Licensed Money Lenders Paya Lebar
Small Loans, Big Solutions
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.
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
Eligibility and Documents Needed
For Self Employed
For Taxi Drivers
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 substantial 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 in historical features. One great local spot for cuisines in Paya Lebar is the Haig Road Market and Food Center.
The town’s food centre 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 low price.
There are vast 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?
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 the additional costs.
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.
Interest Rates Offered by the Moneylender
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 favourable. 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 to make it easier for you to get the possible amount you will be paying every month.
You don’t have to worry because licensed moneylenders abide by the Moneylenders Act. It is a law regulating the lending industry, including here are the interest rates. Most Paya Lebar moneylenders offer low-interest rate personal loans. That’s why most residents prefer to get loans from money lending companies.
Moneylenders look for a good credit rating because it’s the basis of the borrower’s creditworthiness.
If you want to get fast approval on your application, see 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.
Accreditation and Reputation
Transacting with a licensed moneylender ensures your safety. The government authorises such lenders to operate. You have nothing to worry about since these lenders obey the set rules implemented by the Ministry of Law.
In case a conflict happened, you can ask for the government’s help. They can help you take out necessary actions for 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 an 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 chance 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 significant role in getting a loan. It will be the basis of how much the moneylender will grant to the borrower. It is to make sure that you can pay off the loan.
One of the requirements for getting a loan is your citizenship. Some money lending company only lend money to Singaporean citizens and permanent residents.
The good news is that there are also licensed moneylenders who grant loans to 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 of 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 approval.
Related Article: What to Eat in Paya Lebar: Great Food Choice