Licensed Money Lenders Joo Chiat

Joo Chiat

Joo Chiat is an arterial road and a conserved residential area in the eastern part of Singapore. The place sits right 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 centre 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: 

Credible Experience with Joo Chiat Moneylenders

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. You can check it on the official list of licensed moneylenders posted on the Ministry of Law’s website. 

Getting a loan from these lending companies can guarantee you a safe transaction. 

Next is to check if there are negative reviews about them. Check their performance in the market. Know how long the moneylender has been operating. 

The more experience they have in the market, the better their reputation is. 

Process for Application and Approval

After choosing a moneylender, know the necessary documents. 

Traditionally, we go to the physical office of the lender to ask for requirements. But eventually, the lending industry adopted digital loan services. 

You can now check the required documents through the money lending’s website. You can even apply for a loan through the lender’s online loan services. 

Ensure to provide everything to get loan approval. Note that the requirements per moneylenders could vary. 

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

The likelihood of getting a loan approval depends on two things. First is the authenticity of the required documents you provide to them. And secondly, your capability to attend to your needs. 

If they couldn’t offer what you need, they might reject your application. Your approval also depends on the type of lender you are applying, too. 

Private moneylenders ask for few documents. Thus, making the approval fast. At the same time, other financial institutions will assess their borrowers. And it lengthens the process of approval. 

Interest Rates

Paying for the interest rate is something that goes along with your loan. Through interests, the moneylenders earn. 

As a borrower, make sure that your moneylender asks for a fair and reasonable interest rate. As per the Moneylenders Act, the most interest rates that moneylenders can offer is 4% a month. 

If you find the interest incurred in your loan is unreasonable, then you’re dealing with a loan shark. Beware of these illegal lenders. 

Not all moneylenders are offering the same interest rate. Each of them has its own set of policies and standards. But they have to abide by the law. Otherwise, the lender’s license will be at risk of losing it. 

Choose the one that you think you can afford on pay. The good news is the moneylenders in Joo Chiat offer low-interest personal loans. Consider comparing the interest rates. 

Try to compute the monetary value of the interest rate. Doing this will 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 more payments on your application.

Payment Scheme 

As a borrower, there could be a time that you will struggle with your finances. Ask how flexible is a moneylenders’ payment system.

Talk to your moneylender about your capability for repayments. It will give them a heads-up on how to put adjustments. This way, they can get a guarantee that you can pay them back. 

Ask about their different payment system. Most moneylenders offer various payment schemes. Choose what fits you in paying the loan.