The area of Hougang is a historical place filled with antique buildings and sights. The town is known for its vibrant energy and colorful apartments and buildings.

There’s plenty to do in Hougang. Popular activities include walking along rivers, visiting traditional restaurants, and going shopping at the Hawker center.

Summary of Top Legal Money Lenders of 2022

The following are different kinds of loans you’ll get from licensed moneylenders:

Personal Loan

A personal loan is something that you would get for personal goals, projects and even emergencies. When you apply for a personal loan, you can get up to 6 times your salary, an interest of between 1 and 4 %, as well as a repayment period of a maximum of 12 months.

Here are some of the typical requirements:

  • You need to be at least 18 years old
  • You need to meet the minimum salary stipulated
  • You must provide proof of address

Business Loan

One of the most important aspects of starting or running a business is having the necessary amount of money to do so. However, entrepreneurs don’t always have the money on hand.

That’s where a business loan comes in, to help entrepreneurs get their ideas off the ground and potentially keep the business going smoothly.

A business loan will give you access to up to $200,000 in loan with a 24 month repayment period. The interest rate ranges from 5 to 15%.

To apply for a business loan, you’ll need to:

  • Be registered in Singapore
  • Operating for at least 1 year
  • Have a turnover of $60,000
  • Provide business documents; refer to the lender requirements for more information

Payday Loan

A payday loan is a tool that you use to supplement your salary. It comes in handy in instances where you haven’t been paid, yet you have expenses to take care of.

The payday loan matches your salary, which means you can not borrow more than what you earn monthly. Additionally, you only have one month to repay the amount borrowed.

One thing about payday loans is that their requirements are relatively more lenient, so their approval rates are high.

You’ll need the following to apply:

  • Proof of employment
  • Recent payslip
  • ID or passport

Monthly Loan

Whether you’re applying for a short term or long term loan, one thing is certain: having the flexibility to repay the money in small consistent portions makes it a lot easier.

The monthly loan allows you to take a loan amount of a maximum of 6 times your salary, to be repaid within 12 months.

Here are the requirements for a monthly loan:

  • At least 18 years old
  • Proof of employment
  • Proof of residence

Foreigner Loan

A foreigner loan is the equivalent of a personal loan but specifically for foreigners living in Singapore.

Typical terms of a foreigner loan include 6x your salary, a maximum interest rate of 4%, and a 12 month repayment period.

You’ll have to provide the following:

  • Payslip
  • Passport
  • Work permit
  • Proof of residence

How Can We Help?

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List of Money Lenders in Hougang

No licensed money lenders found in the area