Licensed Moneylenders Jurong East

Jurong East

Jurong East is one of the top residential towns in Singapore. It is all because of the recreational sites and transportation services it offers. 

Residents who love to do physical and athletic activities can enhance their moves at Jurong East Sport and Recreation Centre. Add to that is the Jurong Lake Park. It’s one of the best leisure places you can hang out with your family and friends. 

If you want to jog or do other hobbies in flat terrain, you can go to Pandan Gardens Park Connector. It’s a very comfortable place to do activities.

Toh Guan Neighbourhood Park is one best place to unwind after your tiring work week. A quiet place where you are far from traffic and busy crowds.

There are so many things that Jurong East can offer to the residents. They can keep fit and healthy with Pandan Reservoir Fitness Corner and Jurong Country Club. 

Also, visit the top three tourist attractions – Science Centre, Snow City and the Chinese Garden.

You won’t get problems travelling around these places. MRT Stations and Bus Interchange are both serving within the town. 

Not only that. The lending industry leads here in Jurong East. Most of the residents enjoy supporting their funds with the help of licensed moneylenders in Jurong East. 

Get the best online loan products and services suited to your needs. 

The Different Types of Fees in Licensed Moneylenders in Jurong East

For some, personal loans and other instant cash loans are misleading. 

Instead of managing your finances, it digs a deep financial sinkhole. Yes, it will if you choose the wrong money lending companies. 

But if you get low-interest personal loans from Jurong East trusted lenders, they might even help you improve your credit history. 

Moneylending companies in Jurong East abide by the Moneylenders Act. It is where everything they charge is under control. It’s the only way the Ministry of Law can regulate the finance industry. 

The law exists to protect registered lenders and borrowers purposely. 

Last October 1, 2015, all licensed lenders are permitted to impose certain charges and expenses only. 

Late Repayment Fee

This type of penalty fee incurs when you pay your loan late. Such a penalty must not exceed $60 for each month of late repayment. 

If you don’t want to get charged, pay your dues on time. That way, you’ll settle your loan smoothly, and at the same time, earning good credit points.

Processing Loan Fee

This fee incurs upon taking up a loan. According to Moneylenders Act, the processing loan fees should not exceed 10%.

Administrative Fee

Other than late and processing fees, the borrower should also settle an administrative fee. The price refers to the legal costs ordered by the Court for a successful claim. It aids the money lending facilities on loan recovery. 

Does it sound too much? No, it’s not. 

Here’s a situation for better illustration: 

You take out a payday loan worth $10,000. 

The following interest rates and fees must not exceed the $10,000:

• Interest rate
• Late interest rate
• Administrative fee
• Monthly $60 late fees

There’s a safety bracket for you. All the imposed charges by the licensed money lender can not be more than your principal loan. 

Knowing all these things will help you prevent creating more debts. Instead, it enables you to handle it wisely. That’s why you must deal with legal lenders in Jurong East. 

Meanwhile, dealing with unlicensed lending companies have extravagant charges. It makes you pay more than you expected. Financial recovery is difficult. Avoid them at all costs.