Potong Pasir is an area located in the central part of Singapore, it’s known for being laid-back and it features a somewhat old school set up, in fact it doesn’t have access to a shopping centre.

Summary of Top Legal Money Lenders of 2021

If you’re looking for a more down-to-earth life with minimal traffic and fresh air, it’s definitely a place you should consider.

Despite the laid-back ambiance, Potong Pasir is home to a trustworthy moneylender that allows you to take out a personal loan for intimate financial needs such as paying utility bills, medical bills or sudden car repairs.

How To Identify a Licensed Money Lender

It’s worth noting that a good number of moneylenders offering loans aren’t registered moneylenders, they’re simply loan sharks. To protect yourself and to avoid falling in their traps you have to know the characteristics of a licensed moneylender. Here’s what you should look out for:

  • By law, all licensed moneylenders need to register with the Registry of Moneylenders in Singapore. Therefore, you should only opt for institutions that appear on the list of registered lenders.
  • Another requirement to look out for is whether the company you’d like to work with has a physical office that also matches the one stated on the Registry of Moneylenders.
  • Lastly, make sure that the lender isn’t asking you to agree to terms and conditions that have not been officialised on a legitimate contract.

What To Consider When Taking a Loan?

Not sure if taking a loan is your best possible solution? You should first take some time to consider the following.

  • Will you be able to pay it off: When you take out a loan, you’re required to pay it back in monthly installments. If the monthly installments are higher than what you can afford monthly, then you shouldn’t be taking the loan.
  • What are the fees associated: There will be a late repayment fee where this can not be exceeded at $60 a month. Also, once your loan is approved, you may be charged an admin fee of no more than 10% of the original loan amount.
  • The interest rates: Another factor that also inflates the loan amount is how much interest is being charged. Ideally, you should go for lower interest rates. Licensed moneylenders aren’t allowed to charge more than 4% on the principal amount, but even that may be more than you can handle.

How Our Company Can Help You?

You have specific financial needs and finding the ideal loan that targets each of those needs can be time-consuming, which is why we do the hard work for you, we identify the best loans with favorable interest rates and other terms of loans.

Let Moneylender Review help you find the best licensed money lender in Singapore. Simply fill up our online form and get FREE quotes from us today!

List of Money Lenders in Potong Pasir

No licensed money lenders found in the area