Toa Payoh is one of Singapore’s historical towns. It is among the oldest self-sufficient satellite towns and was initially erected in the 1950s by the Housing and Development Board, following the growth experienced in Queenstown.

Summary of Top Legal Money Lenders of 2022

Whether you are an appreciator of history, a parent wanting to please their kinds or just someone seeking entertainment, Toa Payoh is surely the perfect destination for you.

If your finances are ever on the rocks, this esteemed moneylender could instantly rid you of your financial concerns by providing you with a loan.

How to Identify a Licensed Money Lender?

Loan sharks are illegal moneylenders who charge unbelievably high interest rates, usually under unlawful conditions. Some loan sharks are as deceitful as they come. Some disguise themselves as legitimate licensed moneylenders. When trying to determine whether you are dealing with a licensed moneylender or a loan shark, consider these characteristics:

  • Licensed moneylenders will always be listed on the Ministry of Law website. When dealing with a moneylender, ensure that they are listed on the website, otherwise avoid working with them because it is likely that you are dealing with a loan shark.
  • A licensed moneylender always has an office. The office is, by law, required to correspond to the address registered on the Ministry of Law website. These moneylenders will not provide you with a loan unless you present yourself at their physical office.
  • Licensed moneylenders will never charge interest rates that exceed the market interest rate. The maximum interest rate has been stipulated at 4% per month. Loan sharks will charge you interest rates that greatly exceed 4% per month. It is not uncommon for loan sharks to charge 35% per month.

What to Consider When Taking a Loan?

Before taking out a loan, there are a few factors that you need to consider. These factors will affect the type of loan you opt for:

  • The loan duration: Deciding the duration of your loan could substantially affect the rate of interest and ultimately the total amount you have to reimburse your moneylender. The longer the loan period, the more funds, in the form of interest, you must pay. It is important to opt for the shortest, sensible, loaning period to ensure that you incur the least amount of interest.
  • The interest rate: Different loans result in the incurrence of different interest rates. Loans that are secured with assets, commonly have lower interest rates than unsecured loans. As previously explained, the interest rate affects the amount you must reimburse your licensed moneylender.
  • The repayment of the loan: Formulating a plan to ensure the timely repayment of the loan is vital when deciding to acquire a loan. Failing to timeously repay your personal loan will lead to the incurrence of further and higher interest rates for the overdue period. Further failure to repay your personal loan will lead to the possible sequestration of your personal estate.

How Our Company Can Help You?

Understanding the ins and outs of acquiring a loan could prove to be quite a daunting task. That is why our company has made the process so much easier for you to find the best money lenders Singapore.

Fill out our online form and we will get back to you with three quotes from renowned licensed moneylenders.

List of Money Lenders in Toa Payoh