Advisory
Licensed Money Lenders Boon Keng
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Short Term Loans
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Eligibility and Documents Needed
Loan applicant must be aged 21 years and above
Singapore Citizen or Permanent Resident
In employment
Eligibility and Documents Needed
- Identification Card (NRIC)
- Singpass Login
- Proof of billing ( Any latest bill indicating residential address)
- Latest 3 month original payslip (Only applicable if there is no cpf contribution)
- Letter of employment (Only applicable for new employment)
For Self Employed
- Identification Card (NRIC)
- Singpass Login
- Notice of assessment (NOA indicating trade income)
- ACRA (Accounting/Corporate Regulatory Authority)
- Proof of billing ( Any latest bill indicating residential address
For Taxi Drivers
- Identification Card (NRIC)
- Vocational license
- Taxi pass
- Min 7 days job summary
- Proof of billing ( Any latest bill indicating residential address)
Boon Keng
One of the subzones in Kallang Singapore is Boon Keng. It is named after a prominent figure, Dr Lim Boon Keng.
It is enclosed Pelton Canal in the north and Sims Avenue in the south. Kallang-Peya Lebar Express Way and Sims Way in the east and Kallang River in the west.
There are many places you can go to in Boon Keng. Besides beautiful sites, essential places like financial facilities are no exception. In fact, Boon Keng is known to have many financial entities, providing various loan options to residents.
Licensed money lenders in Boon Keng give out the best low-interest personal loans. Check out how much you can borrow.
Licensed Moneylenders in Boon Keng allowable Loan Amount
Desperate to fix your financial issue? Resolve it quickly with the instant cash loan from the licensed moneylenders in Boon Keng.
Are you aware that there is a loan amount limit?
You read that right. Every loan you take is based on your annual income. For better understanding, here is a thorough discussion.
Unsecured Loan
Singapore Citizens, permanent residents, and foreigners residing in Singapore are entitled to take out a personal loan.
Licensed money lenders in Boon Keng offer unsecured personal loans. You can borrow money without using collateral.
But, there is a ceiling loan amount you can take. It depends on your yearly income.
Below is the elaboration.
Every Singaporean and permanent resident who earns:
- less than $10,000, they can borrow up to $3,000
- at least $10,000 and less than $20,000, they can borrow up to $3,000
- at least $20,000, they can borrow up to 6 times their monthly income.
Every foreigner residing in Singapore who earns:
- less than $10,000, they can borrow up to $500
- at least $10,000 and less than $20,000, they can borrow up to $3,000
- at least $20,000, they can borrow up to 6 times their monthly income.
Are you a permanent resident that earns $9,000 annually? You’re allowed loan amount is $3,000.
If you borrow from Lender A $1,000 and plan to take another loan from Lender B. The remaining loan amount you can take is $2,000.
Be reminded of the importance of paying off your total loan amount on time. This cleans out your record. Without an outstanding credit, you can take a new loan based on your ceiling amount.
Secured Loan
Secured personal loans by the licensed moneylenders in Boon Keng is very simple.
They lend you money on behalf of collateral. The allowed loan amount is based on the value of your property.
Therefore, you can obtain any loan amount.
Be careful, though. There is a high risk of losing your property if you fail to pay it back on time.
Licensed moneylenders in Boon Keng value their borrowers. They understand the need for instant money. Moreover, they need to protect their company. They should follow the maximum loan amount per borrower according to the Moneylenders Act.
Licensed Money Lenders Boon Keng
Payments charged by the Licensed Moneylenders in Boon Keng
There are other fees included when you take out a secured loan from legal lenders. These must be settled together with your principal loan amount.
As a safeguard to borrowers, the Ministry of Law permits certain fees to be charged. These are as follows.
Interest Rate
On October 1, 2015, the maximum interest rate to be charged was 4% per month. Regardless of the borrower’s annual income and the type of loan they applied.
If you fail to pay on time, you’ll be charged up to a 4% interest rate for every late repayment monthly.
For example, you’re not able to repay on time in July but settle on time in August. You’ll have an interest rate charge for July while your due amount in August stays the same.
Do you want to understand how the interest rate is computed?
The interest rate charged on the loan is based on the principal amount after deducting from the borrower’s original principal total payment.
Borrower A took a personal loan of $10,000 then repaid $4,000. The remaining $6,000 is taken into account for the interest computation.
How to compute the late interest?
The late interest rate is only charged on the amount with late repayment. Licensed moneylenders in Boon Keng do not charge the outstanding amount that is not due yet.
Borrower A took a payday loan of $10,000. Failed to repay on the first instalment of $2,000. The reputable lender can charge a late interest of $2,000. However, the remaining $8,000 is not affected as it is not due yet.
Other fees
Aside from the interest rate, a licensed moneylender is only allowed to impose certain charges. These are:
- Late repayment fee – not exceeding 60$ each month
- Processing fee – not exceeding 10% of the principal loan amount, once the loan is approved
- Legal costs – dictated by the court for every successful claim by the moneylender to recover the loan.
It gives you a safety net as a borrower.
Any licensed lender can only charge the following: interest rate, late interest, upfront administrative fee, and late fee. But these should not be more than the principal loan amount.
For instance, Borrower A has a short-term loan of $10,000. In this loan, the interest rate, late interest, the 10% administrative fee, and the monthly $60 late fee should not exceed $10,000.
Knowing all fees and learning how to calculate interest properly is an advantage. It can save you from unlicensed moneylenders and loan sharks.
When you inquire about the licensed moneylenders in Boon Keng, you’ll fully understand the importance of taking unsecured personal loans. They will also elaborate on your options and payment schemes.
Contact them now and get amazing loan products and services.
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