Licensed Money Lenders City Plaza

City Plaza

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. 

Warning Signs of a Loan Shark in City Plaza

Loan Sharks are illegal or unlicensed moneylenders. 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 Solicitation 

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. 

Easy Loan Process

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. 

Inconsistencies with their Loan Condition

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. 

Threats and Harassment 

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. 

Taking Collateral 

Most unlicensed moneylenders 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.