Pasir Ris is a planning and residential area in the Eastern section of Singapore. Tampines and Paya Lebar in the south surround it. There is also Sengkang in the southwest and Changi in the east.
The town is growing because of its ease of access. People can go to and out of Pasir Ris with ease. There is Pasir Ris Bus Interchange and the Mass Rapid Transit.
Some famous landmarks in the town are the Pasir Ris Beach Park and White Sands Shopping Mall. For recreation, there is Pasir Ris Park and NTUC Downtown East. NTUC Downtown East has amenities like chalets, theme parks, and bowling alleys.
Pasir Ris part of the plans for the wafer fabrication in Singapore. They have two fabrication parks up to these days.
This town has six (6) major shopping malls other than the White Sands Shopping Center. These are Loyang point, Pasir Ris Drive 6, and Elias Mall. The other two are the Pasir Ris West Plaza and NTUC Downtown East.
Another great thing about Pasir Ris is the licensed moneylenders. They are willing to aid their locals with financial help.
Signs You Are Dealing with Licensed Moneylenders in Pasir Ris
Getting licensed and reliable moneylenders in Pasir Ris might be troublesome for borrowers. Do you need help with these struggles?
Do not fret because here are some signs that you are dealing with licensed moneylenders in Pasir Ris.
It is a moneylender’s responsibility to be transparent to their borrowers. They show it by discussing all the terms and conditions before you get a loan.
They should provide answers to your questions. And notice if their answers are consistent and reliable.
They should explain everything. From their interest rate to the method and options for repayments. They should also include the repayment period. So that you will know when you will finish repaying the loan.
If you notice that they cannot answer or try to avoid answering your questions, be vigilant. They might be illegal moneylenders.
Contract with Clear Details
Moneylenders are required to present a contract to their borrowers. Read the document well. Note if everything that is written was discussed to you. And if you have questions about the loan terms, ask them about it.
The details that should appear on the contract are the loan amount and the interest rate. They should also include the repayment period. There should be repayment options and penalties for late payments.
If your moneylender doesn’t ask you to sign a contract, they might be loan sharks. But still, be very careful because some loan sharks will give you wordy contracts.
It could be tiresome to read lengthy contracts but read every single detail about it. Some loan sharks produce those kinds to mislead their borrowers.
Licensed Moneylender in Pasir Ris
Fair Interest Rate
The Ministry of Law Singapore produced some guidelines about interest rates. Moneylenders are not allowed to charge more than a 4% interest rate.
If they charge you more than this, there is a higher chance that you are dealing with an illegal moneylender.
Licensed moneylenders in Pasir Ris are not allowed to dictate their interest rates.
Another thing that licensed moneylenders should discuss to you is their additional fees. Some of them ask for chargers other than the interest rate.
They can ask you about the service fee, late payment fee, and legal fee. If your moneylender asks for fees other than these three, are indicators of a loan shark.
Loan sharks will not discuss additional payments. So, make sure that you ask your moneylender about these.
Misconceptions About a Loan from Licensed Moneylenders in Pasir Ris
Good Credit Score is Required
Having a good credit score is important in getting a loan. But if your credit score is not that good, you still have a chance to get a loan.
There are other options that moneylenders can offer to you. They rarely decline a loan application. Just make sure that you have not made default payments on your previous loans.
Similar Interest Rates
It is a wrong notion from some borrowers to think that all moneylenders ask for the same interest rate. Yes, they are competing against each other, but their interest rate still varies.
Remember that the interest rate that they offer is based on your capability to pay them back. They will also base it on your financial needs.
Employment Status to Get a Loan
Being employed is one of the requirements if you want to apply for a loan. Are you worried about being rejected because you are unemployed?
Do not worry because they can give you a loan as long as you prove to them that you can repay them.
Some moneylenders would even offer you other options. By this, getting a loan and paying them back would be convenient for you.
If you are an entrepreneur, they are more than willing to help you with your business finances. And if you are self-employed, you can provide an income tax statement and proof of income.