Licensed Money Lenders Geylang

Geylang

Geylang is in the Central Region of Singapore. On its northern side, you’ll find Hougang and Toa Payoh. Marine Parade lies in the south, while Bedok and Kallang on the east and west. 

Geylang’s town is famous as the red-light district, housing the Geylang Planning Area with five subzones. The community 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 centres 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, money lending companies are overgrowing in Geylang. Choosing where to get the best personal loan might be challenging for borrowers. 

But if you know what to do, you will get through it smoothly. So here is a guide in choosing the trusted licensed moneylender that would meet your standards.

Credibility

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. 

The Ministry of Law (MinLaw) provided the official list of all licensed moneylenders all over Singapore. You can search it through MinLaw’s website. Enlisted lenders abide by the Moneylenders Act. That said, you are safe when you transact with such licensed moneylenders. 

The money lending’s years of operation can prove that the company is stable. And there’s a high chance that they perform well in the market. And note that the longer they operate, the more reliable they are. 

Their clients’ reviews will also serve as proof of their credibility. You are in a safe institution if there are no negative reviews. 

Application Process

Once you have determined the best money lending institution for you, the next thing you need to know is the application process. Also, it includes your probability to be approved. 

Some factors can help you with your application. The first one is their requirements. Usually, moneylenders have the exact conditions. 

But there could be few differences with the required documents. Check if you can provide all the required documents. 

Another factor that you should consider is how fast the application process is. Some moneylenders grant quick loan approval. Some take a longer time. Consider as well your urgency of getting a loan. 

Think if there is a high probability of 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.

Currently, the moneylending industry is now offering online loan services. Thus, it paved a more convenient way in applying for a loan. 

Interest Rates

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. It will help you choose the best one. The next thing for you to do is to convert the interest rate to its monetary value. It 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. 

The great thing is, Geylang money lenders offer low-interest personal loans and payday loans. 

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. Most of them offer weekly, bi-weekly, and monthly repayment term.

The weekly repayment term means you pay after seven working days. Bi-weekly means you pay every after fourteen days (two weeks). While monthly repayment term means you pay the loan within 28 days. 

You can discuss your capability to repay the loan with your moneylender. You can show them your timeline so that they can provide you with some payment options. 

Note that not all money lenders can provide you with payment options. So make sure that you choose the best one that would be convenient for you.