Ang Mo Kio, a bustling residential area in Singapore, provides numerous financial services for its residents. A key service among these is licensed money lenders, offering quick and accessible loans to individuals and businesses. This article explores the details of licensed money lenders in Ang Mo Kio, focusing on their benefits, application procedures, regulatory frameworks, and more.
Call Now
Unlimited Finance | Licensed Money Lender Ang Mo Kio (AMK) | Payday Loan / Personal Loan / Monthly Loan
62743876
http://www.unlimitedfinance.com.sg/
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. Furthermore, licensed money lenders offer various loan products to cater to different needs. Be it a personal loan, business loan, or a short-term payday loan, these lenders provide multiple options to satisfy your financial needs.
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.
The process of 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 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 important for the lender to evaluate your application.
Licensed money lenders usually have a faster approval process compared to traditional banks. Such speed is perfect for urgent financial needs, enabling borrowers to get funds quickly without lengthy delays.
While there are numerous benefits to borrowing from licensed money lenders, it is important for borrowers to be aware of potential risks. Interest rates from licensed money lenders can be higher than those from traditional banks. It is essential for borrowers to consider the total loan cost, including interest and fees, carefully before committing to ensure they can handle the repayments. There is also a risk of falling into a debt cycle if the loans are not managed properly. It is crucial for borrowers to ensure they can meet repayment obligations to prevent accumulating more debt. Responsible borrowing involves understanding the terms of the loan, budgeting for repayments, and seeking financial advice if needed.
Singapore's licensed money lending industry is regulated by the Moneylenders Act. The interest rate charged by licensed money lenders is capped to prevent exorbitant charges. As of 2015, the maximum interest rate is capped at 4% per month for both secured and unsecured loans. Loan durations are regulated to ensure borrowers can handle their repayments. This regulation prevents lenders from extending loans over unreasonably long periods. Licensed money lenders are permitted to charge only specific fees as per the law. The fees include a loan approval fee, late repayment fee, and early repayment fee, all regulated to prevent excessive charges. Lenders must adhere to strict advertising regulations to prevent misleading or aggressive marketing practices. These guidelines ensure that borrowers receive accurate information about loan products.
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. Licensed money lenders in Ang Mo Kio offer a variety of loan products to cater to different financial needs. For individuals seeking funds for personal expenses such as medical bills, education, or travel, personal loans are a popular option. Unsecured personal loans typically provide flexible repayment terms and can be a convenient solution for unexpected expenses.
| 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 |
Yes, you can repay your loan early. Some lenders may charge an early repayment fee, so check your loan agreement for details.
Report any unlicensed money lending activities to the police or the Registry of Moneylenders.
Yes, be cautious of lenders who charge upfront fees, offer loans without a contract, or use aggressive marketing tactics. Always verify the lender�s license.
You will need your NRIC, proof of income (such as payslips or bank statements), proof of residence, and any other documents required by the lender.