Ang Mo Kio, offers a variety of financial services to its residents. Among these services, licensed money lenders play a significant role, in offering fast and accessible loans to individuals and businesses. This article delves into the intricacies of licensed money lenders in Ang Mo Kio, focusing on their benefits, application procedures, regulatory frameworks, and more.
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Another significant benefit is transparency in processes. The loan agreements clearly state all terms and conditions, 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.
Ang Mo Kio is a planning area and residential town situated in the North-East region of Singapore.[a] Located approximately 11 km (6.8 mi) north of the Downtown Core district, Ang Mo Kio is the 3rd most populated planning area in the North-East region and ranks 8th in terms of population in the country overall.[4][8] The planning area is located at the south-western corner of the North-East region, bordered by the planning areas of Yishun to the north, Sengkang to the north-east, Serangoon to the east, Bishan to the south and the Central Water Catchment to the west.[9]
Applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. It starts with an initial consultation where the lender evaluates your financial needs. This consultation allows the lender to understand the loan's purpose and your repayment capacity. 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.
The approval process with licensed money lenders is generally faster compared to traditional banks. Such speed is perfect for urgent financial needs, enabling borrowers to get funds quickly without lengthy delays.
Applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. The first step is an initial consultation, during which 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 essential for the lender to assess 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.
For individuals and businesses in Ang Mo Kio, finding a reputable licensed money lender involves conducting thorough research. The first step is to verify that the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry, available online, provides a comprehensive list of all authorized lenders in Singapore, ensuring that borrowers can confirm the legitimacy of their chosen lender.
| 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.