Ang Mo Kio, provides numerous financial services for its residents. Among these services, licensed money lenders play a significant role, in offering fast and accessible loans to individuals and businesses. This article delves into the intricacies of licensed money lenders in Ang Mo Kio, highlighting their benefits, application processes, regulatory frameworks, and more.
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Transparency in processes is another major benefit. All terms and conditions are clearly outlined in the loan agreements, preventing hidden fees or charges. This transparency helps borrowers fully understand their obligations before committing to a loan. Additionally, licensed money lenders offer a range of loan products to suit different needs. Be it a personal loan, business loan, or a short-term payday loan, these lenders provide multiple options to satisfy your financial needs.
Ang Mo Kio Town was the first town to introduce this road numbering system, and it has since been replicated in other towns such as Hougang, Jurong West and Woodlands. The newer towns such as Sengkang and Punggol no longer follow this system.
The town is well served by a multi-modal public transport system. Four Mass Rapid Transit stations currently serve the town, which are on the North South line and Thomson–East Coast line. They are:
Lentor MRT station is located along Lentor Drive, near the junction between Ang Mo Kio Avenue 4 and Yio Chu Kang Road within the Tagore subzone. Mayflower MRT station is located along Ang Mo Kio Avenue 4, within the Kebun Baru subzone. The two stations were scheduled to be opened in 2020, but instead opened on 28 August 2021 due to the COVID-19 pandemic. The line runs parallel to the North South line towards Woodlands and the city centre as well as offering direct connections to the eastern parts of Singapore.
In addition, the future Teck Ghee station on the Cross Island MRT line will serve the town alongside the existing stations on the North South line and Thomson–East Coast line. The station will be located underneath Ang Mo Kio Avenue 6, between the junctions of Ang Mo Kio Street 31 and Ang Mo Kio Avenue 1 and will open in 2030 instead of 2029 due to the COVID-19 pandemic.
Getting a loan from a licensed money lender in Ang Mo Kio is a straightforward process. It starts with an initial consultation where the lender evaluates your financial needs. This consultation helps the lender understand the purpose of the loan 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.
Finding a reputable licensed money lender in Ang Mo Kio requires some research. Ensure the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry is accessible online and provides a list of all authorized lenders in Singapore. Check customer reviews and testimonials. Reviews can provide insights into the lender's reputation and customer service quality. Compare loan terms and interest rates from different lenders. This comparison aids in finding the best loan offer for your financial needs. Visiting the lender’s office helps better understand their operations. A personal visit allows you to ask questions and clarify any doubts about the loan process.
After submitting the documents, the lender evaluates your application based on the provided information. This assessment includes checking your creditworthiness and determining the loan amount and terms that suit your financial situation. Upon loan approval, a loan agreement is drafted, detailing all terms and conditions. The agreement includes details about the loan amount, interest rate, repayment schedule, and any fees involved. After signing the loan agreement, the funds are disbursed to your account according to the agreed terms. This immediate disbursement ensures you have access to the funds when needed.
Applying for loans from licensed money lenders in Ang Mo Kio is designed to be straightforward and user-friendly. The streamlined process minimizes the time and effort required for borrowers to secure a loan. Typically, the process begins with an initial consultation, where the lender assesses the borrower's financial situation and needs. This consultation is followed by the submission of necessary documents, such as identification, proof of income, and other relevant paperwork. Following the document review, the lender conducts a thorough evaluation to determine the borrower's creditworthiness and suitable loan terms. Upon loan approval, the borrower is presented with a loan agreement detailing all terms and conditions, including the loan amount, interest rate, repayment schedule, and any applicable fees. After signing the agreement, the funds are promptly disbursed to the borrower's account, ensuring quick access to the financial resources needed.
The regulatory framework for licensed money lenders in Singapore is robust and designed to protect borrowers. The Moneylenders Act imposes strict guidelines on various aspects of money lending, including interest rates, loan tenures, and fees. These regulations ensure that licensed money lenders operate transparently and ethically, providing borrowers with a safe and fair lending environment. The interest rate cap is one of the key provisions of the Moneylenders Act. Licensed money lenders in Singapore have been prohibited from charging interest rates over 4% per month for both secured and unsecured loans since 2015. This cap prevents lenders from imposing exorbitant interest rates and helps protect borrowers from falling into debt traps.
| 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 |
Repayment terms vary but typically range from a few months to a few years, depending on the loan amount and type.
Yes, be cautious of lenders who charge upfront fees, offer loans without a contract, or use aggressive marketing tactics. Always verify the lender�s license.