Ang Mo Kio, a vibrant residential town in Singapore, provides numerous financial services for its residents. A key service among these is licensed money lenders, in providing quick and accessible loans to individuals and businesses. This article examines the specifics 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 outlined in the loan agreements, preventing hidden fees or charges. This transparency helps borrowers fully understand their obligations before committing to a loan. Furthermore, licensed money lenders offer various loan products to cater to 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.
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'll need to provide necessary documents like identification, proof of income, and other relevant paperwork. These documents are important for the lender to evaluate your application.
Finding a reputable licensed money lender in Ang Mo Kio involves some research. Verify that the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry is available online and provides a list of all authorized lenders in Singapore. Check customer reviews and testimonials. Customer reviews provide insights into the lender's reputation and quality of service. Compare loan terms and interest rates from various lenders. This comparison helps you find the best loan offer that suits your financial needs. Visiting the lender’s office can provide a better understanding of their operations. Personal visits enable you to ask questions and clear any doubts regarding the loan process.
The regulatory framework for licensed money lenders in Singapore is robust and designed to protect borrowers. The Moneylenders Act sets strict guidelines on various aspects of money lending, including interest rates, loan tenures, and fees. These regulations ensure licensed money lenders operate transparently and ethically, providing a safe and fair lending environment for borrowers. 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. The cap prevents exorbitant interest rates and helps protect borrowers from falling into debt traps.
The community in Ang Mo Kio benefits from the accessibility of licensed money lenders. Conveniently located, these lenders offer a wide variety of loan products, making it easier for residents to find the financial help they need. Whether it's a personal loan for unexpected medical expenses, a business loan for expanding operations, or a payday loan to cover immediate financial needs, licensed money lenders in Ang Mo Kio provide a reliable and efficient solution.
The approval process with licensed money lenders is typically quicker than with traditional banks. Such speed is perfect for urgent financial needs, enabling borrowers to get funds quickly without lengthy delays.
| 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 |
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.
Bank loans typically have lower interest rates but stricter eligibility criteria. Licensed money lenders offer more flexible terms but at higher interest rates.
The amount you can borrow depends on your income and the lender�s assessment. Generally, it ranges from a few hundred to several thousand dollars.
You can find licensed money lenders in Ang Mo Kio by checking the Registry of Moneylenders' list on the Ministry of Law's website.