Licensed Money Lender Personal Loan Yishun

Originally, it was an isolated village surrounded by swampland. Today, residential homes have replaced most of the swamps in Yishun estate but the area still has a lot of greenery which adds to its character and livability.

Yishun is now home to over 250,000 people and has several reputable schools. In addition, the city has a variety of green spaces and amenities, such as shopping malls, cinemas, and more promising residential developments on the horizon.

Moreover, there are several reliable moneylenders in the region who can provide quick cash advances to residents and visitors in need.

How to identify a licensed money lender?

Licensed money lenders are registered with the Ministry of Law and follow the Moneylenders Act. The licensing process ensures that such establishments provide affordable loans to borrowers, abide by responsible lending practices and keep their records up-to-date at all times.

Loan applicants can differentiate between licensed moneylenders and unlicensed ones by checking for the following signs:

The company name on the signage of the establishment
A valid license is displayed in the office or on the website. Moneylending is a strictly regulated activity in Singapore. Individuals are not allowed to provide cash advances without a license from the government. In addition, no person or company is allowed to charge an exorbitant interest rate.
The business is listed under the Ministry of Law’s Licensed Moneylenders Directory, which can also be used to check if its permit has been cancelled, suspended or revoked before engaging its products and services.

Factors to Consider When Taking a Loan

Interest Rates. The first thing to look at is the interest rates of a particular loan. The rule of thumb is that low interest rates are good. When shopping around, find the lowest interest rates in your options.

Loan Amount. When applying for a loan, think of the exact amount that you need. Only borrow what you can pay back each month. Factor in your regular, monthly expenses—like bills, groceries, and utilities—and how much of your monthly income is left after subtracting them.

Fees and Accumulated Cost. Calculate the full cost of the loan, that is the loan amount, plus interest, and other fees that may come with getting the loan. Consider if the amount is something that is worth borrowing for.

Contract Terms and Repayment. Any contract you make is legally binding on both you and the lender, so it’s best to consider the terms of the loan. Carefully review the contract, and consider any possible circumstances that may affect repayment and discuss them with your lender.

Its Effect on Your Credit Score. Always be mindful of your credit health. Making on-time payments can help improve it, but the opposite can damage your score.

How Bugis Credit Helps You?

Bugis Credit offers financial services with convenient loan options for its customers, with diverse options for different financial needs.

It is also one of the best moneylenders in the industry, boasting a 5-star review rating from Loan Advisor and Google Reviews.

Conclusion

If you’re looking to address your financial needs, consider reaching out to Bugis Credit and apply for a personal loan (Singapore)! If you’re in Yishun and require financial assistance, look out for Money Lender Yishun as they can help you out with that!