Ang Mo Kio, features a wide range of financial services for its residents. Licensed money lenders play a crucial role among these services, offering quick and accessible loans to individuals and businesses. This article delves into the intricacies 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. 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 you need a personal loan, business loan, or a short-term payday loan, these lenders provide various options to meet your financial requirements.
Even assuming kio refers to a bridge, the identity of the bridge remains unclear.[19] One theory states that Ang Mo Kio had two bridges of significance: an old wooden bridge (pang kio in Hokkien) over the Sungei Tongkang river, and a newer concrete bridge on Cheng San Road over a tributary of the Kallang River. Since concrete in Hokkien is 红毛灰 ang mo huay "Western ash", the bridge and consequently the area around it became known as 红毛桥 ang mo kio, short for "concrete bridge".[20] Alternatively, the name could refer to a bridge reputedly constructed under the supervision of British engineer John Turnbull Thomson at what is today the intersection of Upper Thomson Road and Ang Mo Kio Ave 1.[19] The area of Ang Mo Kio has also been historically referred to as Kou Teu Kio, meaning "nine bridges".[21]
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 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 important for the lender to evaluate your application.
The Moneylenders Act governs the licensed money lending industry in Singapore. The interest rate charged by licensed money lenders is capped to prevent exorbitant charges. Since 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 can only charge certain fees as specified by the law. These fees include a loan approval fee, late repayment fee, and early repayment fee, which are regulated to prevent excessive charges. Strict advertising regulations must be adhered to by lenders to prevent misleading or aggressive marketing practices. These rules ensure borrowers receive accurate information about loan products.
Ang Mo Kio is known for its dynamic and diverse community. The well-established infrastructure and numerous amenities of Ang Mo Kio provide a conducive environment for residential living and business activities. The presence of licensed money lenders in Ang Mo Kio further enhances the financial ecosystem, offering essential financial support to residents and business owners. A key reason licensed money lenders are popular in Ang Mo Kio is their ability to provide customized financial solutions. Unlike traditional banks, which often have stringent lending criteria and lengthy approval processes, licensed money lenders are more flexible and can customize their loan products to meet each borrower's unique needs. Such flexibility is particularly advantageous for individuals with urgent financial needs or those with imperfect credit histories.
Loan tenures are also regulated to ensure borrowers can manage their repayments effectively. By limiting the duration of loans, these regulations prevent lenders from extending loans over excessively long periods, which could result in unmanageable debt. Furthermore, licensed money lenders can only charge specific fees as outlined by the law. These include a loan approval fee, late repayment fee, and early repayment fee, all of which are capped to prevent excessive charges. There are also stringent advertising guidelines within the regulatory framework to prevent misleading or aggressive marketing practices. Licensed money lenders must ensure their advertisements are accurate and not misleading, providing clear and truthful information about their loan products.
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. Be it a personal loan, business loan, or a short-term payday loan, these lenders provide multiple options to satisfy your financial needs.
| 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 |
The amount you can borrow depends on your income and the lender�s assessment. Generally, it ranges from a few hundred to several thousand dollars.
You can find licensed money lenders in Ang Mo Kio by checking the Registry of Moneylenders' list on the Ministry of Law's website.
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.