Geylang is a township situated in the east of Singapore and back in the days, it was considered to be a trade centre. Today it carries on its name as a trade centre as many traders gather there to do exchange goods and services. 

Summary of Top Legal Money Lenders of 2021

Another thing the township is known for is its rich food culture, so if you happen to have a great appetite, you can rest assured that you’ll be wholly satisfied. 

Additionally, if you’re in need of cash to make ends meet or to pursue a small project, Geylang hosts a renowned moneylender business. 

How to Identify a Licensed Money Lender?

Simply because a business lends money doesn’t mean they’re a licensed moneylender. Loan sharks tend to disguise themselves as lawful moneylenders in order to deceive the unsuspecting population. If you’re uncertain, here are the characteristics you need to look for:

  • Do they have a physical office: This isn’t just a matter of formalities; it’s actually required by the law that licensed moneylenders have a physical office where clients may reach them with ease.
  • Do they appear on the Registry of Moneylenders: If you’re not sure whether the business you’re dealing with is legitimate, simply look up their name on the Registry and if they don’t appear, then you should not be in business with them.
  • Look out for aggressive or unconventional behaviour: The Ministry of Law in Singapore also stipulates accepted behaviour for lenders, so if the entity you’re dealing with makes use of aggressive language, they don’t clearly state all the terms of a loan on paper, then they are most definitely not licensed.

What to Consider When Taking a Loan?

Have you ruled out all possible solutions to your financial needs? Take some time to think about to following before getting a loan:

  • What is the loan term: In a nutshell, it’s the period of time for which you’re expected to repay the loan, and this is important because it directly affects the amount you’ll pay as instalments every month.
  • How much do you need to borrow: Every lender has its own policies on loan amounts and it depends on your credit score, your annual income and whether you meet other requirements or not. In some cases, your lender of choice may not be able to grant you the amount you need because you don’t qualify. In that case, you’d have to opt for another money lender.
  • The interest rate: Although you will not be charged more than 4% as stated by the law, you still have to consider if the interest you will be charged aligns with your budget. Also, interest will be charged on late payments and this might put a strain on your monthly budget if you didn’t plan for it.

How Can We Help?

Since you’re looking for a personal loan, we can only assume how busy your daily schedule must be, which is why we offer to do the hard work for you by identifying reputable moneylenders that are able to meet each of your needs.

You can get up to three free quotes from the best reputable legal money lender in Geylang, by simply getting in filling up our online form today!

List of Money Lenders in Geylang