Ang Mo Kio, a vibrant residential town in Singapore, offers a variety of financial services to its residents. Licensed money lenders play a crucial role among these services, in providing quick and accessible loans to individuals and businesses. This article examines the specifics of licensed money lenders in Ang Mo Kio, highlighting their benefits, application processes, regulatory frameworks, and more.
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Another significant benefit is transparency in processes. All terms and conditions are clearly outlined in the loan agreements, preventing 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 you need a personal loan, business loan, or a short-term payday loan, these lenders provide various options to meet your financial requirements.
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 process begins with an initial consultation where the lender assesses 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 important for the lender to evaluate your application.
Though borrowing from licensed money lenders offers many benefits, it is crucial for borrowers to be aware of potential risks. Interest rates charged by licensed money lenders can be higher compared to traditional banks. Borrowers must carefully consider the total cost of the loan, including interest and fees, before committing to ensure they can manage the repayments. There is also a risk of falling into a debt cycle if loans are not managed properly. Borrowers must ensure they can meet their repayment obligations to avoid accumulating more debt. To borrow responsibly, one must understand the loan terms, budget for repayments, and seek financial advice if needed.
Licensed money lenders are government-authorized financial institutions that offer loans to individuals and businesses. They adhere to strict regulations imposed by the Ministry of Law, ensuring fair and transparent lending practices. These lenders are distinct from illegal moneylenders, commonly known as loan sharks, as they adhere to legal standards and offer a regulated lending environment.
Ang Mo Kio is known for its dynamic and diverse community. With its well-established infrastructure and numerous amenities, Ang Mo Kio offers a conducive environment for both residential living and business activities. The presence of licensed money lenders in this area further enhances the financial ecosystem, providing residents and business owners with essential financial support. One of the key reasons licensed money lenders are favored in Ang Mo Kio is their ability to offer customized financial solutions. Unlike traditional banks, which often have stringent lending criteria and lengthy approval processes, licensed money lenders are more flexible and can customize their loan products to meet each borrower's unique needs. Such flexibility is particularly advantageous for individuals with urgent financial needs or those with imperfect credit histories.
Transparency in processes is another major benefit. The loan agreements clearly state all terms and conditions, preventing any 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. Whether it's a personal loan, business loan, or a short-term payday loan, these lenders offer various options to fulfill your financial needs.
| Entity | Description | Source |
|---|---|---|
| EasyFind Moneylenders Directory | A directory listing licensed money lenders in various locations. | EasyFind Moneylenders Directory |
| Max Credit | Provides a variety of loan products including personal, payday, and business loans. | Max Credit |
| IP Credit | Offers personal and business loans with flexible repayment options. | IP Credit |
| A1 Credit | Known for quick approval and low-interest rate loans, including personal and payday loans. | A1 Credit |
| Orange Credit | Provides a range of loan services including personal, payday, and foreigner loans. | Orange Credit |
| Bugis Credit | Licensed money lender offering personal loans, business loans, and bridging loans. | Bugis Credit |
| GM Creditz | Provides personal, business, and payday loans with a focus on transparency and customer service. | GM Creditz |
| Quick Credit | Specializes in personal and payday loans with flexible repayment plans. | Quick Credit |
| Adelphi Finance | Licensed money lender offering various loan services including personal and business loans. | Adelphi Finance |
| Accredit Licensed Money Lender | Provides personal, payday, and business loans with a customer-centric approach. | Accredit Licensed Money 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.