Everything that Singapore holds dear is in Orchard Road. Here, you’ll find beautiful museums, such as The National Museum and Art Museum of Singapore. Alternatively, you have the Cinema at the Cathay to have your modern entertainment fixed conveniently.

Summary of Top Legal Money Lenders of 2021

Orchard Road is an amazing place, but it’s one where you’re likely to spend much more than you budgeted. Thankfully, you can have licensed moneylenders help save your overall vacation experience.

Steps To Avoid Contending With Loan Sharks

In Orchard Road and virtually every part of Singapore, you’ll be contending with loan sharks. These criminal enterprises prey on unsuspecting Singaporeans and foreigners, offering irresistible and enticing loan amounts and interest rates. In exchange, you’ll be deep in debt and harassment. Avoid them by using the following steps:

  • Check For Their License Number
    Singapore’s licensed moneylenders each have their respective license number. Ask your prospective lender about their license number before agreeing to anything. Their failure to provide you with one is proof they’re loan sharks.
  • Consult The Registry of Moneylenders
    The Registry of Moneylenders houses the complete list of trustworthy Singaporean moneylenders. If the loan shark gave you a license number, you wouldn’t find their license number valid, or they may have copied the data when checking this reference.
  • Observe Their Advertising Style
    Licensed moneylenders cannot reach out to customers using the phone, chat, emails, or even in person. Instead, they can advertise through a website and their physical branches. Anyone who approaches you with a loan has a high chance that they’re loan sharks.
  • Check For Any Criminal Cases
    Approach the local police department to know more about the lender who approached you. If they gave you a brand name, inquire with the police about pending cases regarding the brand. On the other hand, describe the offerer’s approach method to the police to determine if the former is trying to manipulate you.

How to Prevent Irresponsible Borrowing?

Avoid getting into deep debt by following these steps:

  • Calculate Your Income-To-Debt Ratio
    Your income makes up the base payments for your upcoming personal loan. However, if you’re juggling multiple debts and 50% or more of your income heads straight to their repayment, reconsider adding another financing.
  • Evaluate Your Job Stability
    Truthfully, personal loans don’t require you to have a high-paying job. However, it requires consistent monthly payments that can outlast the loan principal and interest. If you’re about to quit your job, put off your loan application plans for now.
  • List Down Your Financial Priorities
    If you have other financial priorities, such as repaying a college or car loan, avoid applying for additional personal loans. The financial strain can send your budget to the red immediately.
  • Pay On Time and In Full
    Allow auto-debit features on your bank account to make repayments for you. On the other hand, you can use your smart device’s calendar system to remind you of your upcoming repayments. These small steps help you avoid additional financial penalties.

Compare The Best Loans From Various Moneylenders Today

Moneylender Review can help you compare loans from the hundreds of moneylenders across Singapore. You can get up to three free quotes from the best licensed money lender in Singapore you can find with a simple and easy online form you can fill in less than five minutes!

List of Money Lenders in Orchard