Balestier is a sub zone in Central Singapore, commonly known for its budget hotels and its delicacies such as bak kut and chicken rice. In the late 1960s and 1970s, Balestier was recreated into a destination for entertainment with the Ruby Theatre and Shaw Studios which were synonymous with Asian cinema. Now Balestier is filled with trendy hidden cafes, food stalls and hotels.

Summary of Top Legal Money Lenders of 2022

If you found yourself lacking in funds, you can easily acquire a loan from revered licensed moneylenders to all alleviate your financial worries.

How to Identify a Licensed Money Lender?

Not all loan providers in Balestier are licensed moneylenders. Some are what are known as loan sharks. These lenders offer loans at unbelievably high interest rates and typically retrieve their funds through adverse methods. These are the prompts to identify a licensed money lender:

  • Licensed moneylenders will always require you to sign a legally binding contract. A licensed moneylender is required, by law, to have all their clients sign a contract prior to providing them with a loan. This contract will contain information highlighting the terms of the loan. These stipulations include the interest rate, late payment fees, repayment period as well as others
  • A licensed moneylender will breakdown the stipulations in a language of you are able to comprehend. If your lender is unwilling to explain the terms of your contract in a language that you can understand then it is quite likely that the contract contains adverse terms. It is important that you know that you have the right to have the contract translated for you before agreeing to any terms.
  • A legitimate licensed moneylender will always have a physical office. If your lender is adamant about concluding your contract online or at a place other than their official office, which you can verify on the Registry of Moneylenders’ website, then it would be wise to proceed with caution.

What to Consider When Taking a Loan?

Before taking a loan, take some time to consider the following important points:

  • Are you qualified to take out a personal loan?
    The basic requirements to meet before taking out the loan are: are you older than 18 years, do you have a consistent stream of income, do you have a non-resident visa or are you a permanent resident of the nation? All these basic requirements must be met before being able to take out a loan.
  • What do you intend on doing with the acquired personal loan?
    Knowing what you intend on doing with the funds acquired will ensure that you opt for the correct type of personal loan. This could mean paying more money, in the form of interest, than you would have paid if you chose the most appropriate type of personal loan.
  • What is the duration of the loan period?
    The term of the loan stipulates the lifespan of the loan, after which you should have repaid the loan in its entirety. You should always opt for the shortest, sensible, loan term because you should avoid paying more money in the form of interest than you have to.

How MoneylenderReview Can Help You?

Differentiating between different loan products, maximum amounts offered, interest rates, and other associated costs can be quite challenging. That is where we step in.

Let MoneylenderReview help you find the best licensed moneylender in Singapore for free by simply filling up our online form to get a maximum of three quotes for FREE from us today!

List of Money Lenders in Balestier