Sembawang is one of Singapore’s best tourist destinations because instead of going around in just one island, you can visit any of its 62 islets, which you can conveniently access thanks to Singapore’s adequate transportation.
If you have a feel for great hot springs, visiting the expansive Yishun dam, or want a unique park experience in the Bishan-Ang Mo Kio Park, then Sembawang in Singapore is the best place for you.
However, it can be expensive to plan a vacation, especially when it’s your turn to treat your friends or the entire family. Fortunately, finding an excellent licensed money lender in Sembawang is extremely easy.
How to Find a Dependable Licensed Money Lender?
The Registry of Moneylenders, under the Ministry of Law, has made it easy for Singaporeans and foreigners to find a loan service that does not charge heftily or provide high-amount baseline loans that banks can provide.
You’ll find these dependable moneylenders in the Registry conveniently. To know if you’re working with a licensed lender, you’ll need to check the following:
- Licensed moneylenders cannot advertise or reach out through chat, text, or phone calls.
- They can have their website but cannot have their social media presence.
- Legitimate moneylenders can only advertise through their physical space and never through billboards or posting bills in populous locations.
Things You Should Consider When Taking Out a Loan
1. Income and Expenses
If you’re paying more than 40% of your income to your current expenses and existing loans, it’s best to hold off taking out any loan right now.
Even if you’re borrowing a low-amount loan from licensed moneylenders, you won’t pay back the entire amount without enough income to support your household and pay your existing financing.
2. Terms and Conditions
All licensed moneylenders will never change their terms and conditions, which is a usually unethical activity of loan sharks and other untrustworthy lenders. All these terms and conditions receive approval and revisions from the Ministry of Law to ensure fairness and compliance.
3. Eligibility and Requirements
Most of the moneylenders will ask you for the following when you apply for a personal loan:
- Billing statements and other proof of residence
- Employment certificate
- Latest 3 months payslip
- Work permit/S-Pass/E-Pass (for foreign borrowers)
- Passport (for foreigners)
- Bank account statement (for foreigners)
Additionally, it would help if you were at least 18 years old and earning S $1,500 above to borrow money from licensed moneylenders.
How Can Bugis Credit Help You With a Convenient Loan?
Bugis Credit continues to provide the best personal, payday, and business loans for those in Sembawang. We only guarantee the best loan amounts and interest rates. Plus, you don’t need good credit scores to secure a personal loan. Visit our website or talk to our customer specialists to know more about everything our service can provide to you.
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