One of the many go-to places in Singapore is Jalan Besar. Its name simply translates to a ‘big or wide road,’ is because the area is named after a tale of two former swamps – one by the Rochor River and the other by the Kallang River.
Between its two points, most of it has been reclaimed and now houses a variety of restaurants and cafes, as well as cool shops worth stretching a dollar for. It is also known for the Jalan Besar Sports Centre where most athletic events are held.
How to Identify a Licensed Moneylender?
- Take note that Singapore law requires licensed moneylenders to explain the terms of your loan in a language clients can easily understand. If one hands you a contract and refuses to explain the terms in plain English, it’s very likely that you are dealing with a loan shark.
- Licensed moneylenders also always have you sign a contract. It must include information on the interest rate, late payment fees, the repayment period, and other necessary details.
- As mentioned that licensed moneylenders should follow the rule of the Ministry of Law, they are mandated to follow Singapore’s guidelines on interest rates. It is certain, a moneylender will never charge higher than the 4% rate amount. It can also only charge three types of fees aside from the interest, late payment fees, up-front service fees, and legal fees from a court challenge.
- Keep in mind that loan sharks may not have a physical office, unlike the licensed ones. You can also easily verify whether your potential lender is listed on the Ministry of Law website.
What to Consider When Taking a Loan?
Before choosing the loan you have been wanting to get, you have to understand a few things first. Note that these deals vary and you have to do your research to achieve a hassle-free application.
Understand that there are different kinds of loan options available from personal, business, payday, equity, and auto loans. You must be knowledgeable of its differences so you can easily determine with one fits and suits your financial demands.
Borrowers are also encouraged to be mindful of the interest rates and other processing fees that they may encounter should they consider going to moneylenders. Knowing the duration of your loan as well as the down payment amount is also vital.
Above all, remember that deciding to borrow money relies on you. Your current credit score must ensure you can be approved to get the best possible loan.
How Can Our Company Help You?
Bugis Credit has been in the business for over a decade and has ensured great service to its customers ever since. We are registered under the Ministry of Law which guarantees our appropriate procedure of money lending experience for those in need.
With Bugis Credit, we can assure the best assistance for your financial worries in an instant, without hidden fees.
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