Paya Lebar is in the Eastern part of Singapore. It is close to the Kallang River. Its name was from “Paya”, meaning “swamp” and “Lebar” which means “wide”.
It was a squatter district in a huge swampy area. But after the establishment of the Paya Lebar Airbase, it has become popular.
Nowadays, Paya Lebar is a small-town that is rich with historical features. One great local spot for cuisines in Paya Lebar is the Haig Road Market and Food Center.
The town’s food center is into two groups. The first one focuses on Chinese foods and the other is on Malay and Indian food. One reason for it to become a food destination is its cheap price.
There are wide arrays of shopping malls in Paya Lebar. It is close to Tanjong Katong. That is why there are several western pubs, restaurants, and cafes around.
People visit this town to get a glimpse of the real-Singaporean community life.
The residents of Paya Lebar find refuge from the Licensed moneylenders. They seek help from them when they have financial problems.
Things to Check when Getting a Personal Loan from Licensed Moneylenders in Paya Lebar
Are you having problems paying off your short-term bills?
Already short on cash?
There's an easy way to help resolve your financial help. You get a personal loan from a Licensed Moneylenders in Paya Lebar. They can give you what you need.
But before you apply for a personal loan, here are some things that you need to check out:
Before signing a contract, clarify the charges, first, and/or the additional charges.
Take note that all moneylenders will ask for personal loan services. So you have to prepare a certain amount of money for it.
Moneylenders are the ones to set their prices for personal service. So make sure to choose a moneylender that offers a fair price.
Some moneylenders may also ask for other fees like late payment fees. They may also ask for cancellation fees and redemption fees. They usually ask for a redemption fee when you pay your loan ahead of the specified time.
Moneylenders earn from the interest rates. So, put in mind that getting a loan comes with a specific interest rate.
But as a borrower, you have to make sure that the interest is favorable. You should be capable of paying off your loan along with the interest loan.
In choosing the best moneylender, try to compare their interest rates. It is best to choose one that is fair and convenient for you.
Also, try to transform the interest rate to its monetary value. So that it will be easier for you to get the possible exact amount that you will be paying every month.
You don’t have to worry because licensed moneylenders abide with the Moneylenders Act. This is a law regulating the lending industry. Included here are the interest rates.
Moneylenders look for a good credit rating. Why?
Because credit ratings are the basis of the borrower's creditworthiness.
If you want to get fast approval on your application, see to it that you have a good credit history.
It might take time to build a good credit score, but it will help gain the trust of your moneylenders.
When asked about your credit standing, tell them the truth about it. Moneylenders can access your credit history through the credit bureau.
Licensed Moneylender in Paya Lebar
Accreditation and Reputation
Working with a reliable moneylender is one thing that ensures your safety. So when choosing the best moneylender, see to it that they are accredited by the government.
Their license shows that they can legally operate in the market. When they are licensed, that means that they were able to meet all the requirements. The government has standards and qualifications that they need to follow.
In case a conflict happened, you can ask for the government’s help. They can help you take out necessary actions to your moneylender.
Requirements and Qualifications for Your Loan Application from Licensed Moneylenders in Paya Lebar
One of the qualifications for your loan approval is your age. Most moneylenders approve a loan application from age 21 up to 65 years old.
Applicants who are younger than 21 do not have a reliable credit score yet. So their chance of getting approved is low.
Some moneylenders think that age younger than 21 is not yet responsible for paying debts.
They do not usually allow people who are older than 65, especially if unemployed. Most of them do not have a stable source of income. It will be a problem with how they are going to pay back debts.
In the case of unemployed borrowers, their change of getting approval is low. But if a borrower is self-employed, they can approve the loan application.
All they have to do is to prove their capability to pay off the loan.
The borrower's monthly income will play a big role in getting a loan. It will be the basis of how much the moneylender will grant to the borrower. This is to make sure that you can pay off the loan.
One of the requirements for getting a loan is your citizenship. Some money lenders only lend money to Singaporeans.
The good news is that there are also licensed moneylenders who grant loans for foreigners.
But if you are a foreigner, you have to provide all the necessary documents. Probably they will ask for more requirements from you since you are a foreigner.
You have a higher chance for approval as a foreigner if you have a stable job in Singapore. They will also consider if you are a resident in Singapore.
Duration of Employment
Moneylenders consider borrowers who have a stable source of income. You can send them your Employment contract as proof of the duration of your employment.
Moneylenders’ requirement for employment duration differs. Choose the one that is suitable for you. Some moneylenders do not have a minimum duration but, it might affect your chance to get the approval.