Ang Mo Kio, a bustling residential area in Singapore, features a wide range of financial services for its residents. Licensed money lenders play a crucial role among these services, in providing quick 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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Transparency in processes is another major benefit. The loan agreements clearly state all terms and conditions, preventing any hidden fees or charges. This transparency allows borrowers to understand their obligations fully before committing to 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.
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]
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 consultation helps the lender understand the purpose of the loan and your repayment capacity. 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.
Licensed money lenders are financial institutions authorized by the Singapore government to provide loans to individuals and businesses. They adhere to strict regulations imposed by the Ministry of Law, ensuring fair and transparent lending practices. These lenders are distinct from illegal moneylenders, commonly known as loan sharks, as they adhere to legal standards and offer a regulated lending environment.
While borrowing from licensed money lenders has benefits, it also comes with risks. Interest rates charged by licensed money lenders can be higher compared to banks. It is essential for borrowers to consider the total loan cost carefully before committing. There is a risk of falling into a debt cycle if loans are not managed properly. It is crucial for borrowers to ensure they can meet repayment obligations to prevent accumulating more debt. Not repaying a loan can negatively impact your credit score. To maintain a good credit rating, it is crucial to borrow responsibly and ensure timely repayments.
The licensed money lending industry in Singapore is governed by the Moneylenders Act. Licensed money lenders have capped interest rates to prevent exorbitant charges. As of 2015, the maximum interest rate is capped at 4% per month for both secured and unsecured loans. Loan tenures are controlled to ensure borrowers can manage their repayments. This regulation prevents lenders from extending loans over unreasonably long periods. Licensed money lenders can only charge specific fees as outlined by the law. These fees include a loan approval fee, late repayment fee, and early repayment fee, which are 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.
In Ang Mo Kio, licensed money lenders provide valuable services to residents and businesses by offering quick and flexible financing options. These lenders offer many benefits, but it is vital to borrow responsibly and understand the loan terms. Proper research and choosing a reputable licensed money lender can help you fulfill your financial needs effectively and safely. Whether you need a personal loan for an emergency or a business loan for expansion, licensed money lenders in Ang Mo Kio are equipped to provide the financial support you require. 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 |
|---|---|---|
| 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 |
If you cannot repay your loan on time, you should contact your lender immediately. Late payments may incur additional fees and interest.
You can verify a money lender�s license by checking the Ministry of Law�s Registry of Moneylenders� list.
Loan approval time varies but typically ranges from a few hours to a few days, depending on the lender and the complexity of your application.
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.