Punggol is also spelled as ‘Ponggol’. It is a new town in Tanjong Punggol, which is in the northeast region of Singapore.
Because of the accelerated transportation system, Punggol is now linked to other cities.
There are commercial facilities in the place. The Punggol Plaza in the Coral Edge LRT station is the first shopping mall in town. It contains supermarkets and food courts.
The Waterway point is the largest mall in the town. It features the first underground and largest cineplex. Residents and people can learn about the heritage of Punggol.
Oasis Terraces is a neighborhood center in Punggol. It also has the Punggol Polyclinic.
If people are looking for recreational centers, Punggol has them. They can go to Punggol Waterway Park. It is a riverine park that provides for leisure activities.
SAFRA Punggol Clubhouse is a five-story recreational center. It features an indoor water playground and a childcare center that is eco-themed. It also offers other amenities like a gym, bowling alley, and a karaoke outlet.
Aside from all those features, Punggol also has reputable educational institutions.
Licensed Moneylenders in Punggol provide help to residents and locals. They usually help people who are struggling with finances.
Things that Ruins Your Credit Score
Are you worried about not getting a loan from licensed moneylenders in Punggol? Most moneylenders in Punggol check your credit score. And they base their decision, whether to approve or not, on your credit scores.
Here are things that you need to avoid to not ruin your credit score.
Several Personal Loans
Having too many personal loans is a “no-no” for licensed moneylenders. Especially if the loans are within a short period.
This will give a notion to the moneylender that you have financial desperation.
Most borrowers happen to do this when they do not know that their first loan is insufficient.
As a borrower try to be diligent with your repayments. If you have late repayments, it will be reflected in your credit rating. Your future licensed moneylenders in Punggol can see it.
If you know that you might be late with your payments, talk to your moneylender about other options that you can do. This will help prevent ruining your credit score.
No Credit History
Your chance of getting a loan is low if you do not have any credit history. Licensed moneylenders in Punggol use the credit score as a basis for loan approval.
If you do not have a credit history, they have nothing to base their decisions. They will not know if you are a borrower that they can trust.
Factors to Identity Loan Sharks
Alongside the rise of licensed moneylenders in Punggol are loan sharks.
They violate the Moneylenders Act provided.
They target low-income borrowers. They look for those who are desperate to get loans.
Are you bothered that you might be negotiating with a loan shark? Do you know how to identify loan sharks?
If not, here are some factors that you are dealing with a loan shark.
Licensed Moneylender in Punggol
Easy Loan Process
Licensed moneylenders in Punggol usually ask for requirements on your application. This will help them identify you as a trusted borrower.
If you are dealing with someone who is not requiring you to pass some documents, they might be loan sharks. They use the easy loan process to lure desperate borrowers into their scheme.
In dealing with moneylenders, make sure that you have understood your loan agreement.
Loan sharks are desperate in getting your attention. They will try to do anything to get you into their trap.
They might send you advertisements through email or even call you. Some lenders give pamphlets or use social media to advertise. They also use social media and/or send you text messages. Stay away from lenders who are doing this.
Licensed moneylenders in Punggol only advertise through their official website. They will post some advertisements limited only to the company's perimeter.
Changing Loan Agreements
Licensed moneylenders are strict with their loan terms. They adhere to each loan term and are clear about them.
They will discuss everything with you without making changes.
If your moneylenders make sudden changes with the loan term, be careful. You might be dealing with loan sharks.
Most of them do not explain the terms and conditions of your loan.
Some may discuss some terms with you. But when you start asking them questions, they cannot provide you with answers.
Some may even avoid your questions. They offer you other things instead that will make you forget about your questions.
Threats and Intimidation
Licensed moneylenders in Punggol will never give threats or harass their borrowers. In case a borrower cannot pay for a certain month, they will give them options.
They will discuss to their borrowers some other options for them to pay their loans.
That is not the case for loan sharks. They tend to threaten their borrowers through emails or SMS. Worst case scenario, some loan sharks resort to violence.
For you to prevent dealing with loan sharks, ask for moneylenders’ license. Also, check if they have a physical office. Go to their office to make sure you are dealing with the licensed moneylenders in Punggol.
Make sure that you have a clear understanding of all the loan terms and conditions. This will protect you and may avoid future disputes.