Licensed Money Lenders Pasir Ris
Small Loans, Big Solutions
Access extra cash when you need it the most from your online lending partner.
Short Term Loans
We offer the most flexible repayment terms you can meet with ease.
Money on Demand
Get your cash in less than 30 minutes after you signed your loan contract with us.
Trusted Transparency
From our online loan calculator to loan contract - we ensure no hidden charges!
Eligibility and Documents Needed
Loan applicant must be aged 21 years and above
Singapore Citizen or Permanent Resident
In employment
Eligibility and Documents Needed
- Identification Card (NRIC)
- Singpass Login
- Proof of billing ( Any latest bill indicating residential address)
- Latest 3 month original payslip (Only applicable if there is no cpf contribution)
- Letter of employment (Only applicable for new employment)
For Self Employed
- Identification Card (NRIC)
- Singpass Login
- Notice of assessment (NOA indicating trade income)
- ACRA (Accounting/Corporate Regulatory Authority)
- Proof of billing ( Any latest bill indicating residential address
For Taxi Drivers
- Identification Card (NRIC)
- Vocational license
- Taxi pass
- Min 7 days job summary
- Proof of billing ( Any latest bill indicating residential address)
Pasir Ris
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.
The famous landmarks you can find in town are the Pasir Ris Beach Park and White Sands Shopping Mall. Pasir Ris Park and NTUC Downtown East are the best places for recreation. At the same time, NTUC Downtown East has amenities like chalets, themed parks, and bowling alleys.
Pasir Ris is a part of the plans for 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. It includes Loyang point, Pasir Ris Drive 6, and Elias Mall. Added to that are the Pasir Ris West Plaza and NTUC Dosolutionswntown 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.
Transparency
It is a moneylender’s responsibility to be transparent to their borrowers. They discuss the whole terms and conditions before you get a loan.
If you’re unsure or confused, ask the loan officer. They deal with clients professionally. They provide consistent and reliable answers to questions.
They explain how the interest rates are calculated. They even discuss methods and options for your possible loan repayment terms.
If the loan officer doesn’t or refuses to respond, be careful. They might be illegal moneylenders.
Contract with Clear Details
Moneylenders are required to present a contract to their borrowers. Read the document well. All details written in the contract must be discussed with you by the loan officer. 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 Money Lenders Pasir Ris
Fair Interest Rate
The Ministry of Law Singapore implemented the Moneylenders Act. It’s a law covering all the 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.
Additional Fees
Another thing that licensed moneylenders should discuss with 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 expenses other than these three, they 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 vital 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 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 wrong for 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. It is also base on your financial needs.
The advantage of getting an instant cash loan from Pasir Ris moneylenders is they offer low-interest personal loans.
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 an online 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.
Related Article: What to Eat in Pasir Ris: Tasty Food Guide
