. These unsecured loans generally offer flexible repayment terms and can be a convenient solution for managing unexpected expenses.
Business loans are designed to support business operations and growth. Whether a business needs funds for purchasing new equipment, expanding operations, or managing cash flow, licensed money lenders in Ang Mo Kio offer tailored loan solutions to help businesses achieve their goals. Payday loans are short-term loans intended to cover urgent financial needs until the borrower's next paycheck. These loans are typically small amounts with short repayment periods, making them suitable for immediate financial relief.
Loan tenures are also regulated to ensure that borrowers can manage their repayments effectively. By setting limits on the duration of loans, the regulations prevent lenders from extending loans over excessively long periods, which could lead to unmanageable debt. Moreover, licensed money lenders can only charge specific fees as specified by the law. The fees include a loan approval fee, late repayment fee, and early repayment fee, all capped to avoid excessive charges. The regulatory framework also features stringent advertising guidelines to prevent misleading or aggressive marketing practices. Licensed money lenders must ensure their advertisements are accurate and not misleading, providing clear and truthful information about their loan products.
Licensed money lenders in Ang Mo Kio provide a valuable service to residents and businesses, offering quick and flexible financing options. While these lenders offer many benefits, it is crucial to borrow responsibly and understand the terms of the loan. Proper research and choosing a reputable licensed money lender can help you fulfill your financial needs effectively and safely. Be it a personal loan for an emergency or a business loan for expansion, licensed money lenders in Ang Mo Kio are ready to offer the financial support you need. Make sure to review all terms carefully, ensure you can meet the repayment obligations, and select a lender with a good reputation to guarantee a positive borrowing experience.
| Entity | Description | Source |
|---|---|---|
| Oasis Credit | Oasis Credit Services Pte Ltd is among the best 24 hours licensed money lenders in Singapore. | Oasis Credit |
| Big Grain Credit | Provides a comprehensive guide to identifying licensed money lenders in Kuching. | Big Grain Credit |
| Wolters Kluwer on Hard Money Lenders | Discusses licensing requirements for hard money lenders, including the need for an associated individual to have a real estate broker’s license. | Wolters Kluwer |
| Avex Credit | Licensed money lenders in Malaysia are under the purview of the Ministry of Housing and Local Government, and governed through the Money Lenders Act. | Avex Credit |
| Credit 21 Singapore | Known for fast cash loan approval, Credit 21 offers low-interest personal loans in Singapore. | Credit 21 Singapore |
| 111 Credit | 111 Credit is a 24-hour licensed Orchard money lender in Singapore, offering stress-free loan services. | 111 Credit |
| Medium Article on Good Licensed Money Lenders | A good licensed money lender should have a strong history of compliance with lending regulations and be well-capitalized. | Medium |
| Cash Direct Singapore | Cash Direct is the best licensed online money lender in Singapore providing all types of loan facilities. | Cash Direct Singapore |
| D.C. Law Library | Provides legal information on money lender licenses, including tax exemptions for CDCs engaged in microlending. | D.C. Law Library |
| Bank Negara Malaysia | Warns against fake money lending licenses purportedly issued by the bank, as money lending is governed under the Moneylenders Act 1951. | Bank Negara Malaysia |
Repayments can be made through various methods such as bank transfers, GIRO, or in-person at the lender�s office. Always get a receipt for your payments.
Yes, foreigners can apply for loans from licensed money lenders, provided they meet the lender's requirements.
Borrowers have the right to fair treatment, transparent terms, and to lodge complaints with the Registry of Moneylenders if they feel mistreated.
Licensed money lenders cannot charge any upfront fees. Any fees should only be deducted from the loan amount disbursed.