Bukit Timah or simply abbreviated as Bukit Timah, is found on the west side of central Singapore and it’s home to a number of interesting activities like indoor axe throwing, duck tours, and cooking exchanges. It’s a fun and bubbly place with tons of things to do to keep you busy.

Summary of Top Legal Money Lenders of 2021

On a more serious note, you’ll be glad to know Bukit Timah has a trusted licensed moneylender to help you reach financial goals like buying groceries, paying utility bills or even traveling.

How to Identify a Licensed Money Lender?

Unlicensed money lenders or otherwise known as loan sharks tend to behave similarly to their licensed counterparts and honestly sometimes it’s hard to tell which ones are legitimate and which are not. The following signs will enable you to spot a licensed money lender:

  • The first thing you should definitely check is if the company of your choice is registered in the Registry of Moneylenders, as is required by the Ministry of Law of Singapore. If they’re not, you can bet an eye you’re dealing with a loan shark.
  • Have all the terms of contract been clearly written on a contract: one way loan sharks try to cheat people is by not asking their clients to sign a clear and lawful contract. Instead, they may ask you to sign on a blank sheet of paper and not communicate all the terms.
  • A physical office is another requirement laid out by the Ministry of Law of Singapore. A lender without a physical office is most definitely unlicensed.

What to Consider When Taking a Loan?

If you’ve decided on a moneylender and you know what type of loan you want, it’s time to consider whether it’s actually the right option for you. Here are some pointers:

  • The loan period: in other words, the amount of time that it would take you to repay the full amount. Can you afford to keep repaying for such a period of time and does the repayment period align with your other goals?
  • The amount of cash you need: you’re aware of how much money you need, to reach your goals but you should also consider whether your lender will be in a position to lend you that amount. Each lending business has its own policies and limitations, so be sure to take that into consideration.
  • Additional fees: in addition to interest rates, lenders also have the right to charge late payment fees to their clients. Every time you make a late payment, you may be liable to pay a surplus amount not greater than $60 and when your loan is granted, you’ll be charged an amount of no more than 10% of the principal.

How Can Moneylender Review Help You?

We know how much of a hassle it is to not only identify the licensed money lender to cater to your needs but also you’d have to give thoughts to other factors like the ones mentioned above. That’s where we step in, we do the work for you and you enjoy the benefits in peace.

If you’re looking for quotes from the best money lender in Singapore, let Moneylender Review help you for FREE, by simply filling up our online form you will get three FREE quotes!

List of Money Lenders in Bukit Timah

No licensed money lenders found in the area