Ang Mo Kio, a vibrant residential town in Singapore, features a wide range of financial services for its residents. Among these services, licensed money lenders play a significant role, in offering fast 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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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 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. 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]
Getting a loan from a licensed money lender in Ang Mo Kio is a straightforward process. It starts with an initial consultation where the lender evaluates 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.
Not repaying a loan can negatively impact a borrower's credit score, making it more difficult to obtain credit in the future. It is essential to borrow responsibly and ensure timely repayments to maintain a good credit rating and financial health. Licensed money lenders in Ang Mo Kio provide a valuable service to residents and businesses, offering quick and flexible financing options. While these lenders offer many benefits, it is crucial to borrow responsibly and understand the terms of the loan. By conducting proper research and choosing a reputable licensed money lender, borrowers can meet their financial needs effectively and safely.
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 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.
There are several advantages to borrowing from licensed money lenders. Licensed money lenders are often more accessible than traditional banks. These lenders cater to borrowers who may not be eligible for bank loans due to credit issues or other reasons. They have more flexible lending criteria, allowing individuals with lower credit scores to obtain loans more easily. Licensed money lenders typically offer faster approval and disbursement of funds compared to traditional banks. This speed is crucial for borrowers with urgent financial needs.
Opting for a licensed money lender in Ang Mo Kio comes with several advantages. First and foremost is legal compliance. These lenders follow the legal framework set by the government. Such compliance ensures borrower protection, with lenders required to follow specific rules and regulations to prevent unfair practices.
| 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 |
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.
Licensed money lenders cannot charge any upfront fees. Any fees should only be deducted from the loan amount disbursed.
Yes, foreigners can apply for loans from licensed money lenders, provided they meet the lender's requirements.