If you’re looking for a remote yet modern place, Changi Village is a modernised place in the eastern part of Singapore. Due to its location, it’s often regarded as a transit place where people like fishermen and traders tend to stop by on their way to other places.

Summary of Top Legal Money Lenders of 2022

Changi village also gives access to an array of licensed moneylenders offering different kinds of loans.

Types of Loans

Personal Loan

A personal loan is usually unsecured. You can use this loan for any personal reasons such as for home renovation, medical bills, wedding, among others. The amount that you can get depends on your salary.

Features of a personal loan:

  • Minimum income of $1500
  • Loan amount of a maximum of 6X salary 
  • Loan term of 12 months

Business Loan

It’s completely normal for businesses to borrow money for daily operations and working capital, but instead of opting for a bank overdraft, a good alternative is a business loan.

It will allow your business to reach its monthly targets with relative ease.

It’s worth noting that in order for your loan application to be considered, you’ll have to provide various company documents like a recent financial statement and recent utility bills that are under the business name.

Features of a business loan:

  • Maximum loan amount of $200 000
  • 5-15% interest rate
  • Maximum 24 months loan term

Payday Loan

The Payday loan was introduced to the market to cater to people who need to borrow money quickly in order to resolve issues like urgent overdue utility bills or other emergencies.

Since it’s an ideal choice for pressing situations, you’ll usually have access to the money the same day as you apply for the payday loan.

To apply for it, you need to provide proof of employment, which is typically a recent pay slip.

Next, you need to meet the income requirements of SGD1500 if you’re a local citizen or SDG2000 if you’re a foreigner.

Features of a payday loan:

  • 1X salary 
  • 1 month repayment period or until next payday 
  • Maximum late fee of $60

Monthly Loan

A Monthly Loan comes in handy when you have something that needs immediate funding, but also it’s a versatile loan that can be used for a wide variety of reasons.

It’s especially a good choice if you have a steady stream of income and you can afford to repay monthly payments for a predetermined period of time.

Unlike the payday loan, the monthly loan can be medium-term or long-term depending on the amount of money you borrowed.

Features of a monthly loan:

  • minimum income of $1500
  • Loan amount of up to 6X salary
  • 12 months loan term

Foreigner Loan

Foreigners often have a hard time finding loans that are specifically designed for them and that don’t feature requirements that most foreigners don’t meet.

For this reason, the foreigner loan targets a typical foreigner’s financial needs.

Features of a foreigner loan:

  • Minimum income of $2000
  • Loan amount of a maximum of 6X salary
  • Loan term of 12 months

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List of Money Lenders in Changi Village