Ang Mo Kio, a bustling residential area in Singapore, offers a variety of financial services to its residents. Licensed money lenders play a crucial role among these services, in providing quick and accessible loans to individuals and businesses. This article explores the details of licensed money lenders in Ang Mo Kio, highlighting their benefits, application processes, 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/
Another significant benefit is transparency in processes. All terms and conditions are clearly outlined in the loan agreements, preventing hidden fees or charges. This transparency helps borrowers fully understand their obligations before committing to a loan. Additionally, licensed money lenders offer a range of loan products to suit 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.
The town's road system utilize a hierarchy of road sizes by design: the major roads are referred to as "Avenues", and the local-access roads referred to as "Streets". Ang Mo Kio Avenue 12 is an exception as it is a small road in an industrial estate in Ang Mo Kio. The town's avenues are arranged in a grid-like pattern, with the streets filtering traffic from the avenues to the individual blocks. The town itself is served by the Central Expressway, providing a rapid link from the town to the rest of the island via the expressway network.
In the town's road numbering system, avenues running from east to west are assigned odd numbers, with numbers increasing from south to north, while north–south avenues are assigned even numbers, increasing from west to east. Street numbers consist of two digits, with the first digit corresponding to the neighbourhood it belongs to and the second running in numerical sequence.[47]
Getting a loan from a licensed money lender in Ang Mo Kio is a straightforward process. The first step is an initial consultation, during which the lender assesses your financial needs. This consultation helps the lender understand the purpose of the loan and your repayment capacity. Next, you will need to provide necessary documents such as identification, proof of income, and any other relevant paperwork. These documents are essential for the lender to assess your application.
Though borrowing from licensed money lenders offers many benefits, it is crucial for borrowers to be aware of potential risks. Licensed money lenders may charge higher interest rates than traditional banks. Borrowers must carefully consider the total cost of the loan, including interest and fees, before committing to ensure they can manage the repayments. There is also a risk of falling into a debt cycle if loans are not managed properly. Borrowers must ensure they can meet their repayment obligations to avoid accumulating more debt. Responsible borrowing involves understanding the terms of the loan, budgeting for repayments, and seeking financial advice if needed.
Licensed money lenders usually have a faster approval process compared to traditional banks. This speed makes them ideal for urgent financial needs, as borrowers can receive funds quickly without lengthy waiting periods.
Finding a reputable licensed money lender in Ang Mo Kio involves some research. Ensure the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry is available online and provides a list of all authorized lenders in Singapore. Look for customer reviews and testimonials. Customer reviews provide insights into the lender's reputation and quality of service. Compare loan terms and interest rates from different lenders. This comparison helps you find the best loan offer that suits your financial needs. A visit to the lender’s office can offer a better understanding of their operations. Personal visits enable you to ask questions and clear any doubts regarding the loan process.
Locating a reputable licensed money lender in Ang Mo Kio requires research. Ensure the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry is available online and provides a list of all authorized lenders in Singapore. Look for customer reviews and testimonials. Reviews offer insights into the lender's reputation and customer service quality. Compare the loan terms and interest rates offered by different lenders. This comparison aids in finding the best loan offer for your financial needs. Visiting the lender’s office can provide a better understanding of their operations. A personal visit lets you ask questions and clarify any doubts about the loan process.
| Entity | Description | Source |
|---|---|---|
| Geraci Law Firm | Provides guidance on licensing requirements for private lenders, especially for non-owner-occupied business purpose lending. | Geraci Law Firm |
| Big Grain Credit | Provides a comprehensive guide to identifying licensed money lenders in Kuching. | Big Grain Credit |
| D.C. Law Library | Provides legal information on money lender licenses, including tax exemptions for CDCs engaged in microlending. | D.C. Law Library |
| Division of Banking | Details requirements for money lender licensure, including separate licensing for each location. | Division of Banking |
| Denis Ogato on LinkedIn | Discusses the fundamentals of licensed money lending, including short-term cash loans for structural investments. | Denis Ogato on LinkedIn |
| Moneylender Professional | Offers loan servicing software that gives complete control over loans with customizable statements and reports. | Moneylender Professional |
| Tradition Credit on Medium | Discusses how licensed money lenders bridge the gap for those needing financial assistance. | Tradition Credit on Medium |
| Florida Office of Financial Regulation | Provides information on licensing requirements for consumer finance companies, including mortgage lenders. | Florida Office of Financial Regulation |
| ONC Lawyers | Discusses new licensing conditions for licensed money lenders to enhance transparency and compliance. | ONC Lawyers |
| Crawfort | Offers a guide to the best licensed moneylenders in Singapore, with information on borrowing and regulations. | Crawfort |
You can find licensed money lenders in Ang Mo Kio by checking the Registry of Moneylenders' list on the Ministry of Law's website.
Yes, you can negotiate loan terms, including the repayment period and interest rate, with the lender.
Bank loans typically have lower interest rates but stricter eligibility criteria. Licensed money lenders offer more flexible terms but at higher interest rates.