From picturesque roads and buildings, indie boutiques featuring rare finds, to iconic museums, Dhoby Ghaut is a cool place to hang out if you want to set up a date with friends and loved ones.
Want to take out a personal loan to make sure you’ll not go short in cash? Make sure to always deal with a licensed moneylender like Bugis Credit.
How to know if the moneylender is licensed or not?
When taking out a loan, make sure you are dealing with a licensed moneylender. If the lender is licensed, it only means that it went through a thorough and tedious process of getting its business approved by the Registry of Moneylenders.
However, you have to be aware of the ill practices done by loan sharks. Here are some of the characteristics of fraud moneylenders and how you can compare them to authorized ones:
- Not included in the official moneylenders list – Loan sharks are everywhere. Determine whether the moneylender is licensed or not to protect yourself from future trouble. You can check and see the list of licensed moneylenders in Singapore, on the Ministry of Law’s website.
- Charging more than 4% interest rate – Because licensed moneylenders are being actively monitored by the legal bodies in Singapore, they have to comply with the written law all the time. All moneylenders can only charge a maximum of 4% interest rate per month.
- Urge borrowers to take out huge loan amounts – Licensed moneylenders created various loan types so they can meet and fit all kinds of needs. Meaning, they won’t recommend loans that are hard for you to repay. That’s a way of helping the borrower avoid falling into too much debt.
Factors to consider when taking a loan
Taking out a loan, whether it is for personal use or emergencies, is a huge responsibility. Here are the things wise borrowers consider before getting a loan:
- Penalty fees: Before taking out another financial responsibility, make sure you can comply with the terms and conditions written in the contract. Be mindful that any additional fees can take a toll on your financial health.
- Repayment period: For a smooth transaction, make sure to strictly follow the repayment schedule. Strictly save up for the loan repayment so when it’s time to pay, you won’t be facing difficulties.
- Terms and conditions: Licensed moneylenders are mandated by law to make their loan contract understood by their clients before closing any loan deal. The loan officer should explain and disclose to all applicants the conditions of the loan, as well as all the fees that may arise during the repayment period.
How can Bugis Credit help you?
Whether you need quick cash for emergencies or other important things, our company is always here to help you make your financial situation better than before. Bugis Credit has different loan packages tailored to your needs. We are confident that we can cover all of your financial needs!
Bugis Credit is a reliable licensed money lender in Singapore that can grant you up to 6x salary for a personal loan! Talk to us!
List of Licensed Money Lender Near Me
Licensed Money Lender
Ang Mo Kio
Choa Chu Kang
Yio Chu Kang
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