Ang Mo Kio, a vibrant residential town in Singapore, features a wide range of 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 examines the specifics of licensed money lenders in Ang Mo Kio, focusing on their benefits, application procedures, 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. 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.
Even assuming kio refers to a bridge, the identity of the bridge remains unclear.[19] One theory states that Ang Mo Kio had two bridges of significance: an old wooden bridge (pang kio in Hokkien) over the Sungei Tongkang river, and a newer concrete bridge on Cheng San Road over a tributary of the Kallang River. Since concrete in Hokkien is 红毛灰 ang mo huay "Western ash", the bridge and consequently the area around it became known as 红毛桥 ang mo kio, short for "concrete bridge".[20] Alternatively, the name could refer to a bridge reputedly constructed under the supervision of British engineer John Turnbull Thomson at what is today the intersection of Upper Thomson Road and Ang Mo Kio Ave 1.[19] The area of Ang Mo Kio has also been historically referred to as Kou Teu Kio, meaning "nine bridges".[21]
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. Next, you'll need to provide necessary documents like identification, proof of income, and other relevant paperwork. These documents are crucial for the lender to evaluate your application.
To find a reputable licensed money lender in Ang Mo Kio, thorough research is needed. One of the first steps is verifying that the lender is listed in the Ministry of Law’s registry of licensed money lenders. This registry, available online, provides a comprehensive list of all authorized lenders in Singapore, allowing borrowers to confirm the legitimacy of their chosen lender.
Debt consolidation loans are another valuable option provided by licensed money lenders. These loans combine multiple debts into one, simplifying repayment and often reducing the overall interest rate. Debt consolidation can help borrowers manage their finances more effectively and avoid the stress of juggling multiple loan payments.
Licensed money lenders are financial entities sanctioned by the Singapore government to provide loans to individuals and businesses. They follow stringent guidelines set by the Ministry of Law, which ensure 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.
The Moneylenders Act governs the licensed money lending industry in Singapore. Interest rates charged by licensed money lenders are capped to prevent exorbitant charges. As of 2015, the maximum interest rate is capped at 4% per month for both secured and unsecured loans. Loan durations are regulated to ensure borrowers can handle their repayments. This regulation prevents lenders from extending loans over unreasonably long periods. Licensed money lenders can only charge certain fees as specified by the law. These fees include a loan approval fee, late repayment fee, and early repayment fee, which are regulated to prevent excessive charges. Lenders must adhere to strict advertising regulations to prevent misleading or aggressive marketing practices. These guidelines ensure borrowers get accurate information about loan products.
| 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 |
Repayments can be made through various methods such as bank transfers, GIRO, or in-person at the lender�s office. Always get a receipt for your payments.
Yes, you can negotiate loan terms, including the repayment period and interest rate, with the lender.
Yes, you can repay your loan early. Some lenders may charge an early repayment fee, so check your loan agreement for details.
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.