Ang Mo Kio
Ang Mo Kio is also called AMK. It is a residential town in the Northeast of Singapore. It is the third most populated town in the northeast region. And it is the eight most populated all over Singapore.
It used to be a rural town that is focused on agriculture. Because the Housing and Development Board made it into an urbanized town.
Despite it being highly urbanized, there are still parks to balance its environment. Those parks are Ang Mo Kio Town Garden East and Ang Mo Kio Town Garden West.
There are hospitals and polyclinics in town that address medical needs. Shopping malls are all around town to provide for basic needs. They are the AMK Hub and Broadway Plaza. The other two famous shopping malls are Djitsun Mall and Jubilee Square.
There are eight primary schools and eight secondary schools. Colleges are also in Ang Mo Kio.
For their financial needs, there are licensed moneylenders in Ang Mo Kio.
Useful Factors in Choosing the Best Licensed Moneylenders in Ang Mo Kio
The steady rise of licensed moneylenders in Ang Mo Kio may pose difficulties to borrowers.
Are you one of those who are confused about choosing the best for a financial institution?
Here are some factors you can consider in choosing the licensed moneylenders in Ang Mo Kio.
One primary factor to consider is how credible a moneylender is. You can gauge their credibility by their license.
In Ang Mo Kio, moneylenders can only operate when the government issued them a license. That means that a licensed moneylender meets the standards once they have a license.
Another thing that will gauge their credibility is their performance in the market. Research about the feedback of their previous clients.
Weigh if most of the feedback is negative or positive. If most of the response is negative, then you should find another moneylender.
One last thing to consider is their years in the market. The longer they have survived in the market, the higher their credibility of the lender.
The interest rate is something that comes along when you apply for a loan. In choosing the best moneylender, you have to be meticulous with the interest rate.
You need to make sure that the interest rate that they offer is favorable and fair.
Provide a list of your potential licensed moneylenders in Ang Mo Kio. Compare their interest rate and choose the one that is appropriate for you.
Are you worried about not being able to pay your due loan? There are times when borrowers may struggle financially. Some might miss the repayment date.
To avoid this, try to discuss with your moneylender about their payment options. Those the repayment scheme that is suitable for your source of income.
Be honest about your capability to pay the loan, so that they can make some adjustments for you. Make sure that your income is enough to cover your repayments.
Licensed Moneylender in Ang Mo Kio
Application and Approval
The first thing you need to know before your application is the requirements. See to it that you have the complete documents before filling out your application form.
The next thing for you to consider is your qualification for a loan. You should know what kind of loan you are applying for. Your approval depends on your attitude on paying loans.
They also approve your application if they know that they can give you your needs. Know the type of moneylender that would address your needs.
Steps in Applying for Loan from Licensed Moneylenders in Ang Mo Kio
Are you curious about your loan application process? To give you an insight, here is the step-by-step process for your loan application.
Step 1: Documents Preparation
Prepare all the necessary documents. Complete your application form.
Be honest about every data that you provide in your application form. This will earn the trust of your moneylender.
Once all forms are filled out and all documents are ready, submit them personally.
You need to go to the physical office of your moneylender.
Step 2: Credit Report Analysis
In this step, they will decide the amount of loan that you can get. You can also decide the interest rates.
Take note that if you have a low credit score, you might have a higher interest rate. Make sure that you have a good credit score when you apply for a loan. Because if you do, it will help you get the loan you need.
Step 3: Verification of Source of Income
This step will determine your capability to repay your loan. The licensed moneylender in Ang Mo Kio will examine your income.
They may also check on your assets and your employment information.
This will be the basis for moneylenders’ decision on whether to approve your application or not.
Step 4: Approval of the Loan
In this step, the moneylenders will tell you if they accept your application.
When you are accepted, you may decide about your repayment scheme, interest rates, and the terms and conditions.
Once every detail is clear and certain, they will approve your loan amount.
Step 5: Contract Signing
After the approval of your loan, you have to sign the contract. This will ensure that you and your moneylender have agreed on your loan.
Make sure that your moneylender will provide your copy of the contract.
Lastly, you can have your cash. You also have to pay for the processing fee and other charges.