Advisory
Licensed Money Lenders Simei
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)
Simei
Simei was formerly known as the “Tampines South.” Its location is within the town of Tampines in the eastern part of Singapore.
The living experience in Simei became more convenient due to several facilities and amenities developed in the area. From Schools, MRT, coffee shops, up to shopping centers, you have it in the suburban area of Simei.
You can go to other places: restaurants, supermarkets, department stores, bookstores, jewelry, and gift shops.
Eastpoint Mall is the most famous shopping mall in Simei. NTUC Fairprice is a leading supermarket chain in Singapore.
Simei Park is the only park that consists of a playground for kids. It also includes an elderly fitness corner and running tracks for health-conscious people.
There are vast arrays of residential areas in Simei. Those are land properties, condominiums, mansions, and public housing flats.
Changi General Hospital serves the medical needs of people in Simei.
Moreover, financial facilities are also present in Simie. One of them is the licensed moneylender in Simie.
Yet, illegal moneylenders grew in number as well. Such lenders, known to be run by loan sharks, continue to lure desperate individuals and force them to take up instant cash loans.
Getting a loan from moneylenders helps a lot. But you should be aware of those who pretend to be a legal lending facility.
Here are the crucial things that a borrower should know about loan sharks.
Loan Sharks in Simei
As mentioned, loan sharks work as a pretentious moneylender who usually preys on desperate individuals. They consist of either a single entity or a larger entity that works together.
Examples are families who are in lower socioeconomic neighbourhoods.
Risks When Dealing with Loan Sharks in Simei
Some risks come along when you deal with loan sharks. Here are some of the risks:
- You may pay a higher interest rate compared to legal lenders.
- You might receive threats if you don’t pay your debts on time.
- You’ll get pressured to take up another loan to pay up your previous loans.
How to Spot a Loan Shark in Simei
Luckily, there are signs that you could look for to spot loan sharks. Here are signs on how to spot a loan shark:
High-Interest Rate
Interest rates are ways for moneylenders to earn money. Yet, loan sharks charge high interest rate excessively.
But still, many people get victimised by these loan sharks. The interest incurred is too high, which burdens the borrowers. The worse thing is, some borrowers had a hard time getting out of the situation.
In contrast to licensed moneylenders, they offer low-interest personal loans. You can even apply for a loan through an online loan platform.
Flexible Terms of Requirements
Licensed Moneylenders ask for specific requirements. Such requirements are valid government-issued ID, proof of billing, and many other documents. The purpose of these documents is to certify you as an existing borrower.
Compared to loan sharks who don’t need any legal documents from borrowers.
Licensed Money Lenders Simei
Takes Any Form of Document
Other loan sharks will ask you to submit or surrender your documents. They would come as for your passport, valid ID, or even your ATM card for you to get a loan.
Take note that no legitimate moneylenders will do that. They would only ask for a photocopy of your documents.
Asking for something to take as collateral is a sign that you are dealing with a loan shark.
Questionable Contract
Most loan sharks don’t provide any contract to borrowers. If there’s any, they entice borrowers to affix a signature immediately in not so apparent acts.
Usually, the contract they provide contains confusing details. They also offer a set of policies that appears to be unfair to borrowers.
But with legal lenders, you sign a contract with details laid transparently to borrowers. If you have clarifications, the licensed moneylender’s officer will meet you with a clear explanation.
Unclear and Inconsistencies in the Loan Terms
Are the loan terms confusing and inconsistent? Beware of this matter.
There are times that loan sharks offer loan terms with no agreed repayment. Or sometimes they change the loan terms even if there’s already an agreement made between the lender and borrower.
Posing a threat or Violence
Another sign of a loan shark is they tempt borrowers to take another loan to pay another loan. They might even pose Violence when you have unpaid loans.
Some loan sharks threaten borrowers who didn’t pay debts on time. They may even say that you will be prosecuted or be sent to prison with your unpaid loans.
But note that they don’t have the legal right to send you to prison since the loan is illegal.
How to Avoid Loan Sharks in Simei
Dealing with a loan shark could be avoided in so many ways. Before transacting with any moneylenders, you should check their credibility.
Check if they are authorised and accredited by the government. You can do that by reviewing the official list of licensed moneylenders in Singapore through the Ministry of Law’s website.
If you encounter illegal lenders, report them right away to authorities even if you know someone they victimised.
Contact the police immediately, especially if you are at risk for danger.
Are you planning to get a loan? Better choose the licensed moneylenders in Simei if you want to have a secured loan. Certain facilities are complying with the Moneylenders Act.
Related Article: What to Eat in Simei: Delightful Eastpoint Mall
