Licensed Money Lender Personal Loan Yio Chu Kang
You can find the best adventures in Singapore from virtually every part of the country. However, Yio Chu Kang is one of the best sports, athletic, cozy, and active nightlife scenes.
If you’re planning to have an escapade with friends or your family, Yio Chu Kang is the best, especially if you’ve saved up enough for it. On the other hand, licensed moneylenders in Yio Chu Kang can help you fund your vacation soon if you’re short on funding.
How to Identify a Licensed Money Lender?
Unlike banks and other financial institutions, licensed moneylenders focus on providing you with friendly financing and interest rates. They have an interest rate cap of 4%.
Furthermore, they are different from Ah Longs or Singaporean loan sharks. They work with the Ministry of Law, and you can find them in the Registry of Moneylenders. Learn more about them below.
1. License Holder
All legitimate moneylenders in Singapore have their unique license number, legitimizing their money lending services. All of them must display this license number on their respective websites for the customer to review.
Having a license indicates that the moneylending service completed all the eligibility and requirements of the Ministry of Law. Furthermore, it is proof that it continues to comply with all of the Ministry of Law’s rules and regulations.
2. Found in the Registry of Moneylenders
The Registry of Moneylenders works alongside the Ministry of Law to keep an accessible database of legitimate and licensed moneylenders you can trust across Singapore. The Ministry of Law maintains and reviews the performance of each moneylender found on this list.
If you don’t find your prospective moneylender in the Registry, you have to think twice before choosing to use their services to avoid fraudulent and abusive lenders.
3. No Credit Scores Required
All legitimate moneylenders will not ask you to provide your credit scores and report. They will ask you for your employment, income, and residential details. Truthfully, licensed moneylenders in Yio Chu Kang are highly accessible for borrowers who have low credit scores.
Details to Consider When Taking Out Financing
1. Loan Requirements
All moneylenders have their individual requirements, but most will often ask you for the following:
- 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)
You need to fulfill the following to gain eligibility to use money lender services:
- Minimum salary of S $1,500 (S $2,000 for foreigners)
- Above 18 years of age
- Employed or self-employed.
Bugis Credit: Your Number-One Solutions-Oriented and Friendly Moneylender
With decades of experience providing the best low rates and conveniently-accessible loans for borrowers, Bugis Credit continues to be Yio Chu Kang’s go-to lender for personal, business, payday, and other loans. We guarantee same-day loan application approval and loan releases!
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