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City Plaza is a commercial property for the light industry. It is nearby Singapore Post Center and Geylang Serai Malay Village.
There are shops and a basement car park in the Plaza. You can find eateries at Little Vietnam Restaurant and cafes at Grandlink Square.
Famous Arnold’s Fried Chicken Restaurant is also in the place. There are other amenities nearby like supermarkets, retail shopping, and banks.
Starbucks and Cheers convenience store also lies in City Plaza. Add to that are Cold Storage for grocery, Unity for Pharmacy, and a mall. All those amenities are about ten minutes walk from the City Plaza.
There are also schools located in the modern place of City Plaza. That includes the Chung Cheng High School, Tanjong Katong Secondary School, and Kong Hwa School.
Living in City Plaza could be convenient for most people. Almost everything that you need is accessible. Also, City Plaza houses the leading licensed moneylenders, offering the best online loan products and services. But the problem is, illegal lenders called loan sharks are also growing in numbers.
Let’s talk about how we can identify which are legal or not.
Loan Sharks are illegal or unlicensed money lender that can be found in City Plaza. Be very careful with them since they are a bit difficult to spot. Some even know they are already victimised by loan sharks when it is too late.
Here are some signs that you need to look at about loan sharks:
Loan sharks are pushy when it comes to selling their loan. They will continuously send you messages through emails, texts, or they may even call you. They will use many strategies to get you into borrowing a loan from them.
Loan sharks use effortless loan application. Most will not ask for documents from you. They might not even show you documents like a loan agreement or your record of payments.
These strategies could be alluring to desperate borrowers. If you encountered this situation, better stop dealing with them before it’s too late.
Loan sharks won’t inform you about essential loan terms. They might not even update you about your interest rate and the money left for you to pay. They also impose a sudden increase in the interest rate.
Loan sharks will ask for additional fees without even explaining the details to you. They will change their terms without notifying you.
Over time, they can get nasty with you. Loan sharks intimidate or threaten you if you couldn’t pay off your debt. Some may even pose harassment. A licensed moneylender would never do those things.
Most unlicensed money lender in City Plaza will ask for a guarantor. Some will take items such as your passport, bank cards, or any of your assets and properties. They will use it to show borrowers their form of security.
These are the five common characteristics of a loan shark. They don’t care whether they oppose the Ministry of Law’s Moneylenders Act. They only focus on their profit. So, if you happen to observe such behaviours, report them right away to authorities.
Trusted Licensed moneylenders could save you with your stressful finances. So here are some qualities of licensed money lender in City Plaza.
Moneylenders are transparent with their loan contracts. They will explain every detail that you need to know about your loan.
Most City Plaza moneylenders offer low-interest personal loans. They will discuss with you the calculation of the interest rate based on your chosen loan term.
They will also discuss whether you chose a loan term that suits your financial situation or not. You’re also free to ask if things went confusing for you.
Note that loan officers of licensed lenders address the questions correctly. If they leave you hanging with an unresolved answer, you might be dealing with loan sharks.
Licensed moneylenders should follow the law. It tells that the loan an applicant can borrow will depend on their annual income.
They will give you a moneylending plan that is convenient for you. By basing the repayment terms and your loan amount on your income, there is a guarantee that you can pay your debt.
The contract signifies the agreement made between you and the moneylender. It will protect you when untoward issues happen in the future.
Included in the contract are the interest rate and the repayment period. Other important details are late payment fees and repayment options.
There are guidelines for borrows to know when it comes to interest rates. Remember that moneylenders do have the right to demand their interest rates.
You should check the interest rate and the fees in the contract. All moneylenders are required to adhere to the guidelines.
If the moneylender demands a high interest rate, they might be loan sharks. You have to be keen observant as well.
All licensed moneylenders need to have a physical office for them to operate legally. You can check the name of the moneylender from the moneylending’s official website. You can also search for their legality.
The physical office should be well-maintained. Aside from the physical office, moneylenders should look professional.
Transactions must be done at the office, especially the signing of the contract. Though at times, they reach you through phone calls or email.
If you meet a moneylender that does not operate in a physical office, they are most likely loan sharks.
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