Commonwealth is served by the best transport system, which is the Commonwealth MRT Station (EW20). It is a Mass Rapid Transit (MRT) station above the ground. Its location is on the EastWest line in Queenstown at Commonwealth Avenue. More or less, its near the junction of Commonwealth Drive.
Aside from that, the Commonwealth is a residential neighborhood. Citizens here educate their children at the following schools. New Town Primary School, CHIJ Kellock, Faith Methodist Church, and Queensway Secondary School.
Add to that, the Commonwealth is known for the best money lending institutions. Licensed money lenders in Commonwealth are readily available. It is accessible for all the residents including foreigners residing in Singapore.
Interest in their loan offers? Check out what should do before you click the Apply Now button.
Best Advice when Borrowing Money from Licensed Money Lenders in Commonwealth
Licensed money lenders in Commonwealth offer the best loan products and services you can imagine.
However, not all are aware of it. That’s why we have opened up this article for you.
Get the top tips when you think of taking out a loan from a money lending company.
Apply for Short-term Loans
Short-term loans are way better than long-term loans.
Wanna know why?
Short-term loans are way achievable than the latter. Within 30 to 90 days, you can finish your financial obligations. Just pay on time or before the due date, if the lender permits.
Also, short-term loans allow you to build a better credit rating. In just a matter of weeks, a good score is given as long as you pay diligently.
Long-term loans might seem a good offer because of lower monthly dues. However, it accumulates the interest rates as the term continues. As a result, you pay more than you expect.
Submit Requirements Personally
After your online loan application, you will receive a notification from the lender. It can be either a phone call or email. Prioritize to complete all the required documents.
Afterward, proceed to the physical office of your chosen lender. Make sure that you have all the requirements needed. As indicated by the Ministry of Law, all your paperwork must be personally.
Moreover, a brief interview is conducted to verify your documents.
Meanwhile, there are lending facilities that facilitate the submission of requirements through fax. Kindly reject their offers as this is loan sharks doing. You may also report them to the authority.
Licensed Moneylender in Commonwealth
Watch Out for Promotional Ads
Licensed money lenders in Commonwealth are known in Singapore because of their enhance website.
They do not use social media ads for promotion. Giving off leaflets to every individual is not their option. Sending emails persuading aspiring borrowers are not their course of action. All because they strictly abide by the law.
Instead, they put all the effort to make their website on top. So when you search for the best lender, you’ll see licensed money lenders first.
A Loan is Better than Credit Cards
Contrary to the majority’s belief, a personal loan application is way better than credit cards.
Credit card application takes days to process and approve. You have to wait for your card to pay off any emergency bills.
Add to that, cash advance through credit cards is tricky. The interest rate charged is different from credit card usage. Once you make a cash advance in your credit card, you are charged daily. If left unpaid for several days, a higher fee is charged on you.
On the other hand, a payday loan application is a one-day process. Apply online, visit the lending office with completed documents, get approved and claim loan cash within 30 minutes. No need to wait in vain.
Know your Ceiling Loan Amount
Everybody can apply for a personal loan. But the loan amount is not as high as the sky.
To regulate the loan amount approved for every individual, the law provided a ceiling value. And it is based on your regular annual salary and residency.
So if you earn less than $10,000 every year, the ceiling amount is $3,000. This applies to Singaporean and Permanent Resident. If you have an ongoing loan of $500 from Lender A, the remaining ceiling amount is $2,500.
On top of that, foreigners residing in Singapore can borrow money. If your foreign friend earns less than $10,000 annually, the ceiling loan amount is $500. Your friend can borrow from Lender A $200 and borrow the remaining $300 on other lenders.
This is discussed thoroughly by the licensed moneylenders in Commonwealth. Listen attentively. Ask aways your questions to avoid confusion.
Now that you know these things, there’s no doubt you can avail of the top loan product and services.
Most importantly, identify legal lending companies from the illegal ones. It saves you from paying more than you should. Find them easily through their promotional and marketing tactics. Licensed money lenders in Commonwealth are very compliant with the Moneylenders Act. Visit their website and apply for a personal loan now.