Toa Payoh is a residential town in the northern sector of the central part of Singapore. It borders Bishan and Serangoon to the north. To the south is Kallang.
It was a squatter area where people engage in farming and raising pigs. Other settlers were factory workers, mechanics, and domestic helpers.
It is the second oldest town and the first to be built. There are housing estates in the city that caters to locals and residents. It has a town center for shopping and entertainment.
The industrial area of Toa Payoh provides job opportunities to residents. The Toa Payoh Town Park is a garden park. It is popular for willows and bamboo.
At the center of the Toa Payoh Town Park are a carp pond and waterfall. It is the best go-to-place for those who love fishing.
Toa Payoh Stadium provides the sporting and recreation needs of the locals.
Beside it is the Toa Payoh Sports Hall and Singapore Table Tennis Association Academy.
The town of Toa Payoh gives you everything that you need. They even have reputable licensed moneylenders. They can provide for the financial demands of their residents.
Mistakes That Can Ruin Your Credit Score
One important thing that the licensed moneylenders consider is your credit score.
When you apply for a loan, they check for your credit history and credit rate.
You must maintain a favorable credit score. This can increase your chance to be approved by moneylenders. As much as possible avoid ruining your credit score.
Here are some of the things that can ruin your credit score:
Numerous Credit Accounts
If you have many debts to pay, it could greatly affect your credit score. And if you have different accounts, it can also have an impact on your credit score.
Make sure that your loans are not scattered on different credit cards. There might be some bad effects on your credit score. That’s why moneylenders discourage borrowers to have more than two credit cards.
Numerous Loans in a Short Time
If you apply for many loans in a short period, it could pose a negative impression to your moneylender.
This will give moneylenders a hint that you are struggling in your finances. This can take down your credit rating.
Some borrowers tend to ask for a low amount of loans, only to realize that it is insufficient. So, they try to apply for another loan to cover the deficit. This situation usually happens to first-timers.
It is advisable that before you apply for a loan, you need to assess your financial need first.
Be specific with the amount of money that you need. Take all that on one single loan.
Student loans, car loans, or personal loans have fixed repayments.
If you didn't pay for more than thirty days, you will be considered as delinquent.
If you happen to settle your late repayments too often, it will impact your credit history. So, avoid having late repayments as much as possible.
Try to settle your repayments on time. Over a year, you may gain a good credit history.
Yet, if you can’t settle your payments on time, call your moneylenders. Some of them are willing to recommend any alternative modes of payment.
Licensed Moneylender in Toa Payoh
Keeping a good record of your repayments will help you gain a good credit score. Licensed moneylenders in Toa Payoh give loans based on your credit rating.
The higher your credit score is, the higher the percentage of the loan you will get. But if you do not have a good credit score, you get a lower amount of loan.
But if you have never used any credit at all, the moneylenders won’t have a basis on approving your loan. They usually decide on approving your loan based on your credit history.
How to Keep a Good Credit Rating
Now that you know the common mistakes you need to avoid, here are things that can help you gain a good credit rating.
Do Not Make Successive Numerous Loan Enquiries
Avoid doing many loan inquiries. Future moneylenders can see all your inquiries from your credit history. They might think that you are desperate for the loan. This could pose a negative impression from the moneylenders.
Do not try to apply for two loans in a short interval. It is better that you assess your needed amount before your application.
Repay Your Loans
Track your repayment dues. As much as possible avoid missing your dues. Being diligent with your repayments may increase your credit rating.
If you think you can't pay your loans on time, inform your licensed moneylender. Let them know that you might be late with your payments.
They can help adjust with your repayment terms. Telling them about your circumstances is way better than hiding your situation.
Take a Small Loan
If you have a bad credit score, taking a small loan is the best thing for you to do. But make sure that you will pay your dues on time and without missing any repayments.
Increasing your credit score could take a long time by using this process. But this will help you get a better credit rating.
Never Default On Your Loans
If you do not pay your loans, your chance for getting a loan in the future could get lower. Some moneylenders in Toa Payoh might not accept your application.
If it burdens you in paying your debts, talk to your counselor or financial advisor. They can offer your solutions to your situation.