Ang Mo Kio, a vibrant residential town in Singapore, features a wide range of 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, 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. This transparency allows borrowers to understand their obligations fully before committing to 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 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. 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.
Though borrowing from licensed money lenders offers many benefits, it is crucial for borrowers to be aware of potential risks. Interest rates from licensed money lenders can be higher than those from 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. If loans are not managed properly, there is a risk of falling into a debt cycle. Borrowers should 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.
For individuals and businesses in Ang Mo Kio, finding a reputable licensed money lender requires thorough research. One of the first steps is verifying 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, allowing borrowers to confirm the legitimacy of their chosen lender.
Business loans are designed to support business operations and growth. Whether a business needs funds for purchasing new equipment, expanding its operations, or managing cash flow, licensed money lenders in Ang Mo Kio provide 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. Such loans typically involve small amounts with short repayment periods, suitable for immediate financial relief.
The approval process with licensed money lenders is typically quicker than with traditional banks. This speed is ideal for urgent financial needs, allowing borrowers to receive funds quickly without long waiting periods.
| 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 |
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.