Geylang is in the Central Region of Singapore. Hougang and Toa Payoh is in the North of Geylang. Marine Parade is in the south, Bedok in the East, and Kallang in the west.
It is famous as the red-light district. The Geylang Planning Area has five (5) subzones. The district expanded with residential shophouses, hotels, and restaurants.
They include a Gay Amusement Park outside the main gate of the old Kallang Airport. They were able to preserve their culture especially their Malay Culture.
Geylang Serai Market is one of the most famous and busiest markets in Singapore. The district has entertainment centers like karaoke lounges and other nightlife pubs.
Aside from that, Geylang is famous for Durian shops. The District is improving up to this day. Licensed moneylenders support the locals of Geylang and even the citizens of Singapore.
Things to Consider When Choosing Licensed Moneylenders in Geylang
Nowadays, many money lenders are growing rapidly. This might be challenging for borrowers in choosing the best moneylender for them.
But if you know what to do, you will get through it smoothly. So here is a guide in choosing the licensed moneylender that would meet your standards.
The first thing to do is to ensure that the moneylender has a license with high credibility. You can do a background check taking some things as your criteria.
Look to it that they are a valid license that is provided by Singapore. Make sure that they are sanctioned by the government. You can rest assured that you are safe with your chosen moneylender.
Also, check their years of operation. If your moneylender has been operating for a long time, there is a high chance that they are performing well in the market. This also proves that they have a reliable reputation.
Their clients’ reviews will also serve proof for their credibility. You are in a safe institution if there are no negative reviews.
Once you have determined the best money lending institution for you, the next thing you need to know is the application process. This also includes your probability to be approved.
Some factors can help you with your application. The first one is their requirements. Usually, moneylenders have the same requirements.
But there could be few differences with the required documents. Check if you can provide all the required documents.
Another factor is the time of the application process. Some moneylenders approve your application fast. Some would take a longer time. Consider your urgency of getting a loan.
Think if there is a high probability for your application approval. You can weigh it by the documents that you have provided them. On their side, they will approve if they determine that they can provide what you need.
Licensed Moneylender in Geylang
One of the biggest things to consider in choosing the best moneylender is their interest rate. Think is you are capable of paying the interest rate along with your loan repayment.
Compare the interest rate of all your prospect moneylenders. This will help you choose the best one.
The next thing for you to do is to convert the interest rate to its monetary value. This can give you a glimpse of the actual payment that you have to prepare.
Before signing any contract, ask your loan advisors if there are additional payments. Many borrowers could get some misunderstandings with their moneylenders because of this.
Flexible Payment Scheme
As a borrower, there are times when you won’t be able to pay. To prevent this from happening, you have to ensure that your moneylender has a flexible payment scheme.
You can discuss your capability to repay the loan with your moneylender. You can show them your timeline so that they can provide you some payment options.
Note that not all money lenders can provide you payment options. So make sure that you choose the best one that would be convenient for you.
Useful Steps in Applying for a Loan from Licensed
Moneylenders in Geylang
Step 1: Research about the Moneylenders
It is vital that before you choose your moneylender, you need to do some research. Researching will help you avoid landing on unlicensed moneylenders.
You check your potential moneylender from the Registry of Moneylenders. They will prove the moneylenders’ legality. And it will also show if they are licensed to operate.
Step 2: Schedule for an Appointment
Once you have chosen the potential moneylenders, call them for an appointment. Inquire about their loan packages or loan rates.
They might also give you a short interview about your salary, your source of income. They might also ask you if you have other loans from other lending institutions.
Make sure that you will be truthful with your answers, especially about your other loans. They have access to check your loans.
Step 3: Provide the Necessary Documents
Make sure that you have every document that they will be asking from you. You have to send the documents personally.
For Singaporeans, you have to provide your National ID, proof of income, and bank statement. They may also ask for your proof of residency and your employment contract.
Step 4: Visit the Office
Once you are done with all the documents, you have to visit the office to personally apply for a loan. You have to fill out an application form. Make sure that every information that you have provided is true.
Step 5: Claim your Cash
Next, a loan officer will determine if your application is approved or not. Once approved, discuss with them about the repayment schedule. Also know their interest rate and other necessary details that you have to know.
If all is clear after the discussion, you can now get your cash.