Ang Mo Kio, a bustling residential area in Singapore, features a wide range of financial services for its residents. Among these services, licensed money lenders play a significant role, in providing quick 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. 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. 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.
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 meeting helps the lender comprehend the purpose of the loan and your ability to repay. Next, you will need to provide necessary documents such as identification, proof of income, and any other relevant paperwork. These documents are important for the lender to evaluate your application.
Customer reviews and testimonials are valuable resources for evaluating the reputation of a licensed money lender. Reading about the experiences of other borrowers can provide insights into the lender's customer service quality and overall reliability. Another crucial step is comparing loan terms and interest rates from different lenders. Comparing loan terms and interest rates helps borrowers find the best offer that meets their financial needs while avoiding high interest rates or unfavorable terms.
After submitting the documents, the lender evaluates your application based on the provided information. This assessment involves checking your creditworthiness and determining the loan amount and terms that fit your financial situation. If the loan is approved, a loan agreement is created, outlining all terms and conditions. The agreement includes details about the loan amount, interest rate, repayment schedule, and any fees involved. Upon signing the loan agreement, the funds are disbursed to your account as per the agreed terms. This prompt disbursement ensures you can access the funds when needed.
While there are numerous benefits to borrowing from licensed money lenders, it is important for borrowers to be aware of potential risks. Licensed money lenders may charge higher interest rates than 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. It is crucial for borrowers to ensure they can meet repayment obligations to prevent accumulating more debt. To borrow responsibly, one must understand the loan terms, budget for repayments, and seek financial advice if needed.
The regulatory framework governing licensed money lenders in Singapore is robust and designed to protect borrowers. The Moneylenders Act establishes 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. A key provision of the Moneylenders Act is the cap on interest rates. As of 2015, licensed money lenders in Singapore are prohibited from charging interest rates exceeding 4% per month for both secured and unsecured loans. The cap prevents 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 |
If you cannot repay your loan on time, you should contact your lender immediately. Late payments may incur additional fees and interest.
Yes, foreigners can apply for loans from licensed money lenders, provided they meet the lender's requirements.
Licensed money lenders cannot charge any upfront fees. Any fees should only be deducted from the loan amount disbursed.
Licensed money lenders must adhere to ethical collection practices. Harassment is illegal, and you can report such behavior to the Ministry of Law.