Joo Chiat

Joo Chiat is an arterial road in the eastern part of Singapore. It is also a conserved residential area. It is between Geylang Serai and Marine Parade Road. 

Joo Chiat is the first Heritage Town in Singapore. It empowers and preserves the Peranakan Culture. 

It is well-known for its eateries which made it the best food center in Singapore. They promote multicultural restaurants. Aside from the Peranakan food culture, they also have Chinese and Western food hubs. 

Joo Chiat is the “Little Vietnam” of Singapore. It is because the majority of the restaurants serve Vietnamese food. There are also Vietnamese stores that serve Vietnamese residents in the area. 

Licensed moneylenders in Joo Chiat help residents with their financial problems. 

Guide to Choosing your Licensed Moneylender in Joo Chiat

Finding the best-licensed moneylender could be challenging for borrowers. Since nowadays, many moneylenders are sprouting everywhere. 

Here are some factors to consider when choosing the best-licensed moneylender in Joo Chiat: 

Credible Experience 

The initial step to do is to do a background check. See the moneylenders’ credibility and experience in the market. 

Confirm if they have a valid license from the Singaporean government. This will secure safety on your loan. Next is to check if there are negative reviews about them.

Check their performance in the market. Know how long they have been operating. The more experience they have in the market, the better their reputation is. 

Process for Application and Approval

After selecting the moneylenders that you are looking for, know the necessary documents. 

Ask them all the required documents. And see to it that you provide everything to ensure approval of your application. Requirements per moneylenders could vary. 

Check how long is the processing and approval. Moneylenders’ approval also varies. Some may approve your application fast, others may take a longer time.  

The likelihood of your application to be approved depends on two things. The first one is by providing all the required documents. The second one is their capability to attend to your needs. If they couldn’t provide what you need, they might reject your application. 

Your approval also depends on the type of lender you are applying to. Private moneylenders ask for few documents. Thus making the approval fast. 

Other financial institutions will assess their borrowers. This could lengthen the process of approval. 

Interest Rates

Paying for the interest rate is something that goes along with your loan. This is where moneylenders earn. 

As a borrower, make sure that your moneylender asks for a fair and reasonable interest rate. The unreasonable high-interest rate could be a burden to you. 

Consider comparing the interest rates of financial institutions. Choose the one that you think you can afford on paying. 

Try to compute the monetary value of the interest rate. This can give you an idea of how much will be added to your loan repayment.

Before signing the contract, ask if there are other fees. They might ask for additional payments on your application.