Ang Mo Kio, a vibrant residential town in Singapore, offers a variety of financial services to its residents. Among these services, licensed money lenders play a significant role, in offering fast and accessible loans to individuals and businesses. This article explores the details of licensed money lenders in Ang Mo Kio, exploring their benefits, application processes, regulatory frameworks, and more.
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Another significant benefit is transparency in processes. The loan agreements clearly state all terms and conditions, preventing any hidden fees or charges. This transparency allows borrowers to understand their obligations fully before committing to a loan. Additionally, licensed money lenders offer a range of loan products to suit different needs. Whether it's a personal loan, business loan, or a short-term payday loan, these lenders offer various options to fulfill your financial needs.
The town's road system utilize a hierarchy of road sizes by design: the major roads are referred to as "Avenues", and the local-access roads referred to as "Streets". Ang Mo Kio Avenue 12 is an exception as it is a small road in an industrial estate in Ang Mo Kio. The town's avenues are arranged in a grid-like pattern, with the streets filtering traffic from the avenues to the individual blocks. The town itself is served by the Central Expressway, providing a rapid link from the town to the rest of the island via the expressway network.
In the town's road numbering system, avenues running from east to west are assigned odd numbers, with numbers increasing from south to north, while north–south avenues are assigned even numbers, increasing from west to east. Street numbers consist of two digits, with the first digit corresponding to the neighbourhood it belongs to and the second running in numerical sequence.[47]
The process of applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. The first step is an initial consultation, during which the lender assesses your financial needs. This consultation allows the lender to understand the loan's purpose and your repayment capacity. The next step involves submitting necessary documents such as identification, proof of income, and any other relevant paperwork. These documents are crucial for the lender to evaluate your application.
The approval process with licensed money lenders is typically quicker than with traditional banks. This speed is ideal for urgent financial needs, allowing borrowers to receive funds quickly without long waiting periods.
Although borrowing from licensed money lenders has benefits, it also involves risks. Interest rates from licensed money lenders can be higher than those from banks. It is essential for borrowers to consider the total loan cost carefully before committing. There is a risk of falling into a debt cycle if loans are not managed properly. Borrowers must ensure they can meet repayment obligations to avoid accumulating more debt. Failure to repay a loan can negatively impact your credit score. It is essential to borrow responsibly and ensure timely repayments to maintain a good credit rating.
Business loans are designed to support business operations and growth. Whether a business needs funds for purchasing new equipment, expanding its operations, or managing cash flow, licensed money lenders in Ang Mo Kio provide tailored loan solutions to help businesses achieve their goals. Payday loans are short-term loans designed to cover urgent financial needs until the borrower's next paycheck. These loans usually involve small amounts with short repayment periods, making them suitable for immediate financial relief.
Another key advantage is transparency in processes. All terms and conditions are clearly stated in the loan agreements, preventing any hidden fees or charges. Such transparency enables borrowers to fully grasp their obligations before taking out a loan. Furthermore, licensed money lenders offer various loan products to cater to different needs. Whether you need a personal loan, business loan, or a short-term payday loan, these lenders provide various options to meet your financial requirements.
| Entity | Description | Source |
|---|---|---|
| Oasis Credit | Oasis Credit Services Pte Ltd is among the best 24 hours licensed money lenders in Singapore. | Oasis Credit |
| Big Grain Credit | Provides a comprehensive guide to identifying licensed money lenders in Kuching. | Big Grain Credit |
| Wolters Kluwer on Hard Money Lenders | Discusses licensing requirements for hard money lenders, including the need for an associated individual to have a real estate broker’s license. | Wolters Kluwer |
| Avex Credit | Licensed money lenders in Malaysia are under the purview of the Ministry of Housing and Local Government, and governed through the Money Lenders Act. | Avex Credit |
| Credit 21 Singapore | Known for fast cash loan approval, Credit 21 offers low-interest personal loans in Singapore. | Credit 21 Singapore |
| 111 Credit | 111 Credit is a 24-hour licensed Orchard money lender in Singapore, offering stress-free loan services. | 111 Credit |
| Medium Article on Good Licensed Money Lenders | A good licensed money lender should have a strong history of compliance with lending regulations and be well-capitalized. | Medium |
| Cash Direct Singapore | Cash Direct is the best licensed online money lender in Singapore providing all types of loan facilities. | Cash Direct Singapore |
| D.C. Law Library | Provides legal information on money lender licenses, including tax exemptions for CDCs engaged in microlending. | D.C. Law Library |
| Bank Negara Malaysia | Warns against fake money lending licenses purportedly issued by the bank, as money lending is governed under the Moneylenders Act 1951. | Bank Negara Malaysia |
You will need your NRIC, proof of income (such as payslips or bank statements), proof of residence, and any other documents required by the lender.
Report any unlicensed money lending activities to the police or the Registry of Moneylenders.
Licensed money lenders in Ang Mo Kio typically offer personal loans, business loans, payday loans, and foreigner loans.
Borrowers have the right to fair treatment, transparent terms, and to lodge complaints with the Registry of Moneylenders if they feel mistreated.