Ang Mo Kio, offers a variety of financial services to its residents. A key service among these is licensed money lenders, in providing quick and accessible loans to individuals and businesses. This article examines the specifics of licensed money lenders in Ang Mo Kio, exploring their benefits, application processes, regulatory frameworks, and more.
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Another key advantage 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.
Ang Mo Kio is a planning area and residential town situated in the North-East region of Singapore.[a] Located approximately 11 km (6.8 mi) north of the Downtown Core district, Ang Mo Kio is the 3rd most populated planning area in the North-East region and ranks 8th in terms of population in the country overall.[4][8] The planning area is located at the south-western corner of the North-East region, bordered by the planning areas of Yishun to the north, Sengkang to the north-east, Serangoon to the east, Bishan to the south and the Central Water Catchment to the west.[9]
Applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. It starts with an initial consultation where the lender evaluates your financial needs. This consultation allows the lender to understand the loan's purpose 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 crucial for the lender to evaluate your application.
Loan tenures are also regulated to ensure borrowers can manage their repayments effectively. These regulations prevent lenders from extending loans over excessively long periods by setting limits on loan duration, which could lead to 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 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 that their advertisements are accurate and not misleading, providing borrowers with clear and truthful information about their loan products.
Licensed money lenders are financial institutions authorized by the Singapore government to provide loans to individuals and businesses. They operate under strict guidelines set by the Ministry of Law, to ensure 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.
Be it a personal loan for an emergency, a business loan for expansion, or a payday loan to cover immediate expenses, licensed money lenders in Ang Mo Kio are ready to offer the financial support you need. 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.
There are several advantages to choosing a licensed money lender in Ang Mo Kio. One key advantage 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 |
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.