Jurong is well-built in the country. It has several surrounding infrastructures.
For transportation, MRT, Bus Interchange and Private Expressways and available.
Notable shopping malls like Jurong Point Shopping Mall and IMM in Yuhua are visible.
You can visit the best tourist spots in the place. The Singapore Centre, Snow City, Singapore Discovery Centre, and Jurong Bird Park.
Also, financial facilities like Licensed Moneylenders are in the place. They offer the topmost loan services in Jurong utilized by the citizens.
Get all these services when you visit Jurong.
How does Licensed Moneylenders in Jurong charge?
Have you wondered if licensed moneylenders in Singapore have the same interest rates?
The answer is no. But it is regulated and has a maximum interest rate limit.
Thanks to the rules and regulations from the Moneylenders Act.
According to them, a licensed lender can charge up to 4% per month. Regardless of the borrower’s income and type of loan.
Add to that, another 4% per month is charged for every loan repaid late. Take note that the percentage is the maximum limit already.
Licensed moneylenders in Jurong are considerate with their borrowers. Loan officers explain all of these before you finalize your loan application.
Confused about how they compute your interest rate? Here’s a better scenario.
The interest charged on your loan is based on the principal loan amount.
Remember that total payments are immediately deducted from the principal loan amount.
Let’s say, you borrow the amount of $10,000. Your initial repayment amount is $4,000. Therefore, the remaining $6,000 is taken into account for interest rate calculation.
If you fail to pay on time, a different rate is charged on your account.
For instance, you borrow a loan amount of $10,000 from a legal lending facility.
On the first installment, you fail to pay the amount of $2,000. The lending company can only charge the late interest on $2,000, disregarding the remaining $8,000.
Licensed moneylenders in Jurong charge only on the outstanding amount for the month. They can not charge on the due to be repaid on the succeeding months.
If you fail to pay your due amount in February, your late interest rate is for this month only. The remaining balance for March is not affected.
Be equipped with the right information before you proceed with your loan application.
Licensed moneylenders in Jurong are known for their transparency. They clearly explain and elaborate on how charges are applied.
Licensed Moneylender in Jurong
Repayment Tips by the Licensed Moneylenders in Jurong
Missed payments and late repayments are manageable. If you have the right technique, you can always pay on time.
Licensed moneylenders in Jurong cited some repayment tips for you. You might consider them on your future financial needs.
Pay on time
On-time payment is the best solution to avoid incurring penalty fees.
Aside from that, you can take out a new loan once you completed your financial obligations. This way, you are on the right path to building a healthy credit score. Nice isn’t it?
Add to that, the chance of a bigger loan amount is possible. Your on-time payment behavior is recorded by your lender. In short, it makes you a low-risk borrower. Money lending companies will trust you more with a high loan amount.
Pay ahead of time
You don’t have to wait for the due date before you repay. Licensed moneylenders in Jurong accepts early repayment without penalty. Amazing right?
In other lending facilities, a pre-termination fee is charged. But with the legit lenders in Jurong, you can finish it earlier.
You can save more money from interest rates. Plus, it lessens your financial obligations. Make sure you are financially equipped when you early terminate your repayment. Don’t jeopardize your other financial obligations.
Set an alarm
Once you know when is your repayment schedule, set an alarm on your phone. This is the best way to remind you about your financial responsibility.
However, it should be set at least 3 to 5 days before the due date. So, you have ample time to prepare and budget your finances.
Also, you can put it in your planner or calendar. Every time you browse your schedule, you can see the nearing due date.
Pay online or offline
There are two ways to repay. Either through online payment or offline payment.
The majority prefers online payment. It’s less hassle. No need to line up at the cashier. No need to carry a huge amount of cash.
Licensed moneylenders in Jurong partnered with PayNow to do the online payment. It is the most popular online payment in the place.
Traditional payor prefers to pay offline. They say they can track their payments more this way.
Simply visit the lending office on or before your due date. Give your cash payment and wait for your official receipt.
Keep Official Receipts
The simplest yet most neglected obligation is keeping the receipts.
The Official Receipts are very important references. You can also see how much you have paid off on your loan.
Paid online? You’ll receive a virtual receipt in your email. Save it. It works the same way as the Official Receipt issued by the cashier.
Licensed moneylenders in Jurong emphasizes the importance of on-time repayment. It keeps you from paying more. The earlier you settle your loan, the lesser you’ll pay.
Application for a personal loan must be well thought of. Don’t decide without proper knowledge. Estimate how much you need, the interest rate charged and other fees included. Ask your lender about it.
Licensed moneylenders in Jurong enumerates all the fees and how it is computed. Contact them through their official website.